Standard Pacific Corp. after market close on Friday filed an 8K with the Securities and Exchange Commission reporting that it had reached a retirement agreement with Bruce F. Dickson, the company’s southeast regional president.
Under the agreement, which became effective April 3, provides for a lump sum severance payment of approximately $1.6 million and the reimbursement of up to eighteen months of COBRA payments. All of Dickson¹s vested and unvested stock options were terminated, and Dickson and Standard Pacific released all potential claims they may have had against one another.
Dickson’s last day of employment will be April 30, 2009 and he will provide transition services to Standard Pacific through the end of the year.
