Southern Pacific will pay cash bonuses totaling...

Southern Pacific will pay cash bonuses totaling $12 million to 65 executives--even if they lose their jobs after the company is sold to Rio Grande Industries, according to a San Francisco Chronicle story. The story said the San Francisco company’s board agreed to the arrangement in October, 1987, but didn’t reveal the move until a preliminary prospectus was made public last week. Under the plan, SP Chairman Denman McNear will receive $1.1 million while Executive Vice President Mike Mohan will be paid $554,500. The sale is expected to close Oct. 13.