SeaChange Executes Separation Agreement with Former President

Posted by Joe Zaller
Feb 27 2012

VOD specialist SeaChange has executed a separation with former company president Yvette Kanouff. The information was disclosed in a filing with securities regulators.

Under the terms of the Separation Agreement, in exchange for Ms. Kanouff’s release of claims, SeaChange will:

  • pay Ms. Kanouff $400,000, equal to her annual base salary, in twice-monthly installments on SeaChange’s regular payroll schedule for a period of twelve months;
  • satisfy a previously granted retention award by the payment of $75,000 in cash and the accelerated vesting of the restricted stock unit for 3,000 shares of SeaChange’s common stock;
  • permit Ms. Kanouff to remain eligible to receive an award under SeaChange’s fiscal year 2012 compensation and bonus plan, with such payments, if any, to be made at the time and under the terms as would have applied had Ms. Kanouff remained actively employed by SeaChange, provided that 8,330 of such RSUs shall be awarded to Ms. Kanouff on execution of the Separation Agreement
  • pay for up to 12 months (or such earlier period as Ms. Kanouff becomes eligible for healthcare coverage from a new employer) of her coverage under comparable medical and dental benefit plans to those by which she was covered immediately prior to the termination of her employment.

 

Kanouff remains subject to the terms of an Employee Noncompetition, Nondisclosure and Developments Agreement with SeaChange previously executed by Ms. Kanouff with SeaChange, pursuant to which there is a one-year post-employment noncompetition and nonsolicitation obligation.

 

 

Related Content:

SeaChange President Departs, Position Will Not be Replaced

Press Release: SeaChange Announces Departure of Company President Yvette Kanouf

Press Release: SeaChange Announces More Than $5 Million in Annualized Cost Reductions

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