rogerd - 6:00 pm on Jun 10, 2008 (gmt 0)

That plan sounds generous enough to qualify as a "poison pill" defense against acquisition.

Years ago, I worked for a firm that was targeted by a corporate raider. I proposed something similar, a golden parachute plan for management of all levels, as a way of making a hostile takeover unattractive. My idea didn't get any traction, and they ended up paying a premium to buy the raider's shares back.