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Jarden Corp. Message Board

  • triathoman triathoman Sep 3, 2008 1:10 AM Flag

    Stock grant to CEO’s brother? Good work if you can get it.

    Check this out from Jaden a 10K/A

    “during July 2004, our Company's board of directors approved the granting of 10,000 restricted shares of common stock to Mr. Jonathan Franklin, a consultant to our Company, who is a brother of Mr. Franklin. The restrictions on 5,000 of these shares lapsed immediately and the restrictions on the remaining 5,000 of these shares lapse ratably over a four year period, but will lapse immediately upon the event of a change in control. On January 24, 2005, Mr. Jonathan Franklin became an employee of the Company. Mr. Franklin serves as Manager, Compliance and will receive a salary of $100,000 for his services during 2005.”

    It looks like the stock was worth ~$36 a share back when this was granted. That would mean a 180K instant vested grant to a “compliance manager” who was then only hired for 100k a yr. Then he received another 180K which vested over several more years. That’s a total of $360K of stock according to my pen and pencil. He also received his salary. Is my math correct? Did he received $280K of compensation in that first year?
    That seems like a pretty sweet deal. What does a compliance manager do anyway? Do other manager level people get these types of stock awards at Jarden or was it something for the CEO’s brother only? Is this market comparable compensation rate? Why have the analysts on the conference calls never asked about this? Anyone have an opinion?

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    • you are just hitting the tip of the iceburg, the money that has been stolen from this company is unbelievable, the missrepresentation (we are on track to make $5.00 a year) are criminal, and all the while Marty and his friends are selling stock in preplaned sales and buying small amounts to makeit look like they are behind the company, sure wish I could borrow shares made a lot of money from 35 to 25 but then covered and can't borrow, if shares become available before bankrupcy that will be the time to go long this pig

    • "On January 24, 2005, Mr. Jonathan Franklin, who is the brother of Mr. Franklin, our Chairman and Chief Executive Officer, became an employee of the Company. Mr. Franklin serves as Manager, Supply Chain and received total compensation of $130,115 for his services during 2006."

      Nice Raise huh??. In a few months he gets over a 30% raise!! For managing supply chain? Is that office supplies? lol
      I wonder how many other Jarden people (non brothers of martin CEO) got a 30% raise in a few months. ha ha
      Who is managing compliance now? Come on, there has to be someone who works at this place who has an opinion on this. Speak up!!
      Go corporate governance!!! Good job BOD.

    • hopefully the brother is also in the stock selling program, or else all that stock is gonna be worthless

    • I also made a remark on this filing a few weeks ago but someone had it removed from the board.

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