A Friday troika…
Sure, it’s Tuesday. But here at footnoted, we’re still making our way through the Friday night dump. ConAgra, (CAG) wasn’t the only interesting filing late Friday. There were also a troika of agreements that were filed by software maker Evans & Sutherland Computer Corp. (ESCC), engine manufacturer Briggs & Stratton (BGG) and generic drug maker Impax Labs (IPXL.PK).
ESCC finally disclosed the terms of CEO James Oyler’s departure, originally announced back in June, in the separation agreement attached to its most recent 10-Q. Oyler’s send-off includes a cash termination payment of some $1.37 million, the usual insurance benefits, and "one desktop computer system…one IBM laptop computer system…one cell phone…the telephone number currently assigned to that cell phone…a PDA currently in Mr. Oyler’s possession…and a framed picture located in Mr. Oyler’s former office at the Company." Pretty clever of the lawyers to remember to ask for the cell phone AND the number, although there was no mention of the computer cords. That also makes for the second example we’ve seen of executives specifically asking for the artwork that hangs in their offices. As if the next guy who warms the chair wouldn’t want to redecorate!
Over at Briggs & Stratton, the company disclosed "a severance agreement that took effect on Sept. 1, 2006". (Guess we’re not the only ones who need help with the calendar). The agreement with soon-to-be former vp Paul Neylon will pay him over $25K a month to serve as a consultant through the end of next year, which is about the same amount he was making when he was presumably required to work full time. The agreement also includes what the company describes as "reasonable travel and living expenses" but fails to provide more details.
Meanwhile, Impax also announced the departure of its long-time CEO, Barry Edwards. According to Impax’s filing, Edwards’s severance payment is *only* $640,000, but he will receive a two-year consulting contract worth another $450,000. Let’s just hope Edwards comes up with some better ideas as a consultant than he did as a CEO. During the last two years while Edwards was at the helm, Impax has failed to file an annual report with the SEC, has been delisted from the NASDAQ, and has seen its stock plunge from $20 all the way to the single digits.