The CEO of Twitter, Parag Agrawal is set to reap massive benefits if he is terminated within 12 months of Elon Musk taking control of the company.
According to research firm Equilar, Agrawal would be looking at $42M in compensation if that move were to take place.
Agrawal is already set to be paid $38.7 million as part of a “change in control” package and his total compensation for 2021 was $30.4 million, albeit largely in stock awards.
An Equilar spokesperson said that the estimate by Equilar includes a year’s worth of Agrawal’s base salary plus accelerated vesting of all equity awards based on Musk’s offering price of $54.20 per share and terms in the company’s recent proxy statement.
In an April 14 securities filing Musk had said he did not have confidence in Twitter’s management so unless he can find a way to work with Agrawal, it appears likely that termination will occur.
Verified Twitter user “litquidity” commented on the arrangement of Agrawal receiving the payout for the sale in a tweet where he said, “Parag after working 2 months as Twitter’s CEO, doing absolutely nothing, and getting a $39M payout from Elon’s buyout.”
Parag after working 2 months as Twitter’s CEO, doing absolutely nothing, and getting a $39M payout from Elon’s buyout pic.twitter.com/iSMScaj2FL
— litquidity (@litcapital) April 26, 2022
The report comes after Elon Musk struck a deal yesterday to buy Twitter for $44 billion, ending its run as a public company since 2013.