It would have been awkward for former Interim CEO Ross Levinsohn to have stayed after Yahoo passed him over and named former Google exec Marissa Mayer to the top job. But he’ll be nicely compensated for his two-month stint running the company after former CEO Scott Thompson left in May following disclosures that he had inflated his academic credentials. The board awarded Levinsohn 67,000 restricted shares and 250,000 stock options at an exercise price of $15.80 — the closing price on July 26 — Yahoo disclosed in an SEC filing. The board also approved 12 months of accelerated vesting of his previous equity awards. His separation agreement establishes that he was terminated without cause. That entitles him to a cash payment equal to his base salary for 12 months, his targeted annual bonus, plus a prorated portion of his target annual bonus for 2013. For some restricted stock the company awarded him in November 2011 he’ll be credited with 12 additional months of employment. Don’t expect to hear the former News Corp exec tell all about Yahoo. His agreement includes a non-disparagement clause that prevents Levinsohn from criticizing the company for five years unless he’s legally required to do so. Yahoo execs also can’t “knowingly” criticize him “other than in the good-faith performance of their duties to the Company or in connection with their fiduciary duties to the Company and applicable law.” Levinsohn joined Yahoo in October 2010.
By DAVID LIEBERMAN, Financial Editor | Monday July 30, 2012 @ 5:54pm EDTTags: Marissa Mayer, Ross Levinsohn, Yahoo
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