On December 20, 2013, Richard Stalzer resigned from his position as Chief Executive Officer of Voltari Corporation (the “Company”) and from all other positions held at the Company, effective December 18, 2013.
In connection with Mr. Stalzer’s resignation, the Company entered into a Release Agreement with Mr. Stalzer (the “Stalzer Release Agreement”), effective December 18, 2013.
In accordance with the Stalzer Release Agreement, the Company agreed to pay Mr. Stalzer severance in the aggregate amount of $43,126.66, paid in two equal installments beginning on the Company’s first normal payroll date in January, plus accrued and unpaid vacation or paid time off. As of December 18, 2013, Mr. Stalzer was vested in the right to purchase 2,785 shares of the Company’s common stock. All other unvested equity awards were forfeited and cancelled as of December 18, 2013. Following his termination, Mr. Stalzer remains subject to certain non-disclosure and non-solicitation covenants. Mr. Stalzer also agreed to unilaterally release the Company from all claims arising out of his employment with the Company or the cessation thereof (other than claims arising pursuant to the Stalzer Release Agreement).
Appointment of Acting Chief Executive Officer
Effective December 20, 2013, the Board of Directors of the