EMS Discloses Severance Pay for Former Executive
EMS Technologies of Atlanta says it will continue to pay the salary and medical benefits of its former defense and space chief, David A. Smith, until May 14, 2010, or until Smith starts a new job with comparable salary.
In a Sept. 17 filing with the U.S. Securities and Exchange Commission (SEC), EMS said Smith’s severance agreement is worth a maximum of $181,000 in cash payments, plus a lump-sum payment of $15,000 in lieu of helping Smith find a new job.
EMS told the SEC in an Aug. 17 filing that Smith and the company “had mutually agreed to terminate his service” effective immediately. The announcement came less than two weeks after the defense and space division that Smith ran as vice president and general manager had reported 30 percent growth.