And now, a severance plane…

January 10, 2006

Last week, I posted about an executive getting a Porsche SUV as part of his severance agreement, which seemed a bit excessive. But now, that seems a bit lowbrow compared to the severance plane that outgoing Syniverse (SVR) executive G. Edward Evans will wind up getting when he steps down as chairman next year. Syniverse announced Evans’ plans to step down as CEO late yesterday at the same time they announced the appointment of Tony Holcombe to replace Edwards as CEO. Evans will continue to serve as Chairman — at the same salary he was making when he was also CEO — until the 2007 annual meeting.

In this exhibit filed a short time ago, the company notes that a company affiliated with Evans will either be able to assume the lease on the plane that Syniverse has been leasing or buy the plane outright. The exhibit also notes that Evans will have to reimburse the company for the $100K deposit it initially put on the plane and the cost of refurbishments made to the plane in 2004.

Granted, this isn’t a total giveaway, since Evans will presumably pay something for the plane, even if it isn’t retail. But it does beg the question of why Syniverse, which went public last February, needed the plane in the first place since Holcombe’s employment agreement clearly spells out that when he flies for business, it will be either in first class or coach.

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