extraordinary payments

SEC v. Gemstar-TV Guide Int’l, 401 F.3d 1031 (9th Cir. 2005) (en banc)

As part of its announced plans to restructure its management and corporate governance, Gemstar-TV Guide entered into negotiations for termination agreements with its CEO and CFO. The CEO’s termination agreement provided for a “termination fee” of $22.45 million, an additional $7.03 million in unpaid salary, bonuses, and unused vacation and millions

SEC v. Gemstar-TV Guide Int’l, 367 F.3d 1087 (9th Cir. 2004)

As part of its announced plans to restructure its management and corporate governance, Gemstar-TV Guide entered into negotiations for termination agreements with its CEO and CFO. The CEO’s termination agreement provided for a “termination fee” of $22.45 million, an additional $7.03 million in unpaid salary, bonuses, and unused vacation and millions of shares