A very timely severance package…

June 21, 2006

We’ve had a severance plane, a severance Porsche, and even severance furniture.  Who would have thought you could get more granular than that?  That was exactly the case, however, in this severance agreement (which a reader was kind enough to pass along to us) between Borland Software (BORL) and its departing Senior VP and General Counsel, Timothy Stevens.  In the agreement, Borland hands over a "Company-issued laptop computer, monitor, printer and docking station used by Executive prior to the Separation Date together with the related loaded software, accessories and power cords."  Stevens will also retain "[a] Borland watch previously provided to Executive."  Finally, the agreement provides for "an in-lieu of retention payment of $130,000."  I thought retention bonuses were awarded for staying with the Company, not leaving.  All in all, it’s quite a nice package for Stevens, who lasted less than three years at Borland.

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