The CEO of
will get a soft landing if his company is acquired by
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.