As one of the most historic companies in the video game industry crumbles into non-existence, the company’s higher-ups haven’t shouldered the burden. Despite massive cutbacks and layoffs over the past few years, the salaries of top Midway executives remained unchanged despite the company’s consistent downward spiral.

According to filings with the SEC, former President and CEO David F. Zucker made over $4.5 million in the past two years. This includes over $3 million in stock options and sold stock. Since 2003, Zucker has made just under $11 million.

The filings address his massively disproportionate compensation specifically, stating that extra compensation was awarded in order “to motivate Mr. Zucker to devote all of his energies to the company.” Since 2006, Midway’s stock value has dropped from nearly $23 to 18 cents. Zucker left Midway in March.

Last month, Sumner Redstone sold his 87 percent stake in the company to a private investor for $100,000, yet several of Midway’s top executives continue to make over four times that amount annually.

The highest paid of all current employees is vice president Martin Spiess, who pulled in well over a half million dollars ($556,834) in 2007, including $62,000 in “other compensation” -- more than twelve times as much “other compensation” as other executives. “Other” is not specifically defined in the filing.

Senior Vice President Matthew V. Booty earned $556,834 in 2007. Spiess’ and Booty’s respective predecessors, Thomas E. Powell and Steven M. Allison, earned $365,530 and $347,173.

When contacted for comment on this story, Midway did not respond.

To put into perspective how much executive pay is being doled out, consider that Midway laid off 180 employees last week, and that the average games industry salary is approximately $50,000. Zucker’s earnings alone in just the last two years could have paid for all 180 of those workers to be employed at full pay for another six months.