Don’t you hate it when you start a new job and then, seemingly out of nowhere, another company comes along to buy your employer, likely eliminating the need for your position? And don’t you hate it when that all goes down and you pull in a few million for your trouble? That’s what Whole Foods CFO Keith Manbeck, who’s been working at the company for about a month, is going through right now:
If Mr. Manbeck is terminated without cause or quits with “good reason”, he could be entitled to lump sum payments totaling $3,950,000 depending on how long he remains at Whole Foods. That is in addition to accelerated vesting of any stock or option grants the grocery chain made when it named him to the job last month, according to a Whole Foods filing.
And that number excludes $400,000 Whole Foods has agreed to pay for stock grants from a previous employer.
If there’s one aspect of career corporate life that’s worth holding out for, it’s the possibility that you could fall ass-backwards into a pile of money.