Take-Two Severance Package Detailed

Last night we broke the news that Take-Two had created a special severance package to help employees who get fired in the event that the company is bought out.

Reuters managed to get the company to detail exactly what a fired employee will get if they’re let go. According to the plan, which was adopted on March 3, executives will be given up to 1.5 times their salary and bonus for up to 18 months if they are fired without cause within a year of a change in control.

Non-executive employees will receive up to six months’ in salary.

The plan does not apply to Chairman Strauss Zelnick, Chief Executive Ben Feder, and other top executives covered under a separate management agreement.

Take-Two forms severance plan in case of takeover [Reuters]