From their lawsuit against their former Senior Vice President for Financial Services for breach of post-employment obligations, you can find an Executive Employment Agreement, Proprietary Rights and Non-Competition Agreement, and Business Presentation Agreement.
MF Global Holdings Ltd. recently announced its Chapter 11 bankruptcy filing. I’ve added MF Global contracts to the site. Here is the latest Jon Corzine employment agreement.
The most curious agreement was a Car Parking Agreement between J.P. Morgan Markets Limited and MF Global. At first, I thought a car must have been an acronym for some complex financial product. After all, it’s a 62 page(!) agreement. But, it just covers the parking of 15 private motor cars at Canary Wharf Estate. Still, 62 pages!!!
HP recently filed its Offer Letter between Hewlett-Packard Company and Margaret (Meg) C. Whitman. Unlike previous CEOs, such as Carly Fiorina (Base Salary of $1,000,000), Mark Hurd (Base Salary of $1,400,000), and Leo Apotheker (Base Salary of $1,200,000), Meg has an initial base salary of only $1 per year. However, she will be eligible for a target bonus of $2,400,000, so this is not an entirely pro bono affair.
HP has an executive stock ownership guideline that requires to CEO to hold HP shares with a value of five times salary. However, with a initial base salary of $1 per year, this requirement would be meaningless. For Meg, her “guideline will be based on a notional base salary of $1,200,000 instead of [her] actual salary of $1.”
Two days later:
On August 24, 2011:
- Steve Jobs resigned as Chief Executive Officer of Apple Inc. (“Apple”). Mr. Jobs will continue to serve as an employee;
- The Board of Directors (the “Board”) appointed Mr. Jobs as Chairman of the Board;
- The Board promoted Chief Operating Officer Timothy D. Cook to Chief Executive Officer; and
- The Board appointed Mr. Cook to the Board to fill an existing vacancy.
In connection with Mr. Cook’s appointment as Chief Executive Officer, the Board awarded Mr. Cook 1,000,000 restricted stock units. Fifty percent of the restricted stock units are scheduled to vest on each of August 24, 2016 and August 24, 2021, subject to Mr. Cook’s continued employment with Apple through each such date.
Here’s the Restricted Stock Award Agreement between Apple Inc. and Steve Jobs from March of 2003, which CNNMoney curiously failed to consider. The restricted stock grant to Steve Jobs was for 5,000,000 shares. At the $14.95 closing price on March 19, 2003, the grant was worth $74,750,000. The stock split 2:1 in February 2005. The 5,000,000 share grant is worth $3,835,800,000 today–that’s 3.8 billion. And, Steve earned every dollar of it.
The Merger Agreement between Google Inc. and Motorola Mobility Holdings, Inc. has raised the stakes in the iOS and Android battle for smartphone dominance. Will the acquisition prove as disastrous as the HP and Palm union? We will soon see if the Google only wanted the patents or whether it will be steaming full speed ahead in the hardware business.
Zillow, a real estate information company, is going public. Their website is best known for their “Zestimate,” which provides a home value and rental estimate. I’ve added Zillow Inc. contracts to the website.
On a completely different note, this would be the oddest exhibit I’ve found included in a security filing. “Lydia Slotnick Unplugged” script. Obviously, not from Zillow.
Pandora filed some interesting contracts, including a Web Site Music Agreement with BMI.