Bed Bath & Beyond Inc. has amended its employment agreement with treasurer and CFO Susan Lattmann, according to a Nov. 30 regulatory filing.
The amendment, which became effective Nov. 1, removes the requirement that any severance payable to Lattmann be reduced by any monetary compensation earned from her employment with another employer. The amendment also adds a trigger for severance payments if the company relocates Lattmann by more than 25 miles.
Further, the amended agreement adds a requirement for Lattmann to deliver a formal release of all claims before her receipt of any severance payments and/or other post-employment benefits.
The amendment also cuts the post-employment noncompetition period to one year from two, but the company can extend the period by a year as long as it also extends its severance payments for that time period.
