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Elon Musk on the hook to pay more than $200 million to 3 fired Twitter execs
MarketWatch ^ | 10/28/2022 | Jeremy C. Owens

Posted on 10/28/2022 12:37:49 PM PDT by mooncoin

Agrawal, Segal and Gadde own roughly 1.2 million shares of Twitter, more than half of that a $34.8 million stake owned by Gadde. The trio’s roughly $65 million stake would be purchased by Musk like any other shareholder’s stock.

Additionally, a clause in the merger agreement provided accelerated vesting of promised future stock compensation — and that’s where the biggest chunk of money comes in. The “Golden Parachute Compensation” clause in Twitter’s SEC filing — which was the deal approved by Twitter shareholders — shows the trio would automatically vest stock worth $119.6 million as severance if terminated, with the largest payout there going to Agrawal at $56 million.

They’re also entitled to a year’s salary and health benefits. In 2021, Agrawal had a base pay of $623,000, while Segal and Gadde’s base pay was $600,000 each.

In total, Gadde is set to walk away from Twitter with the biggest haul: Nearly $74 million. Agrawal and Segal aren’t far behind her, though, at roughly $65 million and $66 million, respectively.

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: elon; elonmusk; musk; tesla; truthsocial; twitter
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To: Opinionated Blowhard

California is an “at wil” employment state, but top execs always have employment contracts.


61 posted on 10/28/2022 3:53:31 PM PDT by ProtectOurFreedom (The “I” in Democrat stands for “Integrity.”)
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To: TheBattman

Well, the real shake up would be to move Twitter to Texas. Hire Texans to work for him, not against him.

And his lower cost of operation in Texas would be would pay for moving the company in a year.

He knows all of this. He is no dummy. I don’t see the world like he does, but respect the skills he clearly has.


62 posted on 10/28/2022 4:03:03 PM PDT by Texas Fossil ((Texas is not where you were born, but a Free State of Heart, Mind & Attitude!))
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To: mooncoin

If he buys the stock back, he can then sell it.

Isn’t this rather silly?


63 posted on 10/28/2022 4:52:23 PM PDT by DoughtyOne (I pledge allegiance to the flag of the U S of A, and the REPUBLIC for which it stands.)
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To: bray
Who says they are selling their stock. They would be smart to keep it.

The company's now private. If they don't sell it to Musk it has no value.

64 posted on 10/28/2022 5:01:02 PM PDT by semimojo
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