This excerpt taken from the WYN DEF 14A filed Mar 17, 2008.
Resignation of Named Executive Officer
Effective November 2, 2007, we entered into a termination agreement with Mr. May. Consistent with Mr. Mays employment agreement, we paid Mr. May cash severance of $2.2 million, an amount equal to 200% of the sum of his 2007 base salary and target annual incentive compensation, and any of
Mr. Mays long-term incentive awards that would have otherwise vested within one year of November 2, 2007 vested immediately. As a result of this acceleration of the vesting dates, Mr. May was vested with the following stock settled stock appreciation rights that would have otherwise vested on May 2, 2008: 23,963 with an exercise price of $31.85 and 9,508 with an exercise price of $36.70, all of which expire November 9, 2009. Similarly, Mr. May was vested with 12,533 restricted stock units net of income tax withholding that would have otherwise vested on May 2, 2008.
Mr. May will continue to hold two tranches of stock options as described below in the Outstanding Equity Awards at 2007 Fiscal Year-End Table. Mr. May will be paid a lump sum deferred compensation amount of approximately $56,844 on or about June 2, 2008 under the guidelines of our Officer Deferred Compensation Plan.
Mr. May executed a customary release agreement with us pursuant to which Mr. May released us from claims arising in connection with, among other things, his employment with us and the termination agreement. Under the termination agreement, Mr. May will remain subject to certain provisions of his employment agreement including two year non-competition and non-solicitation restrictions, as well as indemnification, cooperation and confidentiality provisions.