Footnoted.org's Michelle Leder caught Dow Jones' late Friday 8-K filing detailing severances for husband-and-wife team ex-DJ-CEO Peter Kann and ex-WSJ-publisher Karen Elliott House:
According to Kann’s agreement, he’ll continue to collect a salary of $995K through next April while he serves as Chairman and is eligible for a target bonus of $896K this year. Then there’s another $2.52 million worth of stock. In addition, once Kann retires as chairman, an unspecified number of stock options will continue to vest "as if you had remained in service with the company."...As for House, she’ll receive $1.7 million over the next 24 months and continued vesting of her options. One other interesting little tidbit about the two agreements: Kann’s was only 8 pages. But House’s was a whopping 38.
(There's a reason why you file these things late on a Friday.) Kann's staying on as Chairman, presumably so that he can advise management on how to make the stock do this over the course of five years...
... and they can do the opposite. Kann also has a non-compete through 2007. Given the company's performance, it might have been competitively smarter for the Dow Jones to forgo the non-compete and let Kann manage the competition as well as he managed DJ.
His and Hers [Footnoted.org]