Slipping through the looking glass at Disney…

October 13, 2008

One of the many things that no doubt slipped through the looking glass last week was this 8K filed by Disney (DIS). The 8K, filed late Wednesday in the midst of the market meltdown, includes employment agreements for two veteran Disney executives — General Counsel Alan Braverman and EVP for Corporate Strategy, Kevin Mayer.

At 23 pages and 18 pages respectively, both agreements are interesting and have some similarities, including consulting agreements for both men should their jobs end before the terms on the contracts expire. There’s also some interesting language in both contracts about what happens if either man’s job title changes or their offices are relocated more than 50 miles from Los Angeles. Braverman’s contract is for five years; Mayers is for four.

Braverman’s old employment contract (which I wasn’t able to find for some reason in Disney’s earlier filings) expired on Sept. 30, but Mayer, who joined the company in June 2005, didn’t have one. The salary and perks seem pretty straightforward, with Braverman’s salary rising to $1.1 million and Mayer’s to $700K. In addition, Braverman got 100,000 restricted stock options — half of which vest in two years — as an “inducement” for entering into the contract. And you thought having a job in the current economic turmoil was inducement enough!

Luckily, the SEC is closed today, so there’s an extra day to catch up on last week’s filings. Who knows what else we’ll find from companies who used last week’s meltdown to hide all sorts of things.

Leave a Reply

You must be logged in to post a comment.