Atlanta-based apartment owner and developer Post Properties has agreed to pay founder and former director John Williams $400,000 per year through May 2013 as part of his dispute settlement with the firm. Williams’ employment agreement with Post is set to expire in 2013.
Williams resigned from the Post Properties board of directors Aug. 27 after he and the firm resolved several disputes centered around board control and executive compensation issues. As a result, Williams will receive the $400,000 payments annually instead of other payments and benefits that were provided to Williams under his employment agreement, reports Post in an 8K filing with the SEC.
While he may not be benefiting from the "other payments and benefits" mentioned in the filing, Post has agreed to allow Williams to use the firm’s private jet service through 2013.Williams also will receive medical insurance through the firm through that year. In addition to Williams’ salary, Post reports that it made a one-time payment of $285,000 to settle other related disputes with Williams. The announcement marks the end of an 8-month dispute between the firm and Williams. In February 2003, Williams stepped down as chairman of the Atlanta-based firm, which he founded in 1971. Three months later, he lost a proxy fight to replace five board members with his supporters. That failed when Post’s six directors received more than 65% of the votes at the next annual meeting.