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FL » Topics » B. L. Hartman

This excerpt taken from the FL DEF 14A filed Apr 10, 2006.

B. L. Hartman

      We had an employment agreement with Mr. Hartman as Executive Vice President and Chief Financial Officer in the same form as the agreements described above for the named executive officers other than Mr. Serra. Mr. Hartman's service as Executive Vice President and Chief Financial Officer of the Company ended at the close of business on November 18, 2005. On December 21, 2005, the Company and Mr. Hartman entered into a letter agreement (the “Letter Agreement”) regarding his resignation, and the termination of his employment effective December 18, 2005 (the “Termination Date”). The Letter Agreement provided for:

• a severance payment of $650,500 to Mr. Hartman payable in June 2006, which reflects the amount of severance provided for under his Employment Agreement;
 
• a non-competition period, including a prohibition on hiring employees of the Company, for one year following the Termination Date;
 
• the accelerated vesting of stock options covering a total of 32,334 shares at exercise prices ranging from $10.245 to $28.155, which were scheduled to vest in March and April 2006;
 
• continuation of participation in certain benefit programs for one year following his employment termination date, including the medical, drug, dental, and life insurance programs for active employees of the Company, the executive medical reimbursement program, the executive financial planning program, the automobile expense reimbursement program, and the executive life insurance program;
 
• a General Release from Mr. Hartman to the Company; and
 
• the forfeiture of all unvested shares of restricted stock previously granted to Mr. Hartman.

Mr. Hartman was not eligible to receive bonus payments under the Annual Plan for 2005 or under the Long-Term Plan for any performance period ending after his termination date.

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