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A severance Porsche…

When it comes to severance agreements, stock options and hefty consulting agreements are usually pretty common. But Varian Semiconductor (VSEA) is offering up a new twist: it’s throwing in the company car, which happens to be a Porsche SUV. Come September, when vice president of sales and service John Aldeborgh leaves, he’ll collect the keys to his company-owned Cayenne on his way out the door, judging by this agreement. And since Aldeborgh isn’t even listed as one of the top executives at the company, it begs the question as to what other executives are driving on Varian’s dime.

Aldeborgh isn’t the only Varian executive to walk away with a car. A separate agreement in the same 8-K noted that former CEO Richard Aurelio also got to keep his company car when he stepped down earlier this week. Though the company doesn’t say what kind of car it is, the proxy filed late last month notes that the company spent $72,400 on Aurelio’s car last year, which means it probably isn’t a Ford Focus.

Of course, Aurelio, who will make $200K a year as the non-executive chairman (down from the $300K he made as regular chairman) also gets one of the more common things associated with these types of agreements: 30,000 shares of restricted stock that vest immediately, which at yesterday’s closing price, works out to $1.35 million.