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LPS Carbiener to stay on as Sr. Advisor, $880K salary continues through 2012

LPS Carbiener to stay on as Sr. Advisor, $880K salary continues through 2012


According to this 8k filing on Thursday-

Mr. Carbiener will continue to serve as an employee of the Company in the role of Senior Advisor to Mr. Kennedy and the LPS Board of Directors until December 31, 2012. In his capacity as Senior Advisor, Mr. Carbiener will provide advice and counsel to Mr. Kennedy and the Board on an as needed basis. This will enable Mr. Kennedy and the Board to utilize Mr. Carbiener’s deep knowledge of the Company and the industry during this transition period and as they work toward resolving the outstanding legal and regulatory issues facing the Company. Accordingly, effective as of July 7, 2011, LPS entered into a new employment agreement with Mr. Carbiener.

If Mr. Carbiener had terminated his employment with the Company under the current circumstances rather than agreeing to remain with the Company in an advisory capacity, he would have been entitled to receive a lump sum payment equal to the unpaid portion of his current annual base salary of $880,000 through December 31, 2012, the expiration date of his prior employment agreement.

Mr. Carbiener’s new employment agreement terminates his prior employment agreement, and provides that Mr. Carbiener will continue to receive a base salary of $880,000 per year for the term of the agreement, which expires on December 31, 2012. He will not be eligible to participate in the Company’s annual cash bonus incentive plan for 2011 and 2012, and he will not be eligible to participate in future awards under the Company’s equity incentive plans. Under the new employment agreement, Mr. Carbiener is entitled to customary benefits, including medical and other insurance coverage for himself and his eligible dependents, and is subject to customary post-employment restrictive covenants.

Sounds like he’s making out pretty well considering he’s no longer participating in cash bonus, future award incentives.

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