A quartet of top GLG Partners employees is set to enjoy handsome payouts if their services are no longer required following the hedge fund’s merger with the Man Group.
Under changes to their employment contracts made the day before the Man deal was announced in March, CFO Jeffrey Rojek, general counsel Alejandro San Miguel, adviser Leslie Schreyer and chief operating officer Simon White will split $13.5 million in severance pay if, in fact, they are severed following the closing of the deal. Before the changes, the four men’s contracts either did not specify what would happen if the firm was taken over, or offered less gilded parachutes.
San Miguel would get $5 million if he leaves, Schreyer $4 million, Rojek $3 million and White—who The Wall Street Journal reports is the most likely of the four to remain with GLG—would get $1.5 million. Rojek and San Miguel are also entitled to guaranteed and discretionary bonuses.
The payouts were discussed by Man and GLG before their merger deal was announced on May 17.
The same Securities and Exchange Commission filing that shows the severance arrangements also show that GLG initially pushed for its shareholders to receive Man shares, rather than cash, as top GLG executives will get. But Man rejected that plan, saying it did not want to have to register its shares in the U.S., where London-based GLG is listed.