Dog days of summer…

August 25, 2004

Filings have slowed to a trickle now that the quarter is over and just about everyone is on vacation. But I’m still digging through some of the Ks and Qs from a few weeks ago and finding a few interesting things. For example, at Seibel Systems (SEBL) , the decision to split the job of chairman and CEO, which had been held by Thomas Seibel, isn’t going to be cheap. The company had been paying Seibel $1 a year (though he did get a $1.25 million bonus last year). But now that former IBMer (IBM) Michael Lawrie has taken over as CEO, Lawrie will receive $1 million in salary plus $1.25 million in a guaranteed bonus, according to the employment contract in the Q filed earlier this month. Lawrie will also get 2 million stock options and 350,000 shares of restricted stock. And if IBM decides that Lawrie violated his non-compete clause and requires him to forfeit the proceeds of his IBM options, Siebel will pay him $6 million. Finally, the company will pay Lawrie $5,000 a month for the next four years to cover the Connecticut-based executive’s housing costs in the San Francisco Bay area.

PS: Posts may become more sporadic these next few weeks if I can’t find anything interesting. As always, send me stuff that you find in the filings at ml@footnoted.org

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