After RSM McGladrey was sold back to McGladrey & Pullen, Andrews remained as president of what was renamed Harbor Business Services. Besides getting the cash, he is also eligible for a pro-rata share under the Short Term Incentive plan, shares under the Long-Term Incentive plan and stock option awards for the year ending April 30. Andrews got acclerated vesting of options to purchase 20,292 shares of Block stock at $17.33 per share, 11,019 shares at $12.59 per share and 15,341 shares at $16.04 per share. The stock closed at $15.67 per share on Wednesday, March 7. He has 15 months from the termination date to exercise the options.
The executive also gets $1,000 per month for 15 months for outplacement services and receved a lump sum COBRA subsidy payment of $12,226.56, minus tax withholdings. Andrews is subject to a two-year non-compete, non-solicitation agreement.