UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 25, 2014
Unwired Planet, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 001-16073 | 94-3219054 | ||
(State or other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
170 South Virginia Street, Suite 201
Reno, Nevada 89501
(Address of Principal Executive Offices) (Zip Code)
(775) 980-2345
(Registrants telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b),(e)
On September 25, 2014, Unwired Planet, Inc. (the Company) entered into a separation agreement with Eric Vetter (the Separation Agreement), pursuant to which Mr. Vetter intends to resign as the Companys President and Chief Financial and Administrative Officer as of November 18, 2014 or such earlier date if the Company terminates Mr. Vetters employment or if Mr. Vetter resigns prior to November 18, 2014 (the earliest such date, the Separation Date). The Separation Agreement provides that upon the termination of Mr. Vetters employment (except if Mr. Vetters employment is terminated by the Company for cause or Mr. Vetter resigns without the Companys consent, in each case, prior to November 18, 2014):
| all of his unvested restricted stock units shall automatically be accelerated so as to become immediately and completely vested; |
| all of his unvested options to purchase shares of the Companys common stock shall terminate as of the Separation Date, and the post-termination exercise periods for all of his vested stock options shall be extended for an additional fifteen months for a total of eighteen months following the Separation Date; |
| Mr. Vetter will be entitled to salary continuation for nine months commencing upon separation and will receive a bonus for the fiscal year 2014 in the amount of $243,750, less applicable withholdings; and |
| Mr. Vetter will also be entitled to certain benefits continuation and outplacement assistance. |
Mr. Vetter has agreed to continue working as the Companys President and Chief Financial and Administrative Officer until the Separation Date. In addition, Mr. Vetter has agreed to make himself available following the Separation Date, on an as-needed basis, as a consultant at an agreed upon rate of $400 per hour.
Mr. Vetter had previously entered into an offer letter with the Company dated as of November 3, 2012 and a change of control severance agreement with the Company dated as of November 8, 2012 (collectively, the Employment Arrangements). The Separation Agreement supersedes and replaces the Employment Arrangements. The Confidential Information and Invention Assignment Agreement by and between Mr. Vetter and the Company, dated as of November 4, 2012, the Indemnity Agreement by and between Mr. Vetter and the Company, dated as of June 18, 2013, the Stock Option Agreements by and between Mr. Vetter and the Company dated of December 17, 2012 and July 15, 2013, respectively, and the Restricted Stock Unit agreement by and between Mr. Vetter and the Company dated as of June 3, 2013 will continue in full force and effect, except as modified by the Separation Agreement.
The foregoing description of the Separation Agreement is summary in nature and is qualified in its entirety by the text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and which is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
In connection with Mr. Vetters separation, the Company issued a press release, a copy of which is attached hereto as Exhibit 99.1.
The information furnished by the Company pursuant to this Item 7.01, including Exhibit 99.1, shall not be deemed filed for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the under the Securities Exchange Act of 1934, as amended, or the Securities Act of 1933, as amended.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 | Separation Agreement and Release by and between the Company and Eric Vetter, dated as of September 25, 2014 | |
99.1 | Press Release issued by Unwired Planet, Inc. on September 29, 2014 |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Unwired Planet, Inc. | ||||||
By: | /s/ Eric Vetter | |||||
Dated: September 29, 2014 | Name: | Eric Vetter | ||||
Title: | President and Chief Financial and Administrative Officer |
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EXHIBIT INDEX
10.1 | Separation Agreement and Release by and between the Company and Eric Vetter, dated as of September 25, 2014 | |
99.1 | Press Release issued by Unwired Planet, Inc. on September 29, 2014 |
Exhibit 10.1
SEPARATION AGREEMENT AND RELEASE
This Separation Agreement and Release (Agreement) is made by and between Eric J. Vetter (Employee) and Unwired Planet, Inc. (the Company) (collectively referred to as the Parties or individually referred to as a Party).
