Dana Corp. (NYSE:DCN, OTC:DCNAQ) announced today that it had reached an agreement to provide CEO Mike Burns with $6.75 million in cash and stock if he can meet certain financial goals in the next two years as the company struggles to emerge from bankruptcy. Other company executives are also entitled to over $4.75 million under the newly approved agreement. This news comes after the CEO fought for retention bonuses of $4 million (plus his base salary) if he was able to successfully bring the company out of bankruptcy or sell it off, while fighting to give other CEOs $4.3 million in similar bonuses. However, a judge said that the plan violated a law aimed at preventing executives from taking large bonuses while workers suffer cuts in pay or benefits. Under the new agreement, the bonuses are tied to specific performance objectives that are more stringent than simply bringing the company out of bankruptcy. If the bonuses are not met, then the executives may only receive their base salaries. Mr. Burns had been making as much as $11.7 million in 2004 before receiving a sharp pay cut to $2.2 million when the company declared bankruptcy. A hearing on the latest plan is scheduled for November 21, where creditors, shareholders, unions, retirees, and others will have their input. This is likely to draw some opposition, as it has in the past, because Dana has been long trying to trim health-care benefits for retirees.