Big pay haul for Countrywide’s Sambol

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Bank of America Corp. obviously thinks Countrywide Financial Corp. President David Sambol is key to the future of the mortgage giant’s business: In a filing BofA made Thursday detailing its planned takeover of Countrywide, the bank disclosed that Sambol, 48, would get a $20 million retention bonus payable in equal installments on the first and second anniversaries of the merger.

He also would be eligible for $8 million in restricted stock over three years.

What’s more, BofA says it would continue to provide Sambol with ‘the same fringe benefits provided for under his current employment agreement,’ including ‘use of a company-provided car or car allowance, country club dues and financial consulting services’ through the end of 2009.

One more thing: Sambol would continue to have access to a company-provided plane for business and personal travel, although the filing says ‘the number of hours available for personal use would be limited.’

To read the entire voluminous filing with the Securities and Exchange Commission, click here. The first few pages include answers to some questions Countrywide shareholders may have about the mechanics of the deal.

UPDATE on March 29: My colleague Kathy M. Kristof has more details on Sambol’s compensation package, here.