RECITALS
WHEREAS, Employee has been and is employed by the Company;
WHEREAS, Employee signed a Confidential Information and Invention Assignment Agreement with the Company on November 4, 2012 (the Confidentiality Agreement);
WHEREAS, Employee signed an Indemnity Agreement with the Company on June 18, 2013 (the Indemnification Agreement);
WHEREAS, the Company and Employee have entered into (i) a Stock Option Agreement dated December 17, 2012 (the 2012 Stock Option), (ii) a Stock Option Agreement dated July 15, 2013 (the 2013 Stock Option and together with the 2012 Stock Option, the Stock Options) and (iii) a Restricted Stock Unit Agreement dated June 3, 2013 (the RSU Award and collectively with the Stock Options, the Equity Awards), in each case, subject to the terms and conditions of the Companys Second Amended and Restated 2006 Stock Incentive Plan (the Plan and collectively with the agreements thereunder, the Stock Agreements);
WHEREAS, the Company and the Employee wish to terminate Employees employment with the Company on the terms set forth below effective November 18, 2014, or an earlier date if the Company terminates the Employee for Cause or Employee resigns prior November 18, 2014, (the actual last day of Employees employment shall be the Termination Date); and
WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company and any of the Releasees as defined below, including, but not limited to, any and all claims arising out of or in any way related to Employees employment with or separation from the Company;
NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:
COVENANTS
1. Transition Period. From the Effective Date, as defined below, through the Termination Date (the Transition Period), Employee will perform such duties and provide assistance in transitioning his responsibilities as reasonably requested by the Company. During the Transition Period, Employee will remain employed at his current salary and with the same benefits that would otherwise be applicable. Throughout the Transition Period, Employee will perform his responsibilities in a manner that is reasonably satisfactory to the Company. Other than as set forth in this Agreement, Employees salary and benefits will end on the Termination Date, subject to Employees right to continue group health, dental and vision plan benefits under COBRA. From
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and after the Termination Date, Employee will no longer be deemed an employee of the Company for any purpose. Employee hereby resigns from all positions and roles with the Company or any of its subsidiaries effective on the Termination Date and agrees to promptly resign from all positions as an officer of the Company or any of its subsidiaries prior to or on the Termination Date.
2. Severance Conditions. Employee shall be entitled to the severance benefits described in Section 3 provided that he satisfies each of the following Severance Conditions: (i) Employee executes and does not revoke this Agreement and this Agreement becomes effective immediately following the expiration of the revocation period set forth in Section 6 below; (ii) Employee performs his job duties and otherwise fulfills his responsibilities as described in Section 1 above through the Termination Date; (iii) Employee is not terminated by the Company for Cause (as defined in the Companys Amended and Restated Executive Severance Benefit Policy in effect as of the date Employee signs this Agreement) during the Transition Period, (iv) Employee has not resigned or otherwise voluntarily terminated his employment with the Company without the Companys consent during the Transition Period; and (v) Employee signs and returns the General Release attached as Exhibit A (the General Release) within ten (10) days following the Termination Date, does not revoke the General Release, and such General Release becomes effective within 20 days following the Termination Date (together, the Severance Conditions). Notwithstanding the above, all Severance Conditions shall be met upon the death of Employee.
3. Severance Benefits. Subject to satisfaction of the Severance Conditions set forth in Section 2:
a. Severance Pay. Employee will be paid a severance payment consisting of his base salary, at the rate of $27,083.33 monthly, less applicable withholdings, in periodic payments from the Termination Date through August 18, 2015 (i.e., 9 months from the Termination Date) (the Severance Pay). Each Severance Pay installment will be made monthly in accordance with the Companys standard payroll practice, beginning on the Companys first regular payroll date that is at least five (5) business days after the later of the Termination Date or the Effective Date of the General Release attached as Exhibit A (defined therein) (in either event the First Payment Date). If, due to the Effective Date of the General Release, the Employee misses a monthly salary payment between the Termination Date and the First Payment Date, the Company will include a catch up payment on the First Payment Date.
b. COBRA. If Employee timely elects COBRA continuation coverage, the Company shall pay the full premiums for the same level of coverage as in effect on the Termination Date (including Medical, Dental, and Vision Coverage) until the earliest of the following: (i) May 18, 2016 (i.e., 18 months from the Termination Date); (ii) Employees eligibility for group medical care coverage through other employment; At its option, the Company may, at any time, convert its COBRA payments to a payroll tax payment to Employee in an amount equal to its remaining COBRA premium payment obligation to Employee under this subsection. Any such change would require the Company to gross up the amount of the payment to cover all applicable taxes.
c. Bonus Payment. The Company will pay Employee a bonus for fiscal year 2014 in the amount of $ 243,750, less applicable withholdings, payable on the First Payment Date.
