ipo non-disclosure

Wrinkle Treatment Stock Sags

Reuters: Thermage IPO raises $42 mln, below range. Thermage Inc., a wrinkle treatment company, raised $42 million with an initial public offering on Thursday that priced below a forecast range, according to an underwriter.

I’ve added Thermage Inc. contracts to the website. Here’s an interesting Severance Agreement between Thermage and Keith Mullowney. So, the severange agreement has a confidentiality clause:

The Parties acknowledge that Employee’s agreement to keep the terms and conditions of this Agreement confidential was a material factor on which all parties relied in entering into this Agreement. Employee hereto agrees to use his/her best efforts to maintain in confidence the existence of this Agreement, the contents and terms of this Agreement, the consideration for this Agreement, and any allegations relating to the Company or his/her employment with the Company except as otherwise provided for in this Agreement (hereinafter collectively referred to as “Settlement Information”). Employee agrees to take every reasonable precaution to prevent disclosure of any Settlement Information to third parties, and agrees that there will be no publicity, directly or indirectly, concerning any Settlement Information. Employee agrees to take every precaution to disclose Settlement Information only to those attorneys, accountants, governmental entities, and family members who have a reasonable need to know of such Settlement Information. The Parties agree that an enforcement action shall be arbitrated pursuant to this Agreement and that, if Company proves that Employee breached this Confidentiality provision, it shall be entitled to an award of its costs spent enforcing this provision, including all reasonable attorneys’ fees associated with the enforcement action, without regard to whether the Company can establish actual damages from the breach by Employee.

So, after all that wasted ink, the company discloses the settlement agreement. Huh?