I'm not big on conspiracy stuff, but I have wondered why VM and BB REALLY stepped down.
From the consulting agreement:
(f) Litigation and Regulatory Cooperation. During and after Consultant’s engagement with the Company, Consultant shall cooperate reasonably with requests from the Company, or the Company’s legal counsel, in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Company that relate to events or occurrences that transpired while Consultant was engaged by the Company. Consultant’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after Consultant’s engagement, Consultant also shall cooperate fully with the Company in connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Consultant was engaged by the Company. The Company shall reimburse Consultant for any reasonable out-of-pocket expenses incurred in connection with Consultant’s performance of obligations pursuant to this Section 9(f), and if Consultant spends more than five (5) hours in any calendar month after Consultant’s engagement in performance of these obligations, the Company shall pay Consultant $490 per hour (prorated for less than a full hour) for each hour over five (5) hours in such calendar month.
Maybe I'm overly sensitive to such things having seen them happen elsewhere, but:
I have seen a situation where an officer has stepped down during an SEC investigation....something that is known to remain non-public....in anticipation of accepting an officer ban in a settlement. The thinking was that the impact on the company and the share price would be less if the officer no longer held the position when the judgement came down.
I could be just imagining things, but I don't recall seeing the kind of terms shown above, where an ex-officer was assured compensation in a consulting agreement for time spent complying with his legal obligations.
"I ated the purple berries"
