Earthy crunchy…

March 16, 2007

images-12.jpegWild Oats (OATS), which announced last month that it was being acquired by its larger rival, Whole Foods Markets (WFMI) filed its last 10-K yesterday, which included this interesting separation agreement with former CEO Perry Odak.

Odak stepped down in October because the company and him couldn’t agree on the terms of a new employment contract. While we don’t know exactly when Whole Foods approached Wild Oats (since the DEFM-14A has yet to be filed), it will be interesting to see if Odak was angling for a greater change-in-control payment in the event of an acquisition. Not that Odak will have to start shopping at the local Save-a-lot for his groceries. Under the agreement, he’ll collect nearly $2 million in severance, which the company says is “in light of the increased profitability” during Odak’s six-plus year tenure. Odak will also continue to collect his $500K a year salary for the next three years. As for the perks, the company will continue to pay for his car and he’ll continue to get a discount card from Wild Oats.

On a separate note, I’m still in Washington D.C. for the annual Politics Online conference. Last night, I accepted an award — the Golden Dot for “Best Blog” for a federal, state, or local candidate for the work I did on Take19. While my focus continues to be footnoted.org and SEC filings, it’s nice to get honored for something else too, especially since this was a purely volunteer project.

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