And now, severance furniture?
Here at footnoted.org, we’ve seen all sorts of strange severance agreements from a plane to a Porsche. But the severance package outlined in this agreement filed by Mannatech (MTEX) late Friday is definitely one of the stranger ones.
That’s because the company’s former chief legal officer apparently asked for — and received — her office furniture as part of the deal. That’s in addition to a consulting agreement that will pay her $10K a month for the next year. Oh, and there’s also her company car thrown in for good measure. But both of those are pretty standard compared to the office furniture, which the filing very specifically spells out as consisting of "the executive desk, executive chair and two side chairs". There’s no word in the filing on who will foot the moving expenses, but our bet is on Mannatech.
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June 6th, 2006 at 8:12 am
love the pic…is that from the filing? lol what’s next, the stapler? the water cooler? the carpet?
June 6th, 2006 at 12:10 pm
Sad to say, that’s just clip art. But wouldn’t that be interesting if the SEC actually required under its new proposal for execs to pose next to their perks? A girl can dream….
June 6th, 2006 at 11:31 pm
The company’s former chief legal officer would probably have had trouble effectively ‘consulting’ to the firm on anything but her former executive chair (which probably was contoured w. an imprint of her butt from all her hours of sitting in it)!
Love your disclosures!
David J Phillips, Publisher
http://www.10qdetective.blogspot.com