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CBIZ Hikes CFO's Severance Terms E-mail
Written by The Progressive Accountant   
Tuesday, 30 November 2010 18:32

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CBiz has approved a substantial hike in severance pay for CFO Ware H. Grove if he is terminated for any reason other than cause and if he were to voluntarily leave his job in the event of a change of control. The new agreement increases severance pay and benefits with the severance worth about $832,000.

Previously, Grove could get 12 months of severance equal to his annual base salary in case of termination and 24 months in case of change of control, but now he is entitled to twice his annual base salary for both events, along with an amount equal to the average bonus received over the prior three years. Termination payments that would be in excess of annual deductibility limits would be deferred. He is also entitled to continued health coverage for up to 24 months.

The company's proxy statement, filed with the SEC in April, shows his base salary for 2010 was $392,000 while his bonus for the last three years averaged about $48,000. His total compensation for 2010 was $1.05 million, down from $1.09 million in fiscal 2009.

 


The Progressive Accountant
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