March 4 H.J. Heinz Co Chief Executive
William Johnson would receive about $56 million if he gets
terminated following the ketchup maker's acquisition by
Berkshire Hathaway and 3G Capital, the company said on
In its preliminary proxy statement, the world's largest
ketchup maker also said the merger agreement, announced on Feb.
14, has been amended so that restricted stock units would vest
in keeping with their existing schedule instead of all at once
at the time of the merger.
Heinz spokesman Michael Mullen said Johnson's "golden
parachute" payment would reflect his success in building
shareholder value over his 15 years as CEO.
"This compensation consists of equity that Mr. Johnson
accumulated over his 30-year career with Heinz and existing
equity awards and contractual rights that were in place well
before the announcement of the proposed merger," Mullen said.
Arthur Winkleblack, chief financial officer, and David
Moran, CEO of Heinz Europe and its global infant nutrition
business, would each get about $15.5 million in a similar
scenario, Heinz said.
The filing also showed that the initial offer for Heinz,
made by Brazilian private equity firm 3G and Berkshire, was for
$70 per share. The buyers later raised their offer to $72.50.