Sunday, March 19, 2017

Discounted Farber Home Hits Market Again

Strange Tony,

Kindred put CFO Stephen Farber's former home back on the market for just under $2 million.  Before Christmas the company asked $2.4 million for the executive estate. 

The revised price of $1.95 million is $200,000 less than the $2.15 million the company paid Farber in December 2015.  Kindred spent $60,000 designing the separate driveway and up to $300,000 for construction.

Farber's compensation for 2015 should have enabled him to sell his house and find more appropriate neighbors.

The Committee increased Mr. Farber’s base salary from $500,000 to $600,000 to reflect his high level of performance associated with significantly replacing the Company’s capital structure.

Mr. Farber was awarded $350,000 from this special cash award pool for his efforts in connection with these acquisitions.

Mr. Farber’s target award as a percentage of base salary was increased to 60% from 50% in 2015 in connection with his exemplary performance as Chief Financial Officer.

Mr. Farber received a one-time payment of $250,000 to offset relocation and other costs incurred in connection with his relocation

The company awarded stock valued at $841,000 to Mr. Farber for his oversight and leadership of the Company’s financial matters, including his efforts to expand and restructure the Company’s capital structure.

The company used that capital structure to buy Farber's house after giving him another $250,000 in "moving expenses."  That was on top of $110,000 in moving expenses the prior year.  For some reason Farber's exemplary performance did not transfer to successful neighbor relations.

Kindred's housing subsidy for Stephen Farber could cost the company dearly.  If the house sells for asking price Farber's subsidy, direct and indirect, could be $800,000 or more.

Anonymous (from Kindredpoor)

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