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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowStock payouts to select employees of ExactTarget Inc. could enrich them by more than $50 million over the next few years, as long as its new parent company can hold its value on Wall Street.
San Francisco-based Salesforce.com plans to hand more than 719,000 shares to 31 employees at digital marketing software developer ExactTarget, Salesforce reported on Sept. 3. The shares will vest over four years, starting next year.
Salesforce offered the restricted stock units as a retention perk following its $2.5 billion buyout of ExactTarget Inc., which closed in July.
Based on Salesforce’s closing share price of $49.20 on Monday, the stock grants will be worth more than $35 million assuming Salesforce’s value stays steady and everyone remains with the company.
In addition, seven people will divvy up another 323,000 restricted stock units that vest over three years, starting next year. That lump would be worth more than $15 million today. The filing did not specify whether they were part of the first group of 31 executives, or were other employees.
A previous SEC filing indicated Salesforce would grant ExactTarget CEO Scott Dorsey and three other top officers about $20 million in restricted stock as part of their job offers.
A Salesforce spokeswoman did not respond to messages seeking comment.
The merger has already paid a hefty premium to ExactTarget’s investors. A bidding war boosted Salesforce’s offer to $33.75 a share, which was a 53-percent increase over the share price on day before the companies announced the buyout.
A generous benefits plan at ExactTarget that gave stock options to all of its employees, from the C-suite to the rank and file, put workers in the money by close to $300 million.
Six top executives, alone, claimed $92.5 million in options.
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