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Under previously disclosed terms, CEO Parag Agrawal is likely to receive $57.4 million, including $56.4 million in equity that vests on an accelerated schedule, according to an estimate from Equilar, a compensation data and analysis company.
Departing CFO Ned Segal’s exit package is likely to total $44.5 million, including $43.8 million in accelerated equity, Equilar said.
Mr. Agrawal also would receive $1 million in cash and Mr. Segal would receive $600,000, reflecting a year’s salary apiece, a company securities filing shows. Both would also receive 12 months of health coverage, valued at $9,229 for Mr. Agrawal and $31,210 for Mr. Segal, the filing shows.
Both men are also likely to receive millions from the deal itself. Mr. Agrawal owned 128,753 Twitter shares as of late March, or about $7 million at the deal price of $54.20 a share, Twitter disclosures show. Mr. Segal owned 393,832 shares, or $21.3 million.
The two executives are also promised continued indemnification insurance for at least six years, which generally protects officers and directors from lawsuit claims related to alleged wrongdoing while managing or overseeing a company. Average prices of these insurance premiums for directors and officers in the U.S. dropped nearly 15% in the second quarter of the year, according to Aon PLC, an insurance company. As prices surged in 2020—up nearly 103% in the first three months of that year, according to Aon—Tesla Inc. briefly changed its insurance.
www.wsj.com
Departing CFO Ned Segal’s exit package is likely to total $44.5 million, including $43.8 million in accelerated equity, Equilar said.
Mr. Agrawal also would receive $1 million in cash and Mr. Segal would receive $600,000, reflecting a year’s salary apiece, a company securities filing shows. Both would also receive 12 months of health coverage, valued at $9,229 for Mr. Agrawal and $31,210 for Mr. Segal, the filing shows.
Both men are also likely to receive millions from the deal itself. Mr. Agrawal owned 128,753 Twitter shares as of late March, or about $7 million at the deal price of $54.20 a share, Twitter disclosures show. Mr. Segal owned 393,832 shares, or $21.3 million.
The two executives are also promised continued indemnification insurance for at least six years, which generally protects officers and directors from lawsuit claims related to alleged wrongdoing while managing or overseeing a company. Average prices of these insurance premiums for directors and officers in the U.S. dropped nearly 15% in the second quarter of the year, according to Aon PLC, an insurance company. As prices surged in 2020—up nearly 103% in the first three months of that year, according to Aon—Tesla Inc. briefly changed its insurance.
Twitter Executives in Line for $100 Million Payout After Elon Musk Fired Them
Twitter’s chief executive and chief financial officer are likely to collect severance packages totaling just over $100 million.
www.wsj.com
