News

US: Molson chief due Coors deal payout

Most popular

How older consumers are reacting, post-lockdown

How to reach Gen Z in the coronavirus era - focus

just-drinks meets Asahi Europe's CEO - II

COVID's longer-term impact on soft drinks

Coca-Cola alcohol launch a statement of intent

MORE

The chief executive of Molson will get C$3m (US$2.3m) under the terms of the brewer's merger with Coors, according to a regulatory filing.

A proxy statement filed late last week with the Securities and Exchange Commission showed that Daniel J. O'Neill, who will be vice chairman of the combined company, will get the C$3m for giving up three years' salary and other benefits, which he would have been due under a merger transaction as part of his 1999 employment agreement.

O'Neill will also receive a payout of deferred share units granted to him in March. The merger-related filing did not say how many units O'Neill received earlier this year.

According to the proxy, Coors' change-of-control agreements with its top two executives entitle them to leave the combined Molson-Coors company with three years' worth of salary and bonus under some circumstances for two years following a change of control of the company.

The events that could trigger the payments include termination without cause, resignation for good reason or resignation during a 30-day period beginning one year after the change of control, according to the filing.


Sectors: Beer & cider

Companies: Molson Coors

Related Content

Molson Coors Beverage Co to launch Coors Seltzer

Molson Coors Beverage Co to launch Coors Seltzer ...

Is Molson Coors set to pivot away from beer? - Comment

Is Molson Coors set to pivot away from beer? - Comment...

Molson Coors Beverage Co Performance Trends 2015-2019 - results data

Molson Coors Beverage Co Performance Trends 2015-2019 - results data...

Could Molson Coors Europe & International become the first big M&A deal of 2020? - analysis

Could Molson Coors Europe & International become the first big M&A deal of 2020? - analysis...

Oops! This article is copy protected.

Why can’t I copy the text on this page?

The ability to copy articles is specially reserved for people who are part of a group membership.

How do I become a group member?

To find out how you and your team can copy and share articles and save money as part of a group membership call Sean Clinton on
+44 (0)1527 573 736 or complete this form..



Forgot your password?