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VRSN » Topics » CEO Agreement

This excerpt taken from the VRSN 8-K filed Aug 30, 2007.

CEO Agreement

Under the terms of the CEO Agreement, upon the triggering events described under “CIC Agreement” above, Mr. Roper will be entitled to receive severance benefits of:

 

  •  

any earned but unpaid salary and bonus;

 

  •  

the pro rata target bonus for the year in which he was terminated;

 

  •  

twenty-four months salary and bonus;

 

  •  

twenty-four months continued health benefits;

 

  •  

immediate acceleration of vesting of all unvested stock options and restricted stock units described under “CIC Agreement” above; and

 

  •  

a 280G excise tax gross-up payment to the extent any payments to Mr. Roper are characterized as parachute payments within the meaning of Section 4999 of the Code, provided that any such gross-up payment will only be made if the total parachute payment exceeds the applicable threshold amount by at least 10%.

The CEO Agreement has the same initial term and renewal and non-solicitation/non-competition provisions as described under “CIC Agreement” above.

The foregoing summary is subject to, and qualified in its entirety by, the form of CEO Agreement attached to this Current Report on Form 8-K as Exhibit 99.3.

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