General Electric's ousted CEO Flannery to get $4.25 million severance

General Electric Co. will pay former Chief Executive John L. Flannery $4.25 million in severance pay over the next 12 months, the industrial conglomerate said in a filing Friday. The severance will be paid in equal installments over the period, the company said. Flannery also will be eligible to receive a prorated long-term performance award payment, the company said. In addition, Flannery's outstanding stock options and restricted stock units granted before September 2017 and that would have vested through December 2020 "will vest as soon as practicable," GE said. Stock options that would have vested after December 2020 will be canceled. Flannery, a 32-year GE veteran, will also at age 60 have access to GE's supplementary pension plan. Flannery, who led GE from August 2017 to October, will be subject to a 12-month non-compete agreement, the company said. Shares of GE rose 0.1% in the extended session Friday after ending the regular trading day down 3%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.