Reply #2: Those juicy details... [View All]

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RENTON, N.J. (AP) -- Merck & Co. Inc. has adopted a new severance plan that offers some executives one-time payments of up to triple their salary and other perks if the troubled pharmaceutical giant is acquired and they lose their jobs.
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The 230 executives would get between 1 1/2 and three times their combined salary and maximum bonus, distributed in regular monthly payments. They also would get a lump-sum, prorated annual cash bonus, pension and other retirement benefits to which they were entitled, and temporary continuation of medical, dental and life insurance.
http://hosted.ap.org/dynamic/stories/M/MERCK_SEVERANCE?SITE=FLPET&SECTION=HOME

It goes on to say that regular employees get immediate vesting of their stock options, which is.. whoopdeedoo, since the stock presumably tanked enough to make it attractive enough to buy out. But for the top 230 execs to get triple their salary, plus pension, retirement, bonus... wow.