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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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He should sue them to get the money back
1 posted on 10/28/2022 12:37:49 PM PDT by mooncoin
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To: mooncoin

he knew all this...


2 posted on 10/28/2022 12:38:54 PM PDT by Sacajaweau ( )
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To: mooncoin

I am sure there is a fire for cause clause in the contract that he should try to exercise. I am sure these three could be found grossly negligent or to have committed fraud.


3 posted on 10/28/2022 12:39:36 PM PDT by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: mooncoin

“He should sue them to get the money back.”

I am sure their contracts are not airtight. He likely has a plan.


4 posted on 10/28/2022 12:40:07 PM PDT by BushCountry (A properly cast vote (1 day voting) can save you $3.00 a gallon.)
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To: mooncoin

Absolutely, look into the by-laws and find any excuse to extract money from them. Sue them for knowing about fake accounts and damaging the brand by banning popular accounts.


5 posted on 10/28/2022 12:41:03 PM PDT by frogjerk (More people have died trusting the government than not trusting the government.)
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To: Opinionated Blowhard

He now has access to all their company electronic devices and email.


6 posted on 10/28/2022 12:41:13 PM PDT by OSHA (The Constitiution is a small box carefully crafted to keep government in. We let it escape.)
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To: mooncoin

Indians are the highest income earners in the US, making about 20-30% more than Whites.


7 posted on 10/28/2022 12:41:27 PM PDT by nwrep
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To: Opinionated Blowhard

Don’t be so sure... consider where Twitter is legally incorporated...


8 posted on 10/28/2022 12:42:08 PM PDT by TheBattman (Democrats-Progressives-Marxists-Socialists - redundant labels.)
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To: mooncoin

Never fire them. Transfer them to building maintenance.


9 posted on 10/28/2022 12:42:16 PM PDT by allendale
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To: Sacajaweau

200 million payday to run it to the ground. Incredible.


10 posted on 10/28/2022 12:42:29 PM PDT by mooncoin
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To: mooncoin
A bargain at any price. Anyway, when Elon opens the books, he can find out how much they were skimming and embezzling. He'll recoup his money or see them imprisoned. Anyone can tell by mere inspection that these perps are guilty as sin.

11 posted on 10/28/2022 12:42:30 PM PDT by Governor Dinwiddie (LORD, grant thy people grace to withstand the temptations of the world, the flesh, and the devil.)
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To: mooncoin

Should have kept them on and made them janitors.


12 posted on 10/28/2022 12:42:51 PM PDT by BookmanTheJanitor
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To: Sacajaweau

“he knew all this...”

He doesn’t pay, Twitter does. Besides this is accelerated vesting. Twitter would be paying it even if they stayed.


13 posted on 10/28/2022 12:43:48 PM PDT by TexasGator (!!!)
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To: allendale

“Never fire them. Transfer them to building maintenance.”

They would still get the $200 million.


14 posted on 10/28/2022 12:44:58 PM PDT by TexasGator (!!!)
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To: mooncoin

How many Twitter shares do you think Elon bought when it was 20% lower? $200 million is literally a rounding error for this guy.


15 posted on 10/28/2022 12:46:35 PM PDT by Vermont Lt
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To: BookmanTheJanitor

They had “change of control” clauses in their contracts. Those are standard. As long as they stay through the “change” those payments are made.

I’ve been through this several times. No one was weeping as they walked out the door.


16 posted on 10/28/2022 12:48:47 PM PDT by Vermont Lt
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To: mooncoin

I’m not a lawyer, but I think the company has 30 days or so to pay out, those turkeys didn’t walk out the door with a big check Thursday

now, consider also that Musk is bringing in HIS tech guys to figure out exactly what was in all that Twitter code ... and if they do find that a deliberate, systematic effort was made to silence innocent Americans - i.e., suppress their right to free speech - a case could be made that these executives engaged in criminal behavior, and then the company wouldn’t have to pay out

just guessing, but that could explain why Elon’s software guys are so busy now, they have that time limit ...

not that Musk cares about the money, but he probably wants to send a strong message to those remaining


17 posted on 10/28/2022 12:50:11 PM PDT by canuck_conservative
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They are anti-Americans. They don’t support democracy.


18 posted on 10/28/2022 12:50:53 PM PDT by TakebackGOP
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To: mooncoin

Elon Musk is very likely to spend that much and more to counter their claim.

At this point, the plaintiffs would be well advised to surrender and walk away. As of right now, they still have whole hides.


19 posted on 10/28/2022 12:54:46 PM PDT by alloysteel (People who think they know everything are a great annoyance to those of us who do - Isaac Asimov)
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To: mooncoin

They will need it for legal defense.


20 posted on 10/28/2022 12:56:51 PM PDT by Safrguns
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