What will they wind up with?

January 13, 2005

Yesterday, two top executives announced they were leaving their respective companies: Mike Zafirovski at Motorola (MOT) and Brian Anderson, who had been the CFO at OfficeMax (OMX) for a mere two months. While it’s clear that both are likely to get some sort of grand send-off, it’s hard to find any traces of what they’ll be from either of the company’s filings. OfficeMax has yet to include Anderson’s employment agreement in any of its filings and now that he’s leaving, they’re unlikely to include him in their next proxy or K. Nor was I able to find Zafirovski’s employment agreement in any of Motorola’s filings and in their most recent proxy, unlike other top executives, there’s no disclosure on his employment agreement or severance agreement. Motorola does note in the proxy — filed last March — that Zafirovski received $4 million worth of restricted stock in May 2003. The restrictions were due to lapse in May 2006, though the stock has more than doubled. A second tranche of restricted stock — also worth $4 million — was to be granted in May 2006 with those restrictions lapsing in May 2010. In the proxy, Motorola says the restrictions only lapse upon death or permanent disability.

Leave a Reply

You must be logged in to post a comment.