This trick will make it somewhat expensive to takeover Merck. It will be interesting to see (a) when the first shareholder suit is filed attacking this plan and (b) if the courts uphold the plan.
There is very little case law on golden parachutes because the courts have taken the position that the agreements are not ripe for attack until triggered and after the severance events are triggered, the purchaser usually has better things to do than litigate the severance plans.
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