And now, severance plane tix?


The crazy things that people continue to ask for — and receive — as part of their severance agreements never ceases to amaze us here at footnoted. Just this past month, we’ve found severance furniture and a severance watch, not to mention computer power cords.Now, it’s 24/7 Media’s (TFSM) turn to show just how creative they can get. Their entry? Two round-trip plane tickets between the United States and Switzerland for outgoing executive Christopher J. Wagner, according to this agreement in an 8-K filed this past week. While there’s no mention in the agreement whether the tickets are coach or first class, our bet is on the latter. Then again, we wouldn’t have expected someone to ask for power cords, either.

Of course, that’s not the only thing that Wagner, who joined the company nearly five years ago and had been the company’s CEO for Europe, will be receiving. There’s also a used NEC computer and his existing mobile phone. So where’s the real money? That would be in the options. There’s 125,000 options that vest immediately, including 100,000 at an exercise price of $4.33, or less than half of what the stock is currently trading at. Why is Wagner leaving? It’s not clear from the press release that the company put out last week. Couldn’t they at least have said "personal reasons" like every other company does?

P.S. With most people taking a four day weekend, we’re betting that today will be a great day for companies to bury something juicy in their filings late this afternoon. Monday, when the SEC is technically open, but when all but the most die-hard geeks will be at the beach, should be even better. So if you see something interesting, remember to send us a note.