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Updated: Turns out Michelle Leder, editor of Footnooted.org, was first to pick up on the Yahoo filing. Credit where credit is due.
The New York Post gets the prize for tracking down and decoding the Dec. 8 SEC filing describing Dan Rosensweig severance package from Yahoo. Rosensweig was shuffled out of his job as COO of Yahoo during the re-org announced earlier this month; his end date is supposed to be March 31. He was appointed COO in April 2003 so that would give him a tenure of about five years. Rosensweig package could be worth about $4 million but comes with a different kind of price tag in terms of restrictions. Some details:
— He gets his full base pay of $500,000 for 2007 and a $900,000 annual bonus for 2006.
— Various options will vest on the separation date. He gets an extra three years to exercise 825,000 underwater stock options. His performance-based stock unit awards will vest fully but rely on meeting certain goals. His various exercise and vesting rights are tied to various restrictions.
— The restrictions include a noncompete with Microsoft or Google for three years; no recruiting from Yahoo, etc.A spokesperson told the Post the additional vesting time was in recognition of the noncompete.
— Some of the clauses could shed a different light on official comments about Rosensweig’s departure and his own comments for that matter: the disparagement clause prohibits him from speaking ill of anyone at Yahoo while the CEO, Chief Yashoo, EVP and board can’t disparage him. He also has review rights of press releases and formal public statements.
— Historic note: His signing bonus for joining Yahoo was $1.5 million over four years.