NeoMedia Technologies, Inc (NEOM)

[brewskih]

Did everyone miss the part that he was under a contract and so they had to give him such a great departure package? NONE of NEOMs officers at the time were under such a contract, and that makes a very big difference in what you get or dont get upon being fired. Most contracts I have see specifically state the officer will get something for being fired, never saw one that didnt. Notice at the end is an additional 18 million if he sticks to his agreement for the next 4 years, which is a non compete agreement for 1 year and then some other terms that extend over 4 years.

"""""""Nardelli and the Company have agreed in principle to the terms of a separation agreement which would provide for payment of the amounts he is entitled to receive under his pre-existing employment contract entered into in 2000. Under this agreement, Nardelli will receive consideration currently valued at approximately $210 million (including amounts which have previously been earned or vested). This consideration will include a cash severance payment of $20 million, the acceleration of unvested deferred stock awards currently valued at approximately $77 million and unvested options with an intrinsic value of approximately $7 million, the payment of earned bonuses and long-term incentive awards of approximately $9 million, the payment of account balances under the Company's 401(k) plan and other benefit programs currently valued at approximately $2 million, the payment of previously earned and vested deferred shares with an approximate value of $44 million, the payment of the present value of retirement benefits currently valued at approximately $32 million and the payment of $18 million for other entitlements under his contract which will be paid over a four year period and will be forfeited if he does not honor his contractual obligations.

Nardelli has also agreed not to compete with the Company for one year, not to solicit employees or customers of the Company for four years and other restrictive covenants.



""""""""