As ReadWriteWeb reported earlier, Palm has retained Goldman Sachs for a possible sale of the company. It looks like they’re now hoping stock enticements will keep any other executives from joining Michael Abbot in leaving.
According to an April 12 SEC filing, Abbott, Vice President of Software and Services for the company, will be boxing his knick-knacks on the 23rd.
“Palm is implementing a retention program for certain key employees, including executive officers,” the company wrote the SEC. “The program includes equity awards and cash bonuses to be earned over a two year period provided that the individuals remain as employees of the Company. As part of this program, Jeffrey P. Devine, Palm’s Senior Vice President of Global Operations, and Douglas C. Jeffries, Palm’s Senior Vice President and Chief Financial Officer, each received a grant of restricted stock units pursuant to Palm’s 2009 Stock Plan and a cash bonus of $250,000.”
Similar packages are common in a sale situation. They help to maintain continuity during a change-over. They also avoid the flight that may give potential buyers, media and customers the appearance of a wholesale flight by major decision-makers who might be “in the know.”
