IMMERSION CORPORATION (NASDAQ:IMMR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 of the Original Report in its entirety to disclose Mr.Sundaram’s separation arrangements.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)
On December7, 2017, Immersion Corporation (“Immersion”), announced that Mahesh Sundaram was terminated as Vice President, Worldwide Sales and Customer Support.
(e)
Separation Arrangements with Mr.Sundaram
Immersion and Mr.Sundaram are parties to an Amended and Restated Retention and Ownership Change Event Agreement dated March8, 2017 (the “Retention Agreement”). Under the Retention Agreement, Mr.Sundaram’s termination would be treated as a termination without “Cause,” and Mr.Sundaram would be entitled to receive a severance payment in the amount of 6 months’ salary and payment of COBRA premiums for 6 months provided he executes a general release and waiver of claims in favor of Immersion.
On December27, 2017, Immersion and Mr.Sundaram entered into a separation agreement and release of claims (the “Separation Agreement”). to the Separation Agreement, Mr.Sundaram will receive a payment of approximately $174,000, representing 6 months of his base salary, and Immersion will pay Mr.Sundaram’s COBRA premiums for up to 6 months. Mr.Sundaram’s vested options will be exercisable for a 3-month period following December7, 2017. to the Separation Agreement, Mr.Sundaram and Immersion entered into a general release of claims and covenant not to sue.
| Item 5.02 | Financial Statements and Exhibits. |
IMMERSION CORP ExhibitEX-10.1 2 d518640dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 December 27,…To view the full exhibit click here
About IMMERSION CORPORATION (NASDAQ:IMMR)
Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial. It provides advanced tactile software, related tools and technical assistance to certain customers, and offers licenses to its patented IP to other customers. Its licenses enable customers to deploy haptically-enabled devices, content and other offerings, which they sell under own brand names. It holds patents, covering digital technologies and including ways in which touch-related technology can be incorporated into and between hardware products and components, systems software, application software, and digital content.
