Former Borders CEO George Jones received a solid farewell gift, Bookseller reports. Based on SEC filings, Jones will make "18 months' base salary plus 'target bonus,' plus 75% of his promised retention bonus worth some $500,000."

According to the filing, incoming CEO Ron Marshall will make a $750,000 salary with a $250,000 signing bonus and "2,000,000 options to purchase Company common stock." In contrast, the newly-appinted Chief Financial Officer Mark Bierley will receive a $375,000 salary and newly-appointed Executive Vice President of Merchandising and Marketing Anne Kubek will receive a $325,000 salary.

All this comes after an 11.7 percent drop in sales and a $1 million lawsuit filed by Jasmine-Jade Enterprises over "excessive" book orders, as GalleyCat reported this morning.