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Hey…the check had to clear first…

Last month, Telular Corp. (WRLS) handed its Chairman and CEO a $100K retention bonus. But earlier this week, the company announced that Kenneth Millard, who was 57 as of the December proxy, was leaving the company effective immediately. Granted, unlike a lot of other top execs, Millard isn’t walking away with a fat consulting contract that will soak Telular investors for the next few years. Indeed, he’ll only be consulting for the next two months, during which time he’ll collect his regular salary of $400K a year according to the 8-K the company filed this week. But he’ll also get a $400K severance payment and he gets to keep the $100K retention bonus, which doesn’t appear to have been particularly effective.