ARTICLE | Top Story

Genentech unveils $371M retention plan

August 22, 2008 1:39 AM UTC

In an SEC filing late Thursday, Genentech (NYSE:DNA) released details of a previously announced retention program to address any employee concerns created by an offer from Roche (SWX:ROG) to acquire the outstanding 44.1% of the company it does not already own. Genentech said the size of the program, which its special committee approved last week, is about $371 million in cash. The company said it would cover "substantially all employees" and come in lieu of planned 2008 stock option grants.

The plan includes a retention bonus of $8.7 million for Chairman and CEO Arthur Levinson, with bonuses for four other top executives ranging from $2.7 million to $4.6 million. ...