Eibeler’s Platinum Parachute
When a group of upstart Take-Two stockholders ousted the company's CEO Paul Eibeler, it looked like they had the last laugh. Well, they probably forgot to take a look at Eibeler's separation agreement.
According to the rules of the agreement, which come into place if he is fired, Eibeler doesn't just get a golden parachute, he gets a platinum one.
Here's a run down of what he gets for being fired:
• $2,475,000 in severance pay.
• Immediate vesting of stock options and shares which includes 100,000 shares of restricted stock, options to purchase 450,000 shares at $21.28 and options to purchase 75,000 shares at $19.89
• Accrued but unpaid base salary and vacation and unpaid expenses through his last day at the company.
• A job as a consultant for the company through Oct. 4, 2007 paying $50,000 a month.
• No change in his health care benefits through his consultancy
• An $800 a month car allowance through his consultancy
On the negative side, Eibeler does have to return his Blackberry, company credit card, office keys and stapler.
Look who's laughing now.
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