David Cole, who will step down as Maui Land & Pineapple Co.'s CEO at the end of the year, will receive $450,000 in severance pay but could receive another $2 million in other payments.

In a filing with the Securities and Exchange Commission yesterday, MLP said the company is treating Cole's resignation "as a termination without cause" for the purposes of setting his severance and other post-retirement benefits.

"Mr. Cole's resignation is not as a result of any disagreement with the company on any matter relating to the company's operations, policies or practices," MLP said.

MLP announced last week that the 56-year-old Cole was stepping down after serving as the company's CEO since 2003. He will be replaced by Chief Operating Officer Robert Webber.

Cole's resignation was announced as the company reported an $8.7 million loss for third quarter 2008.

According to MLP's proxy, dated March 27, 2008, Cole is entitled to $450,000 in cash if he leaves the company "without cause."

The proxy noted that Cole also is eligible for more than $4.2 million in stock options and restricted stock awards, whose payments would accelerate with Cole's resignation.

But company spokeswoman Terri Freitas Gorman said the $4.2 million figure is based on MLP's stock price in March, which was about $30 a share.

Currently, MLP's stock is trading at $15.03, meaning that Cole's accelerated stock awards would be worth half, or about $2 million.

Gorman added that any severance-related stock awards require the approval of MLP's board, which has not yet taken action on the matter.