Party on!

party hatsWhile it’s pretty common for a top executive at a company that has been acquired to stay on for a short time and then exit with a nice severance package, the details of the going-away party are usually not part of the severance agreement. But that’s exactly what happened according to this exhibit included in the 8K that MB Financial (MBFI) filed late yesterday that spells out the details of Richard Rieser’s departure.

Skip through the $3.6 million in severance, an additional $960K spread out over the next 12 years, the full vesting of lots of options, and a bunch of other odds and ends and you get to this:

Departure Party: The Company shall provide reasonable funding for a departure party for the Executive, with the attendance list and arrangements to be made by the Executive.

At MB, Rieser had been vice chairman, a title that footnoted regulars know is the best job in business, as well as chief marketing and legal strategist. Before that, he was CEO and president of First Oak Brook Bancshares (old ticker: FOBB), which was acquired in August 2006. One hint that Rieser wasn’t likely to stay around comes from this press release which announced the completion of the merger: Rieser’s name was never even mentioned.

There was no press release announcing Rieser’s departure from MB, which apparently happened last Tuesday. Perhaps the company was worried about the guest-list getting a bit too large!

UPDATE: The WSJ’s Deal Journal talked to Rieser, who explained the reasoning behind the party clause. “I wanted to be able to host an elegant affair to recognize all those people who helped to build it up, an opportunity to say ‘thank you’_ to them.” Rieser told Deal Journal’s Gregory Corcoran that “it won’t be Dennis Kozlowski by any means.”