Computerworld - Key concept: Consulting agreement—retaining critical benefits after leaving a full-time post.
Contract excerpt: "The company shall . . . provide Jones and his dependents coverage under the company's employee benefit plans to the same extent that coverage existed . . . before; reimburse Jones for not otherwise reimbursed reasonable and necessary travel and lodging expenses incurred in seeking other employment; provide, at its expense, tax and financial counseling services . . . [and] use its best efforts to provide executive access for Jones and . . . family . . . to Disney World and Disneyland.
What it means: When Jones retired as CIO at FedEx in August 2000 and became a FedEx consultant, he hung on to a lot of the benefits he enjoyed when he was working there full time.
In a deal that promised him $48,500 per month through December 2002, he and his family also kept their health insurance, financial planning services, high-speed Internet access and vacation entertainment.
Jones didn't complete the term; he joined Commerce One Inc. in Pleasanton, Calif., as chief operating officer last April. But except for the provision that covered his job-hunt expenses, his consulting contract didn't win him anything special, Jones says. The provisions—including the Disney passes—were in keeping with what FedEx offers all of its senior executives.
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