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Salesforce entices ExactTarget execs with $20M in awards

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Salesforce.com has extended job offers to ExactTarget Inc.'s top brass—and sweetened the pot by dangling awards of restricted stock topping $20 million.

Salesforce disclosed the offers to four ExactTarget executives in a filing late Wednesday afternoon with the Securities and Exchange Commission. Under the proposed employment agreements, Scott Dorsey would remain CEO of ExactTarget, Scott McCorkle would remain president of technology and strategy, Andrew Kofoid would remain chief operating officer and Timothy Kopp would remain chief marketing officer.

Dorsey is slated to receive the largest restricted stock award, $7.5 million. McCorkle and Kofoid would receive $5.5 million, and Kopp would get $1.75 million. The awards would vest over four years.

The filing does mention two other ExactTarget senior executives, Chief Financial Officer Steven Collins and Chief Administrative Officer Traci Dolan. A Salesforce spokeswoman would not comment on the omission.

ExactTarget will remain an independent subsidiary of Salesforce, which on June 4 announced plans to buy the Indianapolis marketing software firm for $33.75 per share—a 53-percent premium over the previous day. Salesforce says in a new filing that the cash deal is valued at $2.6 billion, a shade more than it said when the deal was announced.

Dorsey wrote in a memo to employees the day after that announcement that he intended to stay with ExactTarget and would be reporting directly to Salesforce's CEO Marc Benioff. He said Salesforce intends to invest in the local operations. About 1,000 people work in Indianapolis with another 700 in other states.

Earlier SEC filings show ExactTarget’s top six executives collectively stand to gain $92.5 million on their stock options when the deal closes.

The windfall represents nearly one-third of the nearly $300 million in option gains that ExactTarget's employees will collect.

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  • bye bye
    SalesForce is saying all of the right things now, but within five years, ExactTarget staff will be told that, to stay in the fold, the ones that have not been let go must move from Indianapolis to the new headquarters in San Francisco (following the trail of Jim Jones). This city will lose a thousand good salaries. ET management won't care -- they got theirs.
  • Sounds like a plan
    Minions under the CAO and CFO likely offered retention bonus' so thy know their fate if they are offered any. If not offered any... they should be shopping themselves now. CAO and CFO likely already have contracts and KNOW their fate and related $$ on the way out.
  • Not a good sign
    Not a good sign for employees in the administrative and financial functions when the chief administrative officer and chief financial officer are not offered an incentive to stay and manage their respective teams of people...of which there are hundreds that are being counted on to manage the transition of financial and employee records.

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