We study benefits received by target CEOs in completed mergers and acquisitions. Certain target CEOs negotiate large cash payments in the form of special bonuses or increases in golden parachutes. These negotiated cash payments are positively associated with the CEO’s prior excess compensation and negatively associated with the likelihood that the CEO becomes an executive of the acquiring company. Regression estimates suggest that target shareholders receive lower acquisition premia in transactions that involve extraordinary personal treatment of the CEO. Target CEOs experience very high rates of turnover both at the time of acquisitions and, for those who remain employed, for several years thereafter.