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The Agee-Eklund connection

Bendix Corp. was locked in a bitter and ultimately losing takeover battle in September as company directors huddled to plot strategy. Among their hurried decisions: a so-called golden parachute for Chairman William Agee and 15 other Bendix officers. The chute, which was designed to protect the executives following a buyout by another company, guarantees Agee an $805,000 annual salary for five years even if he is fired. That lucrative arrangement was presumably authorized by the board's compensation committee and approved by the directors, as is typical in such cases. But...

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