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d. Equity Awards; Extended Exercise Period for Vested Options; Accelerated Vesting of RSU Award. The period after the Termination Date during which Employee may exercise Employees vested Stock Options shall be extended by 15 months so that Employee may exercise his vested Stock Options until on or before the date that is 18 months after the Termination Date (or until the expiration date of any such options, if earlier). Further, the remainder of the unvested shares subject to the RSU Award will accelerate and vest as of the Termination Date. Employee acknowledges that (i) as of the Termination Date, Employee will have vested in 272,920 shares subject to Stock Options and 75,000 shares subject to the RSU Award, and (ii) all unvested Equity Awards shall terminate as of the Termination Date except as modified above. Except as otherwise set forth in this Section 3(d), the Equity Awards shall continue to be governed by the terms and conditions of the Companys Stock Agreements and Restricted Stock Units Agreements, as applicable.
e. Outplacement Services. The Company will provide outplacement services to Employee for a period of up to 12 months after Termination Date, in an amount not to exceed $10,000, which amounts will be payable directly to such outplacement services firm.
f. Consulting Services. Employee agrees to provide consulting services to the Company, on an as needed basis, for a period of six months after the Termination Date at an hourly rate of $400 per hour.
4. Status of Employment Benefits. Employees health insurance benefits shall cease on the last day of the month during which the Termination Date occurs, subject to Employees right to continue his health insurance under COBRA. Employees participation in all benefits and incidents of employment, including, but not limited to, the accrual of bonuses, vacation, and paid time off, will cease as of the Termination Date.
5. Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company has paid or provided all salary, wages, bonuses, accrued vacation/paid time off, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee, and that the only payments and benefits that Employee is entitled to receive from the Company in the future, including without limitation with respect to severance, are those specified in this Agreement.
6. Mutual Release of Claims. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the Releasees). Employee, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement, including, without limitation:
a. any and all claims relating to or arising from Employees employment relationship with the Company and the termination of that relationship;
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b. any and all claims relating to, or arising from, Employees right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;
c. any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;
d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; and the Nevada Fair Employment Practices Act;
e. any and all claims for violation of the federal or any state constitution;
f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and
h. any and all claims for attorneys fees and costs.
Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. This release does not extend to any obligations incurred under this Agreement nor does it release the Company from its obligation to indemnify Employee based on the Companys indemnification obligation pursuant to the Indemnification Agreement, the organizational documents of the Company or applicable law. This release does not release claims that cannot be released as a matter of law, including, but not limited to, Employees right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government
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agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Employee the right to recover any monetary damages against the Company; Employees release of claims herein bars Employee from recovering such monetary relief from the Company). Employee represents that he has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this Section.
The Company, on its own behalf and on behalf of its respective agents and assigns, hereby and forever releases Employee from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that the Company may possess against Employee arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement.
7. Acknowledgment of Waiver of Claims under ADEA. Employee acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (ADEA), and that this waiver and release is knowing and voluntary. Employee agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has twenty-one (21) days within which to consider this Agreement; (c) he has seven (7) days following his execution of this Agreement to revoke this Agreement; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. In the event Employee signs this Agreement and returns it to the Company in less than the 21-day period identified above, Employee hereby acknowledges that he has freely and voluntarily chosen to waive the time period allotted for considering this Agreement. Employee acknowledges and understands that revocation must be accomplished by a written notification to the person executing this Agreement on the Companys behalf that is received prior to the eighth day after Employee signs this Agreement. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.
8. No Pending or Future Lawsuits. Employee represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.
9. Confidentiality. Employee agrees to maintain in complete confidence the existence of this Agreement, the contents and terms of this Agreement, and the consideration for this Agreement (hereinafter collectively referred to as Separation Information). Except as required by law, Employee may disclose Separation Information only to his immediate family members, the Court in any proceedings to enforce the terms of this Agreement, Employees attorney(s), and Employees accountant and any professional tax advisor to the extent that they need to know the
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Separation Information in order to provide advice on tax treatment or to prepare tax returns, and must prevent disclosure of any Separation Information to all other third parties. Employee agrees that he will not publicize, directly or indirectly, any Separation Information.
