"Bonus severance payments due if the agreement automatically terminates has been amended from 60% of Base salary to 100% of Base salary. Bonus severance payments due upon change of control have been amended from one year’s Bonus at guideline to two years Bonus at Guideline."
That means instead of getting 60% of $350,000 he gets 100% of $400,000 for automatic termination.
And if the company is sold, he gets 300% of his raised salary (he gets 150% of $400,000 -- which is $600,000, times 2years worth, equaling $1.2 million in total) in a payout vs. what he would have gotten (100% of $350,000, or $350,000 total).
Higher and transparent incentive for him to sell this company it seems...and that means it's on the block...stock to rise in coming weeks IMO
I think Ewiggy has earned it. Don't you? Figuratively, he hasn't brought in a dime of earned income since coming to work. What possible reason would the BOD have for approving such an ammendment? I think I know why, and I'll bet you do to. Somebody is going to get sued before this is all over.