The perpetual sale at Jos. A. Bank…

June 1, 2012

Youbet.com (UBET) recently disclosed a new agreement with its Vice Chairman — a title that’s typically used to describe the Golfer in Chief — that will pay him more than the company’s CEO made in 2003. Under a renewed services agreement with David Marshall Inc., Vice Chariman David Marshall will make $275K a year as a consultant. As an incentive for signing the agreement, Youbet will pony up another $175K as part of what the company describes as a one-time renewal fee. Then there’s the various and sundry other benefits, including a $750 a month car allowance, health and other insurance benefits, a Treo, annual bonuses and additional payments for any project or debt or equity financing that Marshall plays a material role in setting up. In exchange, Marshall is required to devote “a sufficient amount of his work time to fufill his duties” — whatever that means. If UBET winds up cancelling the contract before 2008, they’re still on the hook, which kind of sounds like what happened back in 1999 when Marshall had a similar agreement. Under that agreement, Marshall stopped serving as vice chairman at the end of 1999, but managed to collect an additional two years of consulting fees out of Youbet.

PS: Sorry for the Wi-Fi problems earlier this week. I’m now back home and have filings piled up like planes at LaGuardia, so there’s plenty of material to sift through.

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