Oh. “One More Thing”: Calculating Mr. Allin’s Obscene Windfall…

Text-Allin-2010-2016-Oracle-SeverUPDATED @ 2 PM EDT: Mr. Allin will have made $65.6 million, in cash, and some unrealized capital gains on his stock, options, and RSUs, from his time at Textura, all-in — if the stock price stays steady at $26 per share on the NASDAQ. In addition, for every dollar that Textura rises (over $26) between now and the five days before the merger, Mr. Allin will reap another roughly $2.68 million.

So — if by merger time, Textura is trading at $30 per share, Mr. Allin will be holding over $76 million, all in — for his time (and considerable troubles) at Textura.

That number will not go down, in all likelihood — so he now has an effective floor of $65.6 million, and likely only upside from there. [And, who knows how much more he was paid — prior to the required SEC public disclosures, for the 2013 IPO? Those amounts aren’t even in these totals. His cash pension is also not in these totals — though I am sure he has a very generous one of those, too, from the board of directors of Textura.]

Yes — I do think that is… obscene. [I’ll make my spreadsheet available, should anyone request it in comments. You will be able to fiddle around with various stock prices and see where his holdings land him.]  The itemzed buckets are summarized in the graphic at right. Sheesh.


I am presently spreadsheeting all his options and RSUs — and converting them into Oracle’s consideration, all as contemplated by the just filed merger agreement. That’s gonna take more than a moment… There are… So many.

Even so, on first pass, I can confidently report that his all-in haul is much larger than I expected, and well north of previously published MSM guesses.

I’ll post the results here as an update, once I double check them. It looks like only one option grant (of over ten grants) gets wiped, as underwater. Crazy!

The prior Textura board was very generous — almost unconscionably so — in accelerating and fully vesting all his RSUs and stock options — prior to, or on April 1, 2016. Most vested at December 31, 2015 — enhancing his “retirement/severance package” immensely.

Yes, his haul is truly jaw-slacking, given his poor performance since the IPO. And arguable material and knowing deceptions, in flogging the IPO.

More later today.

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