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Better Late Than Never Dept.
VeriFone, San Jose, California, payment-terminal company, has reached a truce with a former executive it fired in July.
Under terms of the noncompete agreement, former executive vice president William G. Atkinson agreed not to work for any Verifone competitor and not to encourage Verifone employees to jump ship, either.
Good thing, too. Verifone fired Atkinson last month for doing exactly that.
In exchange, the company agreed to pay him a pot of money: $300,000 in severance payments over the next year; all of his unpaid salary up to the date he was booted; and a cash bonus of $50,000. Verifone also agreed to provide him with health benefits and job-hunting assistance for a year.
If he sticks by the plan through Oct. 31, 2009, the company said it would also let Atkinson exercise the unsold stock awards that would have vested through Oct. 31, 2007.
If only they'd worked all this out in advance...
by Mark Stein
Laura Rich is a co-founder of Recessionwire, which provides news, advice, perspective and humor about the recession and the recovery.
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