Facebook Co-Founder and CEO Mark Zuckerberg will experience a dramatic pay cut in 2013, when his annual salary will be slashed to $1 and he will not receive a bonus, after total compensation of nearly $2 million in 2012. But the nearly $2.3 billion he took in last year after exercising 60 million stock options just prior to the social network’s May 18 initial public offering should help ease the blow.

Zuckerberg’s pay cut was detailed in the company’s form 8-K filing with the Securities and Exchange Commission last Friday.

The form 8-K also revealed that the highest-paid employee at the social network in 2012 was Chief Operating Officer Sheryl Sandberg, who received $26.2 million in compensation for the year — $25.6 million in stock awards, $321,128 in salary, and a $276,730 bonus.

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