Smith Micro Software, Inc. (NASDAQ:SMSI) 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.
As previously reported, effective June 19, 2017, Steven Yasbek resigned as Vice President and Chief Financial Officer of the Company.
Effective July 10, 2017, Mr. Yasbek and the Company entered into a Resignation Severance and Release Agreement, which provides for a general release of claims in favor of the Company and its officers, directors, employees and other affiliates, and provides that Mr. Yasbek will receive (i) six month’s salary of $135,375 payable in semi-monthly installments of $11,281.25, (ii) if Mr. Yasbek elects to continue receiving group health insurance coverage to the federal “COBRA” law, reimbursement of the cost of the premium for such coverage through December 31, 2017, (iii) eligibility to receive a fiscal year 2017 second quarter bonus, and (iv) accelerated vesting of 42,382 shares of restricted stock.
The foregoing description of the Resignation Severance and Release Agreement is only a summary and is qualified in its entirety by the full text of such agreement, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 5.02Financial Statement and Exhibits.
Resignation Severance and Release Agreement, by and between Steven Yasbek and Smith Micro Software, Inc.
SMITH MICRO SOFTWARE INC ExhibitEX-99.1 2 smsi-ex991_6.htm EX-99.1 RESIGNATION SEVERANCE AGREEMENT YASBEK smsi-ex991_6.htm Exhibit 99.1 RESIGNATION SEVERANCE AND RELEASE AGREEMENT This Resignation Severance and Release Agreement (“Agreement”) is made and entered into by and between Smith Micro Software,…To view the full exhibit click
About Smith Micro Software, Inc. (NASDAQ:SMSI)
Smith Micro Software, Inc. is a provider of software solutions. The Company operates through two segments: Wireless and Graphics. The Company offers multi-platform, modular solutions organized into three product families, including NetWise, CommSuite and QuickLink. For mobile network operators, NetWise helps reduce cellular congestion and optimize data traffic across third-generation (3G), fourth-generation (4G) and wireless fidelity (Wi-Fi) networks. Graphics segment includes its consumer-based products, such as Poser, Anime Studio, Manga Studio, MotionArtist and StuffIt. The Graphics segment develops a range of software, including graphic design and animation, compression and personal computer (PC)/Mac utilities, for consumers, professional artists and educators. The Company also offers Family Safety platform for family locator and parental controls.