The top executive at Savannah Foods is the only employee of the company guaranteed to have a job under a new buyout plan. Meanwhile, many of Savannah Foods' 700 local employees have no assurance of employment once the deal goes through, especially those in the corporate headquarters on Johnson Square. In a show of gallows humor, some nervous employees have posted terms of William W. Sprague III's new employment contract on bulletin boards in Savannah Foods' offices.
Stock options entitle the holder to buy a stock at a previously set price.
They can be extremely lucrative as the value of the stock increases. Mr. Sprague's deal with Imperial Holly was made public recently in Securities and Exchange Commission filings. He did not return phone calls this week seeking comment. Imperial Holly officials have stressed that they have no plans for layoffs and think they'll need most Savannah Foods employees. Still, Mr. Sprague is the lone Savannah Foods employee offered a contract thus far.