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Ex-Take-Two CEO Gets $2.5mil Severance Deal

According to new documents filed with the SEC, ousted Take-Two CEO Paul Eibeler will see a severance deal worth nearly $2.5 million, not including currently held stocks, and a $50k/month consultancy position through October 4th of this year. [ALSO:
According to new documents filed with the SEC, ousted Take-Two CEO Paul Eibeler will see a severance deal worth nearly $2.5 million, not including currently held stocks, and a $50k/month consultancy position through October 4th of this year. According to the documents, first spotted by game blog Kotaku, effective as of his termination date of March 29th, the CEO received severance pay of $2,475,000, equal to 1.5 times Eibeler's annual base salary and target bonus for 2007. In addition, the CEO will also see vesting of his 100,000 shares of restricted stock, and the option to buy 450,000 shares of common stock at $21.28, and 75,000 shares of stock options at $19.89. Eibeler will also remain on the board in a limited consultancy role through the next six months through October 4th, receiving a monthly fee of $50,000, as well as a 'monthly car allowance' of $799. Finally, under the usual terms of severance, Eibeler has agreed that neither he nor his affiliates will "at any time engage in any form of conduct, or make any statements or representations, that disparage or otherwise impair the reputation, goodwill, or commercial interests of the Company, its management, directors, stockholders, subsidiaries, parents, and/or other direct or indirect affiliates."

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