And now, severance parking…

July 21, 2008

Here at footnoted, we’re always fascinated by the odd things that departing executives ask for on their way out the door. One can only imagine the high-powered negotiations that take place over things like the Mercedes, the corporate jet, and even the executive’s office furniture — all things we’ve found in severance agreements over the past few years. Keep in mind that lawyers for both sides are involved in these sorts of negotiations, which no doubt makes the cost of negotiating some of these goodies — Blackberries and laptops pop up virtually ever day — more valuable than the item being requested.

The latest weird perk to join this growing list is a parking spot at Jacksonville International Airport for departing Continental Airlines (CAL) CFO Jeffrey Misner, who is retiring at the end of August. But this isn’t just any parking spot — it’s free lifetime parking. As the severance agreement filed on Friday notes, Misner,54, is entitled to the free spot as long as he lives within 200 miles of Jacksonville Airport and as long as Continental maintains operations at the airport.

The agreement also includes a non-compete clause and gives Mr. Misner nearly $3 million dollars in exchange for his remaining stock options. But it’s the free lifetime parking that really stands out, if for no other reason that this was a point of negotiation. Granted, parking at the airport can be a giant pain, but it still seems like an odd thing to ask for on the way out the door.

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