Rackspace’s Kevin Jones Will Rake In the Dough

Kevin Jones will see some bucks of his own as he exits the Rackspace CEO role.

Jones remains an official employee until Oct. 30. If all goes as planned, Jones will collect a year’s worth of salary, as well as target bonus (about $1.2 million) and health benefits. He’ll also receive (get ready for some financial-ese here, courtesy of the Rackspace SEC filing) pro-rated vesting of the next vesting tranche of his time-based stock options granted in 2019 and vesting of 50% of his outstanding time-based restricted stock units granted in 2021.

On top of that, Jones will take home a grant of restricted stock units that will amount to about $1.2 million. Those will vest and settle if he complies with his restrictive covenants for 18 months following his termination, Rackspace said.

Finally, Jones will be eligible for reimbursement for certain relocation expenses, including fees for breaking leases and out-of-pocket costs for moving. The totals could come to around $3 million.

(Jones, by the way, isn’t out of work. He will move on as an “operating advisor” at Apollo Global Management.)