The documents show that Atkins severance package is much more modest than what many high-level executives get when they leave their companies, even ones like AmeriVest, which hasn't been performing of late. Indeed, AmeriVest is going through a restructuring that may result in a sale, a joint venture merger, or going private.

According to the SEC documents, under his "Severance Agreement and Release," Atkins will receive his regular compensation for five months, as of May 1. In addition, the 34,800 shares of unvested portion of his restricted shares due to Atkins under the company's long-term incentive plan will automatically vest.

Atkins also will be entitled to continued use of his existing or a similar office designated by the company at the Sheridan center property in Denver at no charge for one year, starting on May 1.

The company also announced that Alexander S. Hewitt, a current director, "mutually agreed" to terminate a consulting agreement with the company. The agreement ran from Dec. 31, 2003 and was to be expiring on July 22. As previously reported, Charles K. Knight, who also is the president and chief operating officer, has taken over as CEO. Atkins will continue to serve as chairman. Knights says he likely will drop the COO title, but the company won't be hiring anyone while it is going through the restructuring.

Instant Insights /

GlobeSt.com UPDATE: Severance Agreement Outlined for Atkins

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