The Columbus, Ohio, check courier AirNet Systems Inc. agreed to pay $487,500 to Joel Biggerstaff, its former chairman and chief executive, as part of a severance agreement.
Mr. Biggerstaff will receive his full 2006 bonus and has been retained as a consultant through the end of June to help with AirNet's management transition, the company said last week in a filing with the Securities and Exchange Commission. During that period he will be paid $2,000 a day, for a minimum of 40 days of work.
AirNet, which has been struggling as banks' check volume has declined, announced last month that Mr. Biggerstaff had resigned.
Bruce D. Parker, who succeeded Mr. Biggerstaff as the chairman and CEO, will be paid an annual salary of $360,000 and will be eligible for an annual bonus of the same amount, AirNet said in the filing. He also will get a signing bonus of $125,000 and has been granted options to buy 150,000 of AirNet's common shares.
A group of dissident shareholders had said Mr. Biggerstaff failed to reposition the company to respond to the decline in check volume.
AirNet's planes also deliver American Banker.
