While the country scrutinizes bonuses given to corporate executives of failing companies during the economic slump, employee retention agreements for merging successful companies fly under the radar. The employee retention agreements for San Francisco’s Genentech Inc. executives stands to garner top level employees over $18 million should the deal be finalized by June 2010.

Consistent  customer of the government bailout, AIG stands to give $160 million of the $170 billion dollar bailout funding to high ranking executives in line with their employee retention agreements. After the Obama administration puored over the AIG employment retention agreements, they were upset to find they the payments were indeed legally binding and have to stand aside while AIG execs who had mighty roles in the financial crisis walk away with millions.

As the security of an employee retention agreement has been well tested and prevailed, employees of many companies and corporations are looking to solidify their contracts. As these employee retention agreements are drafted, amended and restated, they are often also released to the public via online legal document resources such as RealDealDocs.com.

RealDealDocs.com is a division of Practice Technologies, Inc. the creators of SmartRules.com.
SmartRules provides step by step guides to local rules and civil procedure for state courts & federal courts throughout the country.

Popularity: 3% [?]

Nearly a year and a half after first announcing plans to merge, Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. finally received FCC approval for their Plan and Agreement of Merger. The FCC approved the two companies Plan by a 3-2 margin, with commissioner Deborah Tate casting the final and deciding vote. In a statement released today, Ms. Tate called for the companies to pay fines for previous violations. Ms. Tate also said that she ultimately approved his merger because she believes terrestrial radio will not only survive a monopoly in Satellite Radio, but will flourish, and that competition from satellite radio will challenge local broadcasters to deliver the type of high-quality, local product they have delivered for the last hundred years.

Sirius and XM also announced the name of the new company. The combined, merged entity will be called Sirius XM Radio, Inc., and will be traded on the Nasdaq Global Select Market under the symbol SIRI.

This FCC approval completes a process that started formally with the announcement of the merger on February 19, 2007, and sheds light on how critical the “Conditions” provision is to all Merger Agreements. Almost every Plan and Agreement of Merger contains a “Conditions” provision stating that the Plan is subject to both shareholder and regulatory approval. Here, regulatory approval meant the approval of both the Department of Justice Antitrust Division and the Federal Communications Commission.

Popularity: 7% [?]