I'd say they left by mutual agreement with company
Post# of 22465
Posted On: 12/31/2016 1:27:03 PM
I'd say they left by mutual agreement with company based on the terms. If forced out (without cause), Sri could have left with a lot more. $450,000 lump sum within 7 days, 18 months health care, and all options.
Quote:
5.2 Without Cause or for Good Reason. The Employment Term and the Executive’s employment hereunder may be terminated by the Executive for Good Reason or by the Company without Cause. In the event of such termination, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive’s compliance with Section 6, Section 7, Section 8 and Section 9 of this Agreement and his execution of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a form provided by the Company (the “Release”) and such Release becoming effective within fifty-two (52) days following the Termination Date (such within fifty-two (52) day period, the “Release Execution Period”), the Executive shall be entitled to receive the following:
(a) a lump sum payment equal to two and one-half (2 ½) times the sum of the Executive’s Base Salary for the year in which the Termination Date occurs, which shall be paid within seven (7) days following the effective date of the Release;
(b) If the Executive timely and properly elects continuation coverage under the Consolidated Omnibus Reconciliation Act of 1985 (“COBRA”), the Company shall pay the full premium to insure Executive and his dependents until the earliest of: (i) the eighteen-month anniversary of the Termination Date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the date on which the Executive becomes eligible to receive substantially similar coverage from another employer.
(c) To the extent any equity granted to Executive that is subject to time vesting is not already vested as of the Termination Date, all unvested equity shall immediately vest and all restrictions on the transferability of such equity shall be lifted on the Termination Date.
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