The departing chief executive of Maui Land & Pineapple Co. will leave with some severance benefits as part of his resignation announced last week, but not as much as he would have been entitled to had he been terminated without cause.

Robert Webber, president and CEO of Maui Land, will receive $150,000 over six months, three months of health benefits and immediate vesting of stock shares and stock options, the company disclosed yesterday in a filing with the Securities and Exchange Commission.
The company negotiated the severance deal as part of Webber’s resignation that becomes effective Friday.
Maui Land said Webber’s employment agreement provided for him to receive one year’s base salary and option vesting upon departure. Webber’s annual base salary as of Jan. 1 was $360,000, which represented a temporary 10 percent reduction of his regular salary of $400,000.
On the stock side of Webber’s compensation, he was awarded 25,000 restricted shares last year that were to vest based on performance through 2012. None of those shares vested last year. Webber also was awarded options for 75,000 shares of common stock that were to vest over five years.
Under the negotiated severance deal, 30,000 restricted shares will immediately vest. In addition, Webber may exercise options to purchase common stock through Nov. 22 at various prices, including 75,000 options at $9.15 a share and 45,000 options at more than $30 a share.
Maui Land stock closed yesterday on the New York Stock Exchange at $8.57, down 83 cents from $9.40 on Monday. This year, company shares have traded between $5.20 and $13.11.