The resignation of the outgoing head of Maui Land & Pineapple Co. could cost the company $450,000 in severance and another few million in stock options.

David C. Cole, chairman, president and chief executive of MLP, announced his resignation last week, the same day that the company reported an $8.7 million third-quarter loss.

Cole's severance and post-retirement benefits have not yet been approved by MLP, but the company announced in a filing with the Securities and Exchange Commission on Thursday that it would handle the resignation as “;a termination without cause”; as defined under his employment agreement with MLP.

In accordance with Cole's employment agreement, if he is terminated without cause or resigns for good reason he is entitled to a severance payment of $450,000, the equivalent of his base salary. According to a proxy statement filed on March 28, Cole also could be eligible for more than $4.2 million in stock options and restricted stock awards.

However, those calculations were based on the MLP's stock price in March which was trading at about $30 a share, said Terri Freitas Gorman. MLP's stock closed at $13.10 yesterday.