J.D. Edwards Execs Have Their Parachutes Packed

The CEO of J.D. Edwards ( JDEC) will get a soft landing if his company is acquired by PeopleSoft ( PSFT).

In a filing with the Securities and Exchange Commission on Thursday, the company said Bob Dutkowsky will be paid $650,000 on the closing of the merger, and $1.95 million at the end of a six-month transition period, during which he will serve as a consultant to the merged companies.

Additionally, Dutkowsky's stock options will vest on an accelerated schedule and he will receive additional payments to offset tax liabilities incurred by the agreement, the company said.

CFO Richard Allen will be paid $1.8 million in four installments, beginning with the closing of the merger.

Meanwhile, PeopleSoft on Thursday accelerated the pace of the planned merger, offering J.D. Edwards stockholders cash or PeopleSoft common stock, with a value equal to $7.05 in cash plus the value of 0.43 of a PeopleSoft common share for each share of J.D. Edwards common stock they own. Shareholders also can elect to be paid entirely in PeopleSoft stock or in cash, up to $863 million.

Shareholders can act on the offer until July 17.

More from Technology

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Elon Musk's Latest Twitter Tirade Is the Dumbest Thing on Wall Street

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Flashback Friday: Amazon, Chip Stocks, Memorial Day

Some Companies Are Already Feeling the Effect of GDPR

Some Companies Are Already Feeling the Effect of GDPR

Experts Break Down GDPR Risks for Investors

Experts Break Down GDPR Risks for Investors

Netflix Ready to Surpass Disney as America's Most Valuable Media Company

Netflix Ready to Surpass Disney as America's Most Valuable Media Company