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Hot-dog!

hotdog.jpgLate Friday, ConAgra (CAG) slipped this little exhibit into an otherwise boring 8-K that amended some of its bylaws. Though the company announced CFO Frank Sklarsky’s departure in mid-June, the agreement wasn’t filed until Friday.

Although Sklarsky, who joined the company less than two years ago, won’t be getting a lifetime supply of hot dogs (hey..we’ve seen stranger things in some recent severance agreements!), he will be getting some impressive parting gifts, including two years of salary continuation, and an additional $1.25 million "in consideration of any loss of benefits associated with your initial employment". In addition, ConAgra is letting Sklarsky keep all of the $350K signing bonus he received when he joined, instead of having to return half, as outlined in his initial employment agreement. Not too bad for such a short stint.

Of course, Sklarsky’s deal pales when compared to the one offered to former Chairman and CEO Bruce Rohde, as I noted last September. But given the stock’s lackluster performance, ConAgra shareholders probably can’t stomach too many more ex-executives hanging around on the payroll.