Miva’s filing begins by mundanely setting the base pay of the senior vice president and general manager of the company’s North American operations, the chief technology officer, and the chief marketing officer. It then goes on to reveal that they are also now covered by a change-of-control plan should Miva get bought out and are prohibited from competing against the company for a one-year period. You wouldn’t realize that any of this information was new until you go back to Miva’s proxy statement filed in May, where only the CEO, president, chief strategy officer, and CFO are covered by the agreement. The new filing nearly doubles the number of executives covered.
Expanding the number of people covered by senior management severance plans is usually a good indication that buyouts are on the horizon.
We’ll see if this shakes-out.