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Jarden Corp. Message Board

  • kyzrsoulsay1 kyzrsoulsay1 Jan 13, 2009 10:22 PM Flag

    Hilarious executive compensation

    Wow Mahtin and Eeeahn are agreeing to reduce their salary by 7.5% while being given millions in stock...which because they have issued so many shares to every idiot that walks there arent enough shares to give them any more so now the company has to give them cash which they then agree to try and buy some shares with. Mahtin still not really buying any shares - the company has to give him the money!

    Jarden will file for bankruptcy in a year or so as the last testament to easy wall street credit and the american consumer...just being milked now looking for suckers...

    In accordance with the terms of the respective employment agreements for each of Messrs. Franklin and Lillie, because the Company does not have sufficient shares pursuant to the Stock Plan to grant the number of shares of Restricted Stock required to be granted to each of them in 2009 pursuant to their respective employment agreements, the Company is obligated to grant to each of Messrs. Franklin and Lillie compensation having performance targets and a value equivalent to the value of the shares of Restricted Stock not issued to each of them as required. Accordingly, pursuant to the Award Agreements, the Company has agreed to award to each of Messrs. Franklin and Lillie a cash payment in an amount equal to the value of the shares of Restricted Stock not issued to them as contemplated in their respective employment agreements as of the date of determination described below. For purposes of determining the amount of the cash payment, the value of the shares of Restricted Stock not issued to them as contemplated by their respective employment agreements will be determined in good faith by the Compensation Committee or the Board of Directors of the Company, as the case may be,
    Messrs. Franklin and Lillie have separately undertaken to use the cash payment described above to buy shares of the Company’s common stock having an equivalent value in the open market.

    If Mr. Franklin, Mr. Ashken or Mr. Lillie are terminated and such termination is deemed to be a termination for cause or a termination not for good reason, each of Mr. Franklin, Mr. Ashken and Mr. Lillie will surrender all unvested Restricted Stock issuable pursuant to the Award Agreements and each of Mr. Lillie or Mr. Franklin, as the case may be, will forfeit all rights to their cash


    payment described above.
    The number of shares granted and the target share price will be adjusted for changes in the common stock as determined by the Compensation Committee of the Board of Directors in their sole discretion.

    Item 8.01 Other Events.

    Effective for fiscal year 2009, Messrs Franklin, Ashken and Lillie have voluntarily agreed to be paid 7.5% less than their contractual base salary during 2009, in recognition of the recessionary macro economic environment and its impact on the Company. In addition, each of the Company’s other executive officers, Messrs. Sansone, Capps and Tolbert have voluntarily agreed to accept a 5% pay decrease during 2009 from the base rate of pay in effect for each of them as of December 31, 2008. These actions are subject to further review by the Compensation Committee of the Board of Directors in the event that circumstances change.

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    • and they do all this right out in the open---do they think people are stupid? They give Madoff a run for his money...

      • 1 Reply to omaha_gil
      • How can you compare something clearly and publicly disclosed, fully traceable to that which was perpetrated under the cloak of falsified record keeping and obfuscation?

        You really need to understand that aside from your seemingly very personal dislike for the guys running JAH, they look to be doing a pretty damned good job keeping it all on the rails. I guess you think this latest perk is excessive.

        Well, that's your opinion and you are free to voice it, but that salary give-back wasn't something they HAD to do, so if they are really as thieving and evil as you seem to make them out as, they would hardly make ANY concessions at all let alone tie they income even MORE tightly to th stock/company doing well.

        Let me state clearly to me it makes NO sense for a person only looking to milk money from the firm they are working for to take stock/options in said company if they know it is headed for the toilet.

        Your assertion is weak and based on flawed thinking.

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