David Rubenstein speaks at the Oct. 26 TEDx Conference. (Courtesy of Carlyle Group)

Aetna’s agreement to purchase Bethesda-based Coventry Health Care for $5.7 billion in cash and stock could result in a big payday for Coventry’s top executives if they are terminated without cause, according to an Oct. 18 filing with the Securities and Exchange Commission.

Coventry chief executive Allen F. Wise will reap $14.5 million, including $4 million in cash and $10.4 million in equity, according to a section titled “golden parachute compensation” detailed in the SEC filing.

The Buzz asked Aaron Boyd, director of research for compensation experts Equilar, to review the filing. He said based on an employment agreement from April 30, 2009, Wise is entitled to salary, the pro rata portion of the target annual incentive bonus, a lump sum cash severance payment, accelerated vesting of his stock options and medical, dental and vision insurance for 36 months following his termination.

Total value: $14,569,046.

According to the filing, Wise’s $10,489,027 in stock “will vest and be paid out upon completion of the merger, regardless of his termination.”

Chief Financial Officer Randy P. Giles would receive $5,494,100 in cash and equity if he is terminated within two years of the merger under the agreement, according to the filing. Giles’s $4.28 million in equity will vest when the merger is complete.

Executive Vice President Harvey DeMovick Jr. will get $5,134,471 if terminated. Chief Operating Officer Michael D. Bahr will earn $8,635,980.

Everyone’s equity, with the exception of DeMovick, will vest when the merger is complete.

The Aetna purchase is expected to close by the middle of next year.

A Coventry spokesman declined comment.

Brewing up a business

Navy veteran Paul Hurley has been brewing up a business, literally, outside his day job at Mitre Corp.

Hurley, 26, and some buddies have cooked up a beer-making company called CasaNoVa Brewing & Sound, which is on the hunt for investors.

Hurley and business partner Mike DiBella pocketed $10,000 recently at the Entrepreneurship Bootcamp for Veterans with Disabilities business competition in Denver, where CasaNoVa tied for second out of 42 entries and earned the $10,000 award.

The money will be added to the $30,000 Hurley spent of his savings on fashioning a mini-brewing system.

“We have a small professional-grade system that will allow us to test small batches and scale them up,” said Hurley, who lost his right leg above the knee in 2006 in a high-speed hit-and-run in Bahrain.

Hurley and DiBella know each other from Bishop O’Connell High School. Hurley, the son of an U.S. Marine and a Navy nurse, plays guitar and graduated from the Duke Ellington School of the Arts in the District.

Hurley said they are eyeing a warehouse near Ballston, where the owner has offered space in return for a piece of the business. The goal is to turn the warehouse into a brew pub in three years.

The Buzz hears:

The Halifax Group, the mid-market private equity firm led by Washington Nationals’ part-owner David Dupree, has closed its third buyout fund, Halifax Capital Partners III with commitments of $393 million.

Dupree is chairman of the investment policy committee for the Wake Forest University Board of Trustees. Halifax Group is backed by billionaire investor David Bonderman, founder of Fort Worth-based TPG Capital, and has offices in Dallas and Raleigh, N.C., in addition to its District headquarters on Connecticut Avenue NW.

Andy Friedman, the former Covington & Burling attorney who gave up lawyering to provide investment advice based on Washington’s political and legislative doings, is recovering from an accident in his home. A few weeks ago, Friedman tripped over a suitcase while walking in the dark in his house, crushing his larynx and nearly suffocating. He has cancelled all appearances through Thanksgiving. A full recovery is expected. His firm is The Washington Update.

McLean-based Geebo, a privately funded U.S. online classified advertising site, attracted 1 million unique visitors in August, according to founder Greg Collier. The number was a 180 percent leap over the same month a year earlier.

Carlyle watch

Carlyle Group co-founder David M. Rubenstein has coined a new phrase to capture his approach to giving away millions: “patriotic philanthropy.” Speaking at the October 26 TEDx Conference sponsored by The Case Foundation at Sidney Harman Hall, Rubenstein said citizens – rich and middle class alike—should give to arts and cultural causes that are threatened by government deficits running into the trillions. Ergo, patriotic philanthropy. Rubenstein should know. The billionaire private equity figure gave millions last January toward the repair of the Washington Monument, which was damaged in an earthquake last year. He also donated $4.5 million to the National Zoo’s panda program, and loaned a copy of the Magna Carta, worth some $20 million plus, to the National Archives.