Michael Dell’s salary has been slashed by $11 million a year as his company Dell Inc. prepares to complete its $67 billion acquisition of EMC Corp. later this year.

Details of Dell’s pay cut came in a Securities and Exchange Commission (SEC) filing, which Dell the company was obligated to make as part of its bid to takeover EMC, The Register reported.

For the last year (2015), Michael Dell took home ‘just’ $2.4 million, which includes his $950,000 salary. That compares with the whopping $13.9 million Dell was paid in 2013, the year the company went provide and hence, the last year for which public records are available.

It’s also revealed in the filing that Michael Dell would be eligible for compensation totaling $46 million – amounting to 19-years salary at his current rate – if the company decided to terminate his position.

Another interesting tidbit from the filing reveals that Michael Dell’s four immediate underlings all received more than the big man himself in the last year. Rory Read, chief integration officer at Dell, was the best paid of all the company’s execs, raking in $10.5 million over the last year.

With the EMC acquisition said to be moving closer to completion, Dell the company is undergoing a massive reorganization from top to bottom. Most recently it just sold its IT Services unit, formerly Perot Systems, to Japan’s NTT Data Corp. in a $3 billion deal.

In other revelations from the latest SEC filing, Dell revealed an operating loss of $1.1 billion for its fiscal 2016. That’s ever so slightly less than the $1.2 billion it lost in its fiscal 2015, the records show. During the same period, Dell’s sales fell by $4 billion to just $54.8 billion.

Outgoing EMC supremo Joe Tucci penned a foreword for the 347-page filing, in which he urged shareholders to carefully read the document before a vote on whether or not to accept Dell’s takeover offer. In particular, he told them to pay special attention to a list of risk factors relating to the proposed merger.