Mike Franks, Neosho, is the latest O'Sullivan Industries official to be fired, according to a filing Thursday with the Securities and Exchange Commission. He had been serving as vice president/marketing.
"Under the agreement," the document said, "we agreed to pay Mr. Franks' salary through April 3, 2006, and to continue his health insurance through Jan. 31, 2006." The document was signed by Rick A. Walters, interim CEO.
The agreement contained the usual requirements that Franks cannot say anything bad about the company, which probably means he won't ever be able to mention the company's name again.
He also will not be able to sue O'Sullivan for wrongful dismissal or for any other reason, the documents indicate. Franks still has three weeks to decide whether to sign the agreement and seven days after signing the agreement to revoke it if he changes his mind.