MUSCATINE, Iowa—Bandag Inc. has filed a series of confidentiality/severance agreements with its five top executives that would cost the company at least $3 million in payments should they leave the company, either voluntarily or involuntarily. Bandag said the documents mainly are designed to protect the company from the loss of intellectual property should one or all of the executives choose to leave.
Stock analysts, on the other hand, call the agreements ``golden parachutes,'' designed to compensate top executives in the event of a company takeover.
Executives covered include Chairman/CEO Martin Carver and Sam Ferrise, executive vice president and COO.