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Last bit o’ turkey…

Earlier today, I gave my dog the last of the turkey leftovers. But here’s one last bit from last week’s buried filings that several readers brought to my attention: on the day before Thanksgiving, Wolverine Tube (WLV) announced that CEO Dennis Horowitz was retiring at the end of next week. But like most announcements, the press release didn’t include Horowitz’ bag of goodies. That was in the 8-K that Wolverine filed after 4 p.m.

In three separate exhibits — the retirement agreement, a director’s agreement, and the mandatory consulting agreement — it becomes clear that Horowitz won’t exactly be fading away. Under the retirement agreement, Horowitz, who’s 58 and has been CEO since 1998, gets a lump sum of $5.7 million (roughly 10 times his annual salary) and full vesting of all his options and restricted stock. The director agreement provides $75K a year in fees, secretarial and office support and reimburses him for “reasonable client entertainment”. Finally, the consulting contract with a separate company that Horowitz runs will receive $225K a year for the next two years. In exchange, Horowitz is required to work 100 business days a year.

Sick of turkey yet? Well, here’s one last bite: Wolverine investors haven’t done quite as well during Horowitz’ tenure. Indeed, their investment has disappeared almost as fast as my dog ate the turkey.