RE:Sec FilingYup, it had to be done. It stinks, but the whole industry stinks so better to get it done while there are still plenty of stinking piles of money around.
"To ensure a smooth CEO transition and that the Company continues to receive the benefit of Mr. William’s knowledge and experience as it relates to the Company’s business, the Company entered into the Williams Consulting Agreement, whereby Mr. Williams will serve as a consultant and strategic advisor to the Board. From the period beginning on the Effective Date and ending on the third anniversary of the Effective Date (the “Consulting Period”), subject to earlier termination under certain circumstances, Mr. Williams will serve as a consultant to the Board providing reasonable advisory and consulting services with respect to the Company’s business. Service in this role counts as service towards the vesting and exercisability of Mr. William’s outstanding equity compensation awards from the Company, including awards granted to Mr. Williams in his capacity as an employee prior to his resignation date. In exchange for such consulting services, the Company will pay Mr. Williams, in equal monthly installments, a consulting fee of $225,000 per year during the Consulting Period."