Remember my hearing day post about the court docket, and all the references to various filing documents? You can find all of those filings, motions, and many more in this ensemble of documents (check here to get started).
I haven’t gone through them yet, but Randall has at least skimmed them and found this
One thing pointed out to me by the tipster is “Document #14“, Section 6: Exhibit E – Asset Purchase Agreement, which has some juicy details toward the end under “Executive Retention Arrangements”.
- Mr. Ewald will remain until December 31, 2009 (“The Transition Period”), making at least 90% of his current salary. After that, he gets a $600,000 lump sum payment (unless he’s terminated for cause or resigns) to go away.
- Certain “Retained Executives” will also stick around, making 90% of their current salary, to be decided by the “Sale Order Date”. After that they will receive a severance package containing a lump sum payment equal to 6 months of his current salary plus 6 months of health coverage.
- The other executives will be terminated with a severance package of 2 months of their current salary plus vacation.