JWT GROUP <JWT> GRANTS GOLDEN PARACHUTES
JWT Group Inc disclosed in a filing
with the Securities and Exchange Commission that it awarded
so-called "golden parachutes" to 26 top officers.
    The company said it granted the special bonuses, which take
effect only if an executive is fired within two years of a
successful takeover, on June 8.
    It granted 25 of the officials a severance payment of just
under three times their annual compensation if they are fired
after a takeover. For chairman Don Johnston, the payment was
limited to twice his annual compensation.
    JWT approved additional lump-sum payments of one year's
compensation to an unspecified number of other highly paid
company officials.
    The company also altered its employee retirement and stock
incentive plans, to assure continued protection and benefits
for employees in the event of a hostile takeover.
    The company did not disclose the cost of the changes made
in the severance, retirement or stock plans.
 Reuter
