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Jewel Management Severance

Executive Summary

Eight of 13 top Jewel management either have left or will leave following merger into American Stores, according to the proxy on the deal. Proxy says that American Stores will honor Jewel compensation agreements approved before merger which call for an aggregate total of $8 mil. to be spread among 11 officers if they leave. "In each case," the proxy says, the present value of agreement was "somewhat less than three times the respective officer's average annual compensation payable by Jewel." American Stores is also set to pay up to $8.34 mil. to pick up stock options from Jewel exec officers

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