Sponsors
Billabong ▼ 0.000 | PPR ▲ +2.10 | American Apparel ▼ -0.116 | The Buckle ▼ -0.06 | Columbia ▲ +1.36 | Deckers Outdoor ▲ +0.26 | Dicks ▼ -0.25 | Foot Locker ▲ +0.05 | Genesco ▲ +0.38 | Iconix Brand Group ▲ +0.03 | Jarden Corp ▲ +0.52 | Nordstrom ▲ +0.91 | Luxottica ▲ +0.10 | Nike ▲ +0.68 | Pacific Sunwear ▲ +0.02 | Skullcandy ▼ -0.09 | Sport Chalet ▼ 0.00 | Urban Outfitters ▲ +0.45 | VF Corp ▲ +0.14 | Quiksilver ▼ -0.04 | Zumiez ▼ -0.11 | Macys ▲ +0.12 | Tillys ▼ -0.14 |
Ticker Sponsor
Readers Say
In touch with our business
In touch with our business

If you're not plugged into Shop-Eat-Surf.com daily, you're out of touch with our business!

- By Peter "PT" Townend, The ActivEmpire
I waited too long to sign up for Executive Edition
I waited too long to sign up for Executive Edition

I read Shop-Eat-Surf at every opportunity, and I waited too long to sign up for the Executive Edition. It’s timely, relevant and clearly “from the industry, for the industry.

- By Andy Laats, President, Nixon
Industry Insight

KNOWSHOW: Complete list of exhibit brands and mobile app available.
MOSS ADAMS: Alert! Authorities after 45,000 businesses that didn't file 2012 California corporate taxes.
Details on Industry Insight.


Tiffany Montgomery
Print This Article

Details about Bernard’s severance package

By Tiffany Montgomery
February 13, 2008 6:13 AM

These details were just released this morning. Bernard will receive $106,726 to serve as a consultant for a year. In addition, he will receive severance pay of $2.8 million. This agreement replaces the employment contract I wrote about yesterday.


Here are more details from the public document filed by Quiksilver:


"Pursuant to the separation and transition agreement, Mr. Mariette's resignation was effective February 11, 2008 (the "Separation Date"), however, he will continue to provide strategic advisory services to the Company's Chief Executive Officer and General Counsel for a 12-month period following the Separation Date on an as-requested-basis in connection with the Company's "Quiksilver", "Roxy" and "DC" brands and operations. The Company will pay him a monthly retainer of $60,000 per month for the first six months of the consulting period, and $106,666 for the final six months of the consulting period, to compensate him for such strategic advisory services.


"The separation and transition agreement provides that Mr. Mariette will receive (i) severance pay totaling $2,850,000 consisting of (A) a lump sum payment of $1,425,000 in August 2008 and (B) $237,500 per month beginning September 2008 and continuing through February 2009, and (ii) payment of COBRA premiums for a period following his resignation.


"In addition, when Mr. Mariette ceases to provide strategic advisory services to the Company, all of his stock options will accelerate and vest and he will have up to one year (90 days with respect to certain options) to exercise such stock options after which they will expire. All of Mr. Mariette's unvested restricted stock expired and was surrendered to the Company as of February 11, 2008. The separation and transition agreement also includes a waiver and release of claims by Mr. Mariette."

 


Articles You Might Have Missed