Safeway OKd ‘golden parachutes’ for its officers.
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Top executives of Safeway Stores will share $17.5 million in “golden parachute” severance payments if the supermarket chain is taken over by another company, according to documents filed with the Securities and Exchange Commission. The compensation package was approved by Safeway’s board of directors, which is pondering a $64-a-share cash offer from Dart Group Corp. Safeway’s top 20 executives would receive cash payments equal to three years’ salary, based on their annual salary over five years.
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