The chief executive of Potash-Corp stands to make at least 370m if BHP Billiton succeeds in taking over the company for $130 a share and possibly more if market expectations of a rising offer price prove accurate.
Chief executive—Bill Doyle, has ammased ordinary shares and options that are worth $372 million at BHP Billiton’s opening bid. Company policy states that in the event of change of control all outstanding non-exercisable options granted to the executive become exercisable, implying that he would receive a lump sum immediately. Besides, Mr Doyle stands to receive three years of salary and the average of the past three years’ bonuses.
Without a change in ownership, Mr Dole’s stock options are exercisable in allotments that run from movember to may 2017.