A series of documents filed with the SEC in connection with the proposed buyout of retailer Hastings indicate that current ceo John Marmaduke and cfo Dan Crowe will “voluntarily retire from the company in exchange for” cash payments once the merger goes through. The agreements call for Marmaduke to receive $1.5 million after taxes (so closer to $2.6 million gross), and for Crowe to receive $750,000 after taxes. Both men agree to waive the current change in control clauses in their existing employment agreements. Chief operating officer Alan Van Ongevalle has agreed to stay on after the deal closes. The payout […]
