Mr Poad jumps ship....why???Why would Poad jump ship just when he could have CASHED in? Very strange indeed, there is no provision covering paying out "%UCK-YOU MONEY" if he bailed out. He would have gotten close to a million bucks, unless I missed something. Any thoughts? BTW Danny Boy gets the same deal.......
CJ
This is all from SEDAR.
Mr. Poad’s employment agreements defines “Severance Amount” as a lump sum payment of an amount equal to the
product obtained when A is multiplied by B, where: A is the aggregate of Mr. Poad’s base salary at the particular time, plus the bonus payments actually received during the previous three years divided by the number of years in which a bonus was received, all calculated at the date of termination; and B is the total number of full or partial months Mr. Poad was employed by the Company (including any predecessor) up to and including the date of termination divided by 24. In determining B, B shall not be less than two or greater than three.
Steven Poad, Director and CFO (HRG employment income from SEDAR)
2008 $468,789
2007 $332,250
2006 $601,365
So A=(Add 2006, 2007 and 2008) and divide by 3 and multiply by B(=2) call it $470,000 * 2 = $934,000
The fine print.
Provisions Common to All Employment Agreements
The employment agreements between the Company and the Named Executive Officers (other than Mr. Zelenskiy)
define “Change of Control” as the result of any one or more of the following events:
(a) the Company is to be dissolved and liquidated;
(b) the Company shall not be the surviving entity in a merger, amalgamation, or other reorganization (or
survives only as a subsidiary);
(c) the Company sells, leases or exchanges all or substantially all its assets to any other person or entity
(other than a wholly-owned subsidiary of the Company); or
(d) any person, entity or group of persons or entities acting jointly or in concert acquires or gains
ownership or control (including, without limitation, the power to vote) more than 20% of the
Company’s outstanding voting securities.
Such employment agreements further define a “Triggering Event” as the result of the occurrence of any one or more
of the following, without the Named Executive Officer’s express and informed written consent:
(a) the assignment to the Named Executive Officer of any duties inconsistent with the positions, duties,
responsibilities or status with the Company immediately prior to a Change of Control, or a change in
his reporting responsibilities, titles or offices as in effect immediately prior to any Change of Control,
or any removal of the employee from, or any failure to re-elect the Named Executive Officer to, any of
such positions, except in connection with the termination of employment for disability, death, or just
cause;
(b) a reduction by the Company in the Named Executive Officer’s annual base salary and benefits as in
effect immediately prior to the date of the Change of Control;
High River Gold Mines Ltd. 17 2009 Management Information Circular
(c) the relocation of the Named Executive Officer’s principal place of employment by the Company to a
location more than 50 miles from the location where he was principally employed immediately prior to
the date on which a Change of Control occurs, except for required travel on business for the Company
to an extent substantially consistent with past and industry practice; or
(d) the failure of the Company to obtain the express assumption of an agreement to perform the
employment agreement by any successor.