Vertex CEO nails multimillion-dollar exit deal

Just a few days before Vertex CEO Joshua Boger (photo) announced plans to step down in May, he worked out a new "transition agreement" that's worth millions of dollars. While the company owed him no severance pay under his original employment agreement, Vertex will now hand over $2.85 million in cash in November while accelerating his stock vesting schedule and stock awards--which the Boston Globe notes could be worth millions more.

"It's an acknowledgement of [Boger's] service and advice going forward," Vertex spokeswoman Jane Kramer tells the Globe. Boger is leaving the top job at the company, but will remain on the board. His successor at Vertex, Matthew Emmens, will start with a salary of $1.1 million and an annual bonus target set at 115 percent of pay.

- read the story from the Boston Globe

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