10. Trade Secrets and Confidential Information/Company Property. Employee reaffirms and agrees to observe and abide by the terms of the Confidentiality Agreement, specifically including the provisions therein regarding nondisclosure of the Companys trade secrets and confidential and proprietary information, and nonsolicitation of Company employees. Employees signature below constitutes his certification under penalty of perjury that he has returned all documents and other items provided to Employee by the Company, developed or obtained by Employee in connection with his employment with the Company, or otherwise belonging to the Company, or that he will do so no later than the Termination Date. Employee agrees to sign and return to the Company the Termination Certification, attached as Exhibit B to the Confidentiality Agreement, to the Company within five business days of the Termination Date.
11. No Cooperation. Employee agrees that he will not knowingly encourage, counsel, or assist any attorneys or their clients in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints by any third party against any of the Releasees, unless under a subpoena or other court order to do so or as related directly to the ADEA waiver in this Agreement. Employee agrees both to immediately notify the Company upon receipt of any such subpoena or court order, and to furnish, within three (3) business days of its receipt, a copy of such subpoena or other court order. If approached by anyone for counsel or assistance in the presentation or prosecution of any disputes, differences, grievances, claims, charges, or complaints against any of the Releasees, Employee shall state no more than that he cannot provide counsel or assistance.
12. Nondisparagement. Employee agrees not to disparage any of the Releasees. The Company agrees that its officers and directors will not disparage Employee. For this purpose, the term disparage means, with respect to any individual or entity, negative comments regarding their integrity, fairness, satisfaction of obligations, overall performance, business practices, investment decisions, business model, equity holders, or personnel. These nondisparagement obligations shall not in any way affect Employees obligation to testify truthfully in any legal proceeding.
13. Breach. In addition to the rights provided in the Attorneys Fees section below, Employee acknowledges and agrees that any material breach of this Agreement, unless such breach constitutes a legal action by Employee challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, or of any provision of the Confidentiality Agreement shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain damages, except as provided by law.
14. No Admission of Liability. Employee understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party.
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15. Nonsolicitation. Employee agrees that for a period of twelve (12) months immediately following the Effective Date of this Agreement, Employee shall not directly or indirectly solicit any of the Companys employees to leave their employment at the Company nor shall Employee directly or indirectly hire or facilitate the hiring of any Company employee.
16. Costs. The Parties shall each bear their own costs, attorneys fees, and other fees incurred in connection with the preparation of this Agreement.
17. Tax Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration provided to Employee or made on his behalf under the terms of this Agreement. Employee agrees and understands that he is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Company harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employees failure to pay or delayed payment of federal or state taxes, or (b) damages sustained by the Company by reason of any such claims, including attorneys fees and costs.
18. Section 409A. It is intended that this Agreement comply with, or be exempt from, Code Section 409A and the final regulations and official guidance thereunder (Section 409A) and any ambiguities herein will be interpreted to so comply and/or be exempt from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. Payments under Section 3 of this Agreement will be made no later than March 15, 2016. The Company and Employee will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to Employee under Section 409A. In no event will the Company reimburse Employee for any taxes that may be imposed on Employee as a result of Section 409A.
19. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this Agreement. Employee represents and warrants that he has the capacity to act on his own behalf and on behalf of all who might claim through him to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.
20. No Representations. Employee represents that he has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee has not relied upon any representations or statements made by the Company that are not specifically set forth in this Agreement.
21. Severability. In the event that any provision or any portion of any provision hereof or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.
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22. Attorneys Fees. Except with regard to a legal action challenging or seeking a determination in good faith of the validity of the waiver herein under the ADEA, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation, arbitration, litigation, court fees, and reasonable attorneys fees incurred in connection with such an action.
23. Entire Agreement and Indemnification of Employee. This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employees employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Employees relationship with the Company, with the exception of the Confidentiality Agreement and the Stock Agreements, except as modified herein. The Company hereby confirms its obligation to indemnify Employee as required under the Indemnification Agreement, the organizational documents of the Company and/or applicable law.
24. No Oral Modification. This Agreement may only be amended in a writing signed by Employee and the Chairman of the Companys Board of Directors.
25. Governing Law. This Agreement shall be governed by the laws of the State of Nevada, without regard for choice-of-law provisions. Employee consents to personal and exclusive jurisdiction and venue in the State of Nevada.
26. Effective Date. Employee understands that this Agreement shall be null and void if not executed by him within twenty one (21) days. Employee has seven (7) days after that Party signs this Agreement to revoke it. This Agreement will become effective on the eighth (8th) day after Employee signed this Agreement, so long as it has been signed by the Parties and has not been revoked by Employee before that date (the Effective Date).
27. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.
28. Voluntary Execution of Agreement. Employee understands and agrees that he executed this Agreement voluntarily, without any duress or undue influence on the part or behalf of the Company or any third party, with the full intent of releasing all of his claims against the Company and any of the other Releasees. Employee acknowledges that:
(a) | he has read this Agreement; |
(b) | he has been represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his own choice or has elected not to retain legal counsel; |
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(c) | he understands the terms and consequences of this Agreement and of the releases it contains; and |
(d) | he is fully aware of the legal and binding effect of this Agreement. |
Remainder of Page Intentionally Blank
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IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.
ERIC J. VETTER, an individual | ||||||
Dated: September 25, 2014 | /s/ Eric J. Vetter | |||||
Eric J. Vetter | ||||||
UNWIRED PLANET, INC. | ||||||
Dated: September 25, 2014 | By | /s/ Phil Vachon | ||||
Phil Vachon | ||||||
Chairman of the Board of Directors |
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EXHIBIT A
GENERAL RELEASE
Background
Eric J. Vetter (Employee) acknowledges that in connection with the ending of his employment with Unwired Planet, Inc. (the Company), he entered into a Separation Agreement and Release dated September 25, 2014 (the Agreement). Employee understands that this is the General Release referenced in the Agreement. Employee further understands that he may not sign this General Release until on or after the Termination Date (as defined in the Agreement) but that he must return it to the Company on or before twenty one (21) days from the Termination Date.
Release and Related Terms
1. Employee acknowledges that Company has paid him all salary, vacation pay, and all other compensation through the last through the last day of his employment.
2. Employee acknowledges that, except for the severance benefits described in Section 3 of the Agreement, he is not entitled to any other compensation or benefits.
3. Employee understands that, regardless of whether he signs this General Release, the Agreement shall remain in full force and effect, except that he will not have satisfied the Severance Conditions described in Section 2 of the Agreement to receive the severance benefits described in Section 3 of the Agreement.
4. Employee agrees that the foregoing consideration represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the Releasees). Employee, on his own behalf and on behalf of his respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this General Release, including, without limitation:
a. any and all claims relating to or arising from Employees employment relationship with the Company and the termination of that relationship;
b. any and all claims relating to, or arising from, Employees right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;
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c. any and all claims for wrongful discharge of employment; termination in violation of public policy; discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;
d. any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Age Discrimination in Employment Act of 1967; the Older Workers Benefit Protection Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the Immigration Control and Reform Act; and the Nevada Fair Employment Practices Act;
e. any and all claims for violation of the federal or any state constitution;
f. any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;
g. any claim for any loss, cost, damage, or expense arising out of any dispute over the nonwithholding or other tax treatment of any of the proceeds received by Employee as a result of the Agreement; and
h. any and all claims for attorneys fees and costs.
This release does not extend to any obligations incurred under the Separation Agreement and Release dated September 25, 2014, nor does it release the Company from its obligation to indemnify Employee based on the Companys indemnification obligation pursuant to the Indemnification Agreement, the organizational documents of the Company or applicable law. This General Release does not release claims that cannot be released as a matter of law, including, but not limited to, Employees right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment, against the Company (with the understanding that any such filing or participation does not give Employee the right to recover any monetary damages against the Company; Employees release of claims herein bars Employee from recovering such monetary relief from the Company). Employee represents that he has made no assignment or transfer of any right, claim, complaint, charge, duty, obligation, demand, cause of action, or other matter waived or released by this General Release.
The Company, on its own behalf and on behalf of its respective agents and assigns, hereby and forever releases Employee from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, demand, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that the Company may possess against Employee arising from any omissions, acts, facts, or damages that have occurred up until and including the Effective Date of this Agreement.
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Employee represents that he has no lawsuits, claims, or actions pending in his name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee also represents that he does not intend to bring any claims on his own behalf or on behalf of any other person or entity against the Company or any of the other Releasees.
Employee acknowledges that he is waiving and releasing any rights he may have under the Age Discrimination in Employment Act of 1967 (ADEA), and that this waiver and release is knowing and voluntary. Employee agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the Effective Date of this Agreement. Employee acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled. Employee further acknowledges that he has been advised by this writing that: (a) he should consult with an attorney prior to executing this Agreement; (b) he has had twenty-one (21) days to consider this General Release; (c) he has seven (7) days following his execution of this General Release to revoke it; (d) this General Release shall not be effective until after the revocation period has expired; and (e) nothing in this General Release prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. Employee acknowledges and understands that revocation must be accomplished by a written notification to the person executing this Agreement on the Companys behalf that is received prior to the eighth day after Employee signs this Agreement. The parties agree that changes, whether material or immaterial, do not restart the running of the 21-day period.
