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Quotes & Info
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| IKAN > SEC Filings for IKAN > Form 8-K on 1-Oct-2009 | All Recent SEC Filings |
1-Oct-2009
Change in Directors or Principal Officers, Financial Statements and Exhibit
(e) Separation Agreement with Former Named Executive Officer
On September 25, 2009, the Company and Chandrashekhar Khandekar, Vice President of Business Integration entered into a separation and release agreement (the "Separation Agreement"), which sets forth terms and conditions governing Mr. Khandekar's departure from the Company. The Separation Agreement becomes effective seven days from the date it was signed by Mr. Khandekar (the "Effective Date") as long as he does not revoke it.
Pursuant to the Separation Agreement, the Company agrees to pay Mr. Khandekar aggregate cash payments equal to six months of his base salary, accrued and unused vacation pay, less applicable withholdings. In addition, the Company agrees to pay the cost of Mr. Khandekar's COBRA benefit coverage through April 30, 2010, or until he becomes eligible for group insurance benefits from another employer, whichever occurs first. In addition, Mr. Khandekar will receive accelerated vesting of 50%$ of the unvested portion of outstanding restricted stock units and 25% of the unvested portion of his outstanding stock option grants.
In exchange for the consideration received from the Company, Mr. Khandekar agrees to release any claims he has or may have against the Company, other than specified statutory claims.
The Separation Agreement is filed herewith as Exhibit 10.1 and is incorporated herein by reference, and the descriptions thereof contained in this Form 8-K are qualified in all respects by the terms and provisions of such agreement.
(d) Exhibits
Exhibit No. Description
10.1 Separation and Release Agreement with Chandrashekhar Khandekar dated
September 25, 2009.
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