“Keep in mind that much of that $22 million was in options and restricted LEH stock that wouldn’t vest for years.”
Do you have a reference on that or are you guessing because all reports indicate that was a cash payment.
Lehman's Fuld gets $22 mln in fiscal '07
As far as the company going from a profit to bankruptcy within a year, broker-dealers are completely different than ordinary companies. Lehman's operating units were likely still profitable (which is why Barclays is buying some of them), but because the company was so highly leveraged even a small fall in the value of its assets was enough to drive, combined with uncertainty that make it very hard for it to get needed loans, was enough to drive it into bankruptcy.