This General Release shall become effective on the eighth day after Employee returns a signed copy of the General Release to the Company (the eighth day being the Effective Date of the General Release).
EMPLOYEE ACKNOWLEDGES THAT HE HAS READ THIS GENERAL RELEASE THOROUGHLY, UNDERSTANDS ITS TERMS AND HAS SIGNED IT KNOWINGLY AND VOLUNTARILY. EMPLOYEE UNDERSTANDS THAT THIS GENERAL RELEASE IS A LEGAL DOCUMENT. EMPLOYEE ACKNOWLEDGES THAT HE HAS BEEN ADVISED BY THE COMPANY TO DISCUSS ALL ASPECTS OF THIS GENERAL RELEASE WITH HIS ATTORNEY.
Dated: , 2014 |
| |||||
Eric J. Vetter | ||||||
UNWIRED PLANET, INC. | ||||||
Dated: , 2014 | By |
| ||||
Phil Vachon | ||||||
Chairman of the Board of Directors |
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Companys Amended and Restated Executive Severance Benefit Policy
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Exhibit 99.1
Unwired Planet Announces CEO Transition
UNWIRED PLANET ANNOUNCES MANAGEMENT TRANSITION PLAN
RENO, Nev. Sept. 29, 2014 Unwired Planet, Inc. (NASDAQ: UPIP), today announced that Eric Vetter intends to resign as the companys president, chief financial officer and chief administrative officer as of November 18, 2014. Mr. Vetter has agreed to continue working as the companys president, chief financial officer and chief administrative officer until the separation date.
Over the past two years, Eric has done a great job leading the relocation of the company to Reno, Nevada, and has been instrumental in supporting the evolution of Unwired Planet from a product based company to the premier IP company that it is today, said Phil Vachon, chairman of the board. On behalf of everyone at Unwired Planet, I would like to thank Eric for his years of contribution to our company and wish him all the best in his future endeavors.
Simultaneously, the company announced that the board of directors has retained the national search firm, Egon Zehnder, to commence a comprehensive search for a chief executive officer with IP experience.
About Unwired Planet
Unwired Planet, Inc. (NASDAQ: UPIP) is the inventor of the Mobile Internet and a premier intellectual property company focused exclusively on the mobile industry. The companys patent portfolio of approximately 2,500 issued and pending US and foreign patents, includes technologies that allow mobile devices to connect to the Internet and enable mobile communications. The portfolio spans 2G, 3G, and 4G technologies, as well as cloud-based mobile applications and services. Unwired Planets portfolio includes patents related to key mobile technologies, including baseband mobile communications, mobile browsers, mobile advertising, push notification technology, maps and location based services, mobile application stores, social networking, mobile gaming, and mobile search. Unwired Planet is headquartered in Reno, Nevada. References in this release to Unwired Planet may be to Unwired Planet, Inc. or its subsidiaries.
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Unwired Planet Announces CEO Transition
Cautionary Note Regarding Forward Looking Statements
Any statements in this press release with respect to future events or expectations, including statements regarding the Companys licensing activities, expected benefits from the amended Ericsson agreement and IPMG transaction and expectations regarding enhancing stockholder value, including realization of net operating loss carryforwards, are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1943 and Section 27A of the Securities Act of 1933. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Notwithstanding changes that may occur with respect to matters relating to any forward looking statements, Unwired Planet assumes no obligation to update the forward-looking statements included in this press release.
For a detailed discussion of these and other factors that may cause these forward looking statements not to come true, please refer to the risk factors discussed in Unwired Planets filings with the U.S. Securities and Exchange Commission (SEC), including the companys Annual Report on Form 10-K for the fiscal year ended June 30, 2014 and subsequent filings. These documents are available through the SECs Electronic Data Gathering Analysis and Retrieval system (EDGAR) at www.sec.gov or from Unwired Planets website at www.unwiredplanet.com.
For More Information:
Mike Bishop,
The Blueshirt Group
mike@blueshirtgroup.com
+1 415-217-4968
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