Off the boat…
Earlier this week, Jacuzzi Brands (JJZ) announced the retirement of Chairman and CEO David Clarke. And yesterday, we learned how Clarke is likely to spend his retirement via this amended employment agreement, which has one of the stranger clauses we’ve ever seen (and yes, that is a big category):
Executive shall be entitled to remove from the West Palm Beach office his “personal effects”, which shall include personally owned items and photographs of his personally owned sailboats. “Personal effects” shall not include any business related and any company owned items, such as computers, etc.”
Our first question is: Some lawyer actually got paid to spell out the difference between personal photographs and computers? Does this sort of thing really need to be spelled out in a formal agreement? Our second question is: how do we get that job?
Of course, that wasn’t the only interesting tidbit filed in the amended agreement. In addition to a $808K in "retirement benefits" and the vesting of 295,000 shares of restricted stock, the company will pay for Clarke’s office space (including the cleaning of the offices — another item spelled out in the filing, though there’s no word on whether the person doing the cleaning has to have a green card) through June 2008.
Also: at the same time that it announced that Clarke was heading for the open seas, Jacuzzi announced that Alex Marini was taking the helm. But in yesterday’s 8-K, while it made note of Marini’s employment agreement being included as Exhibit 10.1, the actual exhibit was MIA. Perhaps it wound up in that pile of photographs!