I wonder how their offer letter / contract looks like.
Section 3. Termination
Bla bla bla if you're fired for whatever reason, you'll get $30M.
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Offer letters are public information for chief executives:
Agrawal’s CEO offer letter: https://www.bamsec.com/filing/119312521342255/2?cik=1418091
An involuntary termination contract: https://www.bamsec.com/filing/156459018003046/2?cik=1418091
You can find the details of executive severance plans in the SEC filings of public companies, they make for fascinating reading. Typically accelerated vesting of all equity, 12-ish months salary, extension of other benefits like health insurance. It’s also usually guaranteed in their employment contract if they’re terminated for any reason other than just cause (basically everything other than committing fraud or harassing employees).
If you are fired, all your options will vest immediately. Additional money payment at exec level too.
I think there might have been a clause about change of ownership as well
Usually it's that kind of clause (change in ownership). Basically all equity grants immediately vest, even the ones you got last week that would normally vest over 4 years.
It's a great deal.
Many are double trigger. (Change of ownership AND getting fired within X time as an example.)