No change-in-control payments at Edwards
In examining a big corporate merger, it’s always a good idea to look at what incentive the executives had to sell. Often, their contracts call for big, fat payments in the event of a change in control.
That doesn’t appear to be the case at A.G. Edwards, which is being bought by Wachovia. CEO Robert Bagby, who is staying on as chairman of Wachovia Securities, does have $2.2 million of stock awards that will vest immediately with the acquisition, but otherwise he doesn’t appear to be in line for any extra money.
Edwards’ proxy statement, in fact, has a straightforward statement about so-called golden parachutes:
None of the Senior Executive Officers have any agreement providing for special payments or severance as the result of a change in control.
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David Nicklaus has covered St. Louis business for more than 25 years. His column appears three days a week on the Post-Dispatch business page. 
