IEC Electronics Corp. has reached a separation agreement with Barry Gilbert, its former chief executive, a recent filing with the Securities and Exchange Commission shows.
Under the terms of the agreement, Gilbert will receive a separation benefit of $500,000 paid upon the effective date of the separation agreement, March 16.
He will also receive $200,000 payable within 60 days of the effective date; $100,000 due on both the first and second anniversary of the effective date, and $75,000 due on each of the third and fourth anniversary of the effective date.
The company also released Gilbert from any and all claims and causes of action directly or indirectly related to his employment relationship with IEC, according to the SEC document.
In turn, Gilbert agreed to release the company from any and all claims and causes of action arising out of, or relating to, his previous employment with IEC, the filing states.
Gilbert was terminated last year following a shakeup at the company led by its largest shareholder, Vintage Capital Management LLC.
The Florida-based firm had said it was displeased with IEC’s recent performance and introduced its own board of directors to be voted on at the firm’s annual shareholder’s meeting last January. The alternative slate was elected.
Gilbert was succeeded by current President and CEO Jeffrey Schlarbaum, who had previously served as IEC’s president, but left in 2013. He is also now a director.
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