On August 8, 2006, Sapient Corporation (the "Company") entered into a separation agreement (the "Agreement") with J. Stuart Moore, its former Co-Chief Executive Officer. As previously stated on a Form 8-K, filed June 7, 2006, Mr. Moore shall remain a Co-Chairman of the Company's Board of Directors (the "Board"). The Agreement provides that Mr. Moore shall forgo receipt of all Board related compensation in exchange for post-employment benefits from the Company. The Company will pay 100% of the COBRA medical insurance premiums for Mr. Moore and his dependents until July 31, 2021 and 100% of Mr. Moore's COBRA dental insurance premiums until January 31, 2008. The Company will also continue to provide Mr. Moore with an office, support services and a Company credit card for use in connection with Company-related travel and expenditures.
interesting. sounds like he's not going to be a part of the day to day. funny that as part of the agreement that they are going to pay for his medical and dental. seems somewhat silly... especially given his stock sales and holdings.
maybe jerry finally got pissed at stu for being negative openly to the company? probably pulled him aside and it all started with.. "stu, i just need to give you some real time feedback..."... where stu then says.. "jerry, i'm sick of your feedback crap.. i've been putting up with it for 15 years.. you think just because we shared a bed with roy when we first were starting out..."
Mr. Screwed Thank you for the intresting note re Mr. Moore. With 10 million shares it must be difficult to see yr paper value drop from $500M to a "mere" $40M. Hence the need for insurance coverage buyout. IMHO: I have held this equity since the IPO, managed to harvest some and now at $4 a share figure I may as well hold on and if worse write it off my taxes. Pains me to say but I can think of any reason I would recommend SAPE to anyone. They have survivded and in some ways perhaps we should all be grateful for that. Warm regards to fellow colleagues. Uncle Han