Details about Bernard’s severance package
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.”