If Genzyme is acquired, Termeer gets $23m - The Boston Globe

Under the “change of control’’ agreement currently worth $23 million, Termeer would receive several payments. He would receive a lump sum of $11 million, a figure representing three times his base salary plus a bonus. He would also get $356,000 in benefits, including health, life, accident, and disability insurance, outplacement and relocation services, and legal fees. And he could cash out 175,137 shares through accelerated equity awards. Those shares are now worth $11.9 million, but almost certainly would be worth more if the company is acquired at a premium.

Termeer is not the only Genzyme senior executive with a change of control provision in his employment agreement. Others are Michael S. Wyzga, chief financial officer; David P. Meeker, chief operating officer; Sandford D. Smith, president of international business operations; and, Peter Wirth, board secretary and executive vice president for legal and business development, according to the company’s regulatory filing.

via boston.com

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