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Marvel’s Friday night dump…

images12.jpegWe don’t mean to drone on about the Disney (DIS) Marvel (MVL) marriage — really we don’t, especially since we’re feeling well-rested after a nice week at the beach. But we couldn’t help it after spotting this 8-K filed late Friday before the long holiday weekend.

At just over 100 pages, it doesn’t compete for length or have the level of finger-pointing that the SEC Inspector General’s 477-page Madoff report does (which was also released late Friday). But it does have some interesting tidbits in it, like the agreements with Chief Executive Isaac Perlmutter, CFO Kenneth West, and EVP John Turitzin that appear to make it harder for the three executives to invoke the “good reason” clause in their respective employment contracts and collect lots of money like most other executives of companies that have been taken over do. Indeed, the new amendments say this:

—Notwithstanding anything to the contrary contained herein, the Executive acknowledges and agrees that, so long as during the term MEI and The Walt Disney Company comply in all material respects with the —Policies for Management of the Marvel Business, set forth on Section 5.13 of the Company Disclosure Letter, as defined in that certain Agreement and Plan of Merger dated as of August 31, 2009, among The Walt Disney Company, Maverick Acquisition Sub, Inc., Maverick Merger Sub, LLC and MEI, the Executive shall not have Good Reason to terminate his employment pursuant to (A) subsection (i) of this Section 4(d) or (B) subsection (ii) of this Section 4(d) with respect to a material breach of Section 1(a) of this Agreement.

The actual “policies for management” document is shockingly short and basically allows Perlmutter to continue calling the shots, reporting directly to Disney CEO Robert Iger. Oh — and he gets to do this from Florida, which generally features more pleasant temperatures than New York in, say, January.

The filing also has details about the breakup fee — $140 million if the deal doesn’t go through