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Millennial Media CEO set for $2.2 million golden parachute in AOL sale

Millennial Media CEO Michael Barrett is among 18 workers being let go once AOL's $248 million acquisition of the Baltimore mobile advertising company closes, and he will walk away with a $2.2 million "golden parachute."

The company disclosed the severance agreements, for jobs deemed redundant or unnecessary, in a Securities and Exchange Commission filing Friday. Along with Barrett, at least two other top executives will receive golden parachute payouts of more than $1 million.

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Marc Theermann, executive vice president for business strategy, will receive $1.2 million and Jason Kelly, president of managed media, is receiving $1.1 million.

Other positions being cut include an executive assistant, directors of product management, an account executive, a senior technical recruiter and a creative director.

Millennial employs more than 200 people at its Canton headquarters and 600 across the country, while AOL has a local staff of 250 people in its Brewer's Hill office.

The company meanwhile extended by six days the deadline for its stockholders to tender their Millennial shares. The tender deadline was changed just hours before it was scheduled to expire Friday night and is now at midnight next Thursday.

Company officials said the change was "to allow for adequate dissemination of information to stockholders and investor response time" regarding recent SEC filings.

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