No iPad for Xmas?

December 27, 2011

For those who found an iPad or some other cool electronic device waiting for them under the Christmas tree, congratulations! We hope you get a lot of joy and use out of the new device.

Of course, as we first footnoted back in April when we discovered this, there’s another way to get an iPad: be a top-level executive who gets canned by your employer and have some lawyer negotiate it into your severance contract.

That’s exactly what we found at Auxilium Pharmaceuticals (AUXL) which filed this severance agreement with outgoing CEO Armando Anido on Friday afternoon at 4:24 pm. Since the company announced Dr. Anido’s sudden departure several weeks ago, we’re sure it was just a happy coincidence that the terms of his severance agreement were filed after the market closed for the long holiday weekend. If there was any lingering doubts that Anido was pushed out the door, the severance agreement should clear that up.

That’s because as severance agreements go, this one was pretty plush. Anido gets $1.9 million in severance — nearly four times his base salary of $555K — and full vesting of his options and RSUs that were scheduled to vest over the next 24 months, which judging from the proxy, appears to be worth millions more. But wait, as they say in those knife commericals. That’s not all. Anido also gets:

Mr. Anido may retain his Company purchase i-Phone, i-Pad and laptop computer so long as Mr. Anido cooperates with the Company to remove all Company-related information from such devices.

Now, given that Apple’s top of the line iPhone and iPad costs a grand total of $1,200, one would think that Anido could afford to buy his own devices, instead of asking a lawyer to negotiate them into his contract. Then again, given that we’ve seen at least 20 other executives asking for — and receiving — their company-issued iPads on the way out the door, maybe it’s not so surprising after all.

Image source: iPad photo via Shutterstock

Don’t forget to vote for the worst footnote of 2011!

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