‘Golden umbrella’ for 3 fired Twitter executives worth $ 122 million

© Reuters. FILE PHOTO: Parag Agrawal, CEO of Twitter, attends Allen and Company’s annual Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 6, 2022. REUTERS/Brendan McDermid

By Ross Kerber

(Reuters) – The three top executives of Twitter Inc (NYSE:) fired by new owner Elon Musk will receive a separate payout totaling about $122 million, research firm Equilar said Friday.

Musk fired Twitter CEO Parag Agrawal, CFO Ned Segal and legal affairs and policy director Vijaya Gadde, according to people familiar with the matter. He accused them of misleading him and Twitter investors about the number of fake accounts on the platform.

In an email to Reuters, Equilar, known for its executive compensation research, valued Agrawal’s so-called “golden umbrella” at $57.4 million, while Segal’s at $44.5 million. USD and Gadde’s is 20 million USD.

Twitter representatives did not immediately respond to questions.

Agrawal, formerly Twitter’s chief technology officer, was named CEO last November. His total compensation for 2021 is $30.4 million, according to a stock Twitter profile, mostly in stock awards.

Large payouts to executives tied to changes in company control are common for a smooth but controversial ownership transition.

Twitter’s profile states that “In the event of a Change of Control event, we believe these arrangements help maximize shareholder value and maintain moderator focus over the long term.” instantaneous time before, during, and after the Change of Control event.”

The payments will cover 100% of an executive’s base annual salary, health care premiums and expedited dispute over equity awards, the filing states.

Equilar research director Courtney Yu said fired Twitter executives “should receive these payments unless Elon Musk has a reason to terminate the contract, with the cause in these cases typically being they broke the law or violated company policy.”

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