For us, the end of June always drives home the realization that there’s only half a year left to accomplish the lofty goals we’ve set for 2012. But that’s a process of mental reflection, whereas bigger changes are afoot for Randall Stafford, the Senior Vice President and General Counsel, and Corporate Secretary of Bristow Group, Inc. (BRS).
In an 8-K filed June 26, Bristow Group – a Houston, TX-based company that provides helicopter transport services to offshore oil and gas companies – disclosed that Stafford’s last day with the company will be Saturday, June 30. Bristow’s filing doesn’t say why Stafford is leaving; however, the June 25 Separation Agreement and Release filed along with the 8-K states that the decision was by “mutual agreement.” It also indicates that he’s not leaving empty-handed.
For starters, Stafford – who joined Bristow in May, 2006 – will get a lump sum of nearly $1.37 million to pay for severance, his unused paid time off, and the portion of his fiscal 2013 bonus that has accrued to date. The company also agreed to declare as vested the otherwise unvested stock options and restricted stock grants that it gave Stafford in 2010 and 2011. (He’s not as lucky on the stock options and restricted grants that Bristow just gave him May 25, 2012; he is forfeiting those equity interests.) And Bristow is giving Stafford a $500,000 term life insurance policy, picking up the tab for 18 months’ worth of COBRA insurance, and paying up to $45,000 for outplacement services Stafford receives over the next year.
The parting can’t have been on completely acrimonious terms, though. Stafford signed a Consulting Agreement whereby he’ll help the new (as-yet-unnamed) general counsel get up to speed through August 31, 2012. He will get $1,250 per day for his services, which could make for a nice hourly rate if he doesn’t have to put in a full 8-hour day. The company may also pay him an additional performance cash award of $220,448 “for services rendered under the Consulting Agreement”; however, the filing states that Bristow will consider whether Stafford “has properly and timely performed the Consultant Services,” and it adds that the decision regarding whether to pay it or not will be “at the Company’s sole discretion.”
With or without the performance cash award, though, Stafford is getting a nice, soft landing as he figures out where to start his next chapter in life.
Image source: Blue glass calendar, via Shutterstock
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