Normally, when executives depart from a Valley company, we wait for the dislosure of a generous severance package.
But it seems that John Herzing the now former vice president of world wide sales at Exar Corporation of Fremont, did not have such good fortune. In an 8-K filed on Wednesday, the company dislosed its severance agreement and that he had resigned immediately. The terms? He gets 12 weeks of pay, worth about $55,385, which he’ll have to pay taxes on. And the company will pay COBRA for three months.
In other words, he’s getting just about what any Valley cubicle dweller might expect to get. Maybe he can use the time off to work on his negotiating skills.