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CARTERET, N.J. -- Eileen Scott, who departed the top spot at Pathmark in August, stands to receive $1.3 million in severance pay, according to a separation agreement filed late last week with the Securities and Exchange Commission.
Scott, who began her Pathmark career as a part-time clerk, was succeeded by John Standley, the former c.f.o. of Rite Aid Corp. and at one time an executive with Yucaipa Cos., the entity that bought a 40 percent stake in Pathmark in June.
Scott will get $310,500 in February, six months after her departure, in addition to $11,942 a week for 18 months following the six-month anniversary, the agreement stipulates. She will also get a supplemental payment of $25,000 in February, the title to the company car provided to her during her employment, and legal fees of up to $10,000. Scott further received $35,826 in accrued vacation pay, but must pay the premiums to keep her health insurance over the two years.
Scott's employment contract said that she was to receive two years' salary if terminated "other than for cause or disability," according to the Bergen County, N.J. Record, which added that her annual salary was $600,000.
By contrast, Standley's three-year employment agreement provides for an annual base salary of $900,000 and a performance-based bonus equal to 100 percent of his salary, according to the Record. He additionally received a signing bonus of $335,000 and will be entitled to a yearly employer contribution of $200,000 into a deferred compensation plan.