	conrac cax exploring restructuring buyout conrac corp whose board has rejected a dlr a share tender offer from mark iv industries inc iv said it is exploring alternatives such as a restructuring leveraged buyout or takeover of the company in a filing with the securities and exchange commission conrac said its board of directors authorized its financial and legal advisors to explore a several alternatives to the mark iv offer which it said it considers inadequate the alternatives being explored include a restructuring leveraged buyout or a takeover of the company by another company conrac said conrac which said its board discussed the alternatives at special meetings on march and said that its decision on whether to adopt any of the alternatives would hinge on the future actions of mark iv and its unsolicitied tender offer putting into effect any of the alternatives being explored could hurt or defeat the mark iv offer it said board members were also instructed to keep confidential the terms of any transaction that might be entered into until it becomes final the company said the board also took other defensive steps including granting severance agreements to some officers it said at a board meeting yesterday concac s directors deleted a provision allowing the holder of at least one third of of all classes of its voting stock to call a special shareholders meeting and deleted another provision allowing shareholders to remove directors without cause the company said the defensive moves were taken because mark iv had said it planned to elect a majority of its designees as directors at a special holders meeting if it succeeded in uring a majority of the company s common stock in the offer conrac said conrac s president vice president and treasurer were given severance agreements or golden parachutes it said under the agreements conrac president paul graf would get a cash payment of twice his annual salary which was dlrs last year if there were a change of control in the company including uisition of pct or more of the company s voting stock conrac said treasurer joseph smorada and vice president joseph o donnell who made dlrs last year would get one and a half times his salary if there were a change in control smorada s salary was not listed in the sec filing the executives would also get cash settlements of options plans and continuation of insurance and other benefits reuter 
