William J. Reuter, Susquehanna Bancshares Inc. chairman and CEO, would make nearly $10 million should a “golden parachute” clause kick in after Susquehanna’s merger with BB&T Corp.
According to a filing with the Securities and Exchange Commission this week, Reuter stands to make $9.8 million in “golden parachute” compensation from the deal as one of four Susquehanna executives who could make seven figures. In total, the compensation for the four would reach $20.23 million.
The clause would kick in should they be fired without cause or resign due to an “adverse change” after the merger, according to the filing.
In addition to Reuter, three other Susquehanna executives were named as “golden parachute” recipients:
• Gregory A. Duncan, president: $4.05 million
• Michael M. Quick, chief corporate credit office: $3.35 million
• Michael W. Harrington, chief financial officer: $3.03 million
Susquehanna named Duncan the company’s president effective Oct. 10, 2014.
The compensation includes cash, equity, pension, benefits and other costs.
Susquehanna agreed to be acquired by BB&T in November. The $2.5 billion deal is expected to close in the second half of the year.