UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January 22, 2025, Viasat, Inc. (the “Company”) announced that Kumara Guru Gowrappan will cease serving as President of the Company as of January 23, 2025.
Mr. Gowrappan and the Company are expected to enter into an employment transition agreement, whereby Mr. Gowrappan will provide transition services to the Company until April 30, 2025 (or, if earlier, the date on which Mr. Gowrappan’s employment with the Company terminates). During the transition period, Mr. Gowrappan will provide advisory and transitional services to the Company and will report to the Chief Executive Officer. During the transition period, Mr. Gowrappan will continue to receive his current base salary of $1,000,000 per year, employee benefits pursuant to the Company’s benefit plans and his Company equity awards will continue to vest according to their terms. Upon the expiration of the transition period for any reason other than Mr. Gowrappan’s termination for cause, subject to Mr. Gowrappan’s execution of a general release of claims and compliance with applicable restrictive covenants, the Company will provide Mr. Gowrappan with the severance provided under his severance agreement with the Company, plus an additional lump sum cash payment of $250,000.
The summary of Mr. Gowrappan’s transition agreement set forth above does not purport to be complete and is qualified in its entirety by reference to the full text of the transition agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the fiscal year ending March 31, 2025 and incorporated by reference herein.
Additionally, on January 22, 2025, the Company announced that Girish Chandran, the Company’s Chief Technology Officer, will take on additional responsibilities as the President of Global Space Networks as of January 22, 2025 (the “Transition Date”), and that concurrently therewith, Craig Miller, the Company’s President, Global Space Networks, ceased serving in such position as of the Transition Date and will continue his employment with the Company as Senior Vice President, Strategic Initiatives.
A copy of the press release announcing the executive reorganization is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| Exhibit |
Description of Exhibit | |
| 99.1 | Press Release, dated January 22, 2025, issued by Viasat, Inc. | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |
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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.
| VIASAT, INC. | ||||||
| Date: January 22, 2025 | By: | /s/ Brett Church | ||||
| Name: | Brett Church | |||||
| Title: | Associate General Counsel | |||||
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