“The board cut Collins' pay from $1.2 million to $1 million and cut his equity options in half," said the source.

According to the source, a recent and controversial $980 million bid by Parthenon Capital to buy Nymex - a deal which Collins supported but which board members claimed severely undervalued the exchange - opened the board's eyes to the value of Collins' equity options."[As a result of the Parthenon bid] the board became aware of just how much value was in Bo's equity options,” said