Fifth Third Bancorp has disclosed its separation agreement with an executive vice president who abruptly left the Cincinnati company late last month.
Neal E. Arnold will receive a $1.3 million payment by Jan 31 and an additional $27,934 for unused vacation and sick time. He will also receive a payment of his vested interest in Fifth Third's deferred compensation plan and is eligible to vested options under Fifth Third's long-term incentive compensation plan.
The agreement also included clauses about returning documents, a noncompete agreement, and rules for Mr. Arnold's and the company's communication with outsiders, all of which analysts said are pretty standard.
Fifth Third said Nov. 28 that Mr. Arnold had left that day, but neither then nor in the separation agreement did it say why. He led the $105 billion-asset company's payment processing, asset management, and consumer lending businesses; until June 2004 he was its chief financial officer.
