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Here at footnoted, we’re always fascinated by the odd things that
departing executives ask for on their way out the door. One can only
imagine the high-powered negotiations that take place over things like
the Mercedes, the corporate jet, and even the executive’s office furniture
— all things we’ve found in severance agreements over the past few
years. Keep in mind that lawyers for both sides are involved in these
sorts of negotiations, which no doubt makes the cost of negotiating
some of these goodies — Blackberries and laptops pop up virtually ever
day — more valuable than the item being requested.
The latest weird perk to join this growing list is a parking spot at Jacksonville International Airport
for departing Continental Airlines CFO Jeffrey Misner, who is retiring
at the end of August. But this isn’t just any parking spot — it’s free
lifetime parking. As the severance agreement
filed on Friday notes, Misner,54, is entitled to the free spot as long
as he lives within 200 miles of Jacksonville Airport and as long as
Continental maintains operations at the airport.
The agreement also gives Misner nearly $3 million for restricted
stock and an agreement not to compete. But it’s the free lifetime
parking that really stands out, if for no other reason that this was a
point of negotiation. Granted, parking at the airport can be a giant
pain, but it still seems like an odd thing to ask for on the way out
the door.
Originally posted at: http://www.footnoted.org/
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