GLOBAL EAGLE ENTERTAINMENT INC. (NASDAQ:ENT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) On November 12, 2016, Global Eagle Entertainment Inc. (the “Company” or “we”) and Aditya Chatterjee, the Company’s Chief Technology Officer, agreed to terminate Mr. Chatterjee’s employment effective November 12, 2016.
In connection with Mr. Chatterjee’s departure, the Company and Mr. Chatterjee have entered into a Separation and Release Agreement dated November 12, 2016 (the “Separation Agreement”). Under the Separation Agreement, the Company will pay Mr. Chatterjee a severance payment equal to $154,436, paid over the 6-month period following his termination. In addition, under the Separation Agreement, Mr. Chatterjee will have until November 12, 2017 to exercise any vested Company stock options that he holds as of his termination date even if the award agreements governing such stock options provide for a shorter period of exercisability following his separation from the Company.
The Company and Mr. Chatterjee have also entered into a Consulting Services Agreement dated November 12, 2016 (the “Consulting Agreement”). Under the Consulting Agreement, the Company will pay Mr. Chatterjee $25,739 per month for strategic and management advisory services relating to network capacity, next-generation antenna programs, partnerships and regulatory matters. The Consulting Agreement has a 6-month term, but the Company may terminate the agreement for any or no reason at any time.
We qualify the foregoing summary of the Separation Agreement and Consulting Agreement by reference to the Separation Agreement and Consulting Agreement, copies of which we have filed as Exhibits 10.1 and 10.2, respectively, and incorporate by reference herein.
Item 9.01. Financial Statements and Exhibits.
We incorporate by reference herein the Exhibit Index following the page to this Current Report on Form 8-K.