Which primarily impacts stock that he already owns... the same as it hits everyone else who owns stock.

His pay is approximately 15% of his total compensation, the remainder being bonusus (38%) and "other" (47%, which includes stock options). Those stock options at $49.15, or less, may turn out to be exceptionally lucrative assuming he can "afford" to wait until the recovery to exercise them. Frederick W Smith, CEO Compensation - Forbes.com