PeopleSoft reveals details of Conway's $25 million golden parachute

MyCustomer.com

PeopleSoft CEO Craig Conway has been steadfast in his refusal to contemplate Oracle taking over the applications firm, but if the worst comes to the worse he's set to walk away with $25 million.

According to a new regulatory filing with the Securities and Exchange Commission (SEC), Conway is in line for a severance paymenet equal to two years' base salary - currently $1 million a year - plus an unspecified performance bonus.

But in the event of a change of ownership, Conway's 4 million unvested stock options - estimated to be worth around $12 million - will become fully vested along with 500,000 shares of restricted stock, valued at $11.4 million.

The SEC filing also notes that Conway and two other executives have "retention bonus arrangements that contain acceleration of service provisions," if there is a change of control.

Conway's contract also agrees that in the event of him not being able to accelerate the vesting of the restricted stock, PeopleSoft wil be liable to make him a cash payment instead.

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