Leslie H. Goldberg, Chairman & CEO of Bowl America Inc. (BWL-$15.90), has one of the best severance contracts ever witnessed by the 10Q Detective— a consultancy agreement ‘til death do them part.’In the event that Mr. Goldberg, 77, chooses to leave the employ of the Company at the termination of his employment contract, which expires June 29, 2008, he will receive a salary of about $100,000 per annum to act as a consultant to the bowling center operator for "a term equal to the number of years that he has been President of the Corporation." Serving as President for the past 31 years, Mr. Goldberg—in theory—could consult for the Company until he dies or celebrates his 110th birthday—whichever comes first!
At a company where the youngest director/named executive officer is 67—and the mean age is 73.5 years—Goldberg is probably still too young to retire.
Editor David J. Phillips does not hold a financial interest in Bowl America. The 10Q Detective has a Full Disclosure Policy.
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