Wild Oats exec offered raise, bonus to ride out acquisition
Janet Forgrieve, Rocky Mountain News
Published February 27, 2007 at midnight
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Wild Oats Markets Inc. will double interim CEO Greg Mays' salary and throw in a $750,000 bonus to keep him around until Austin, Texas-based Whole Foods Markets Inc. completes a $671 million acquisition of its smaller competitor.
In an SEC filing Monday, Wild Oats said it had raised Mays' salary from $50,000 to $100,000 per month, effective Feb. 1, as part of the incentive package.
In addition to the raise and bonus, the company gave Mays 20,000 fully vested restricted stock units, plus another 10,000 that vest when the deal closes.
If the deal doesn't close, Mays loses the bonus but gets another 15,000 shares, the document said.
The acquisition still needs shareholder and governmental approval, but could close in less than two months.
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