Report: Yahoo Ditching Thompson For "Cause."
In other Thompson news, reports suggest that Yahoo is claiming “cause” in parting of ways with the former CEO. “Such a determination will mean the company is not obligated to pay him the large severance that would have been due to him otherwise,” AllThingsD reports. In Thompson’s offer letter, Yahoo spelled out the terms of the employment agreement, noting what would happen if he left the company under more positive “without cause” terms.
“If Mr. Thompson’s employment is terminated by the Company without cause or by Mr. Thompson for good reason, the Company will offer him severance benefits similar to the benefits it provides to other senior executives of the Company at the time of his termination,” reads the document, which was filed with the Securities and Exchange Commission. “In addition, if Mr. Thompson’s employment is terminated by the Company without cause, by Mr. Thompson for good reason, or due to Mr. Thompson’s death or disability, the Make-Whole RSUs that are then outstanding and unvested will fully vest upon his termination.”
Yet, as sources tell AllThingsD, Yahoo has relied on another clause in Thompson’s offer letter, titled “Code of Ethics and Yahoo! Policies,” to make the case that it would not have to pay out such a large sum to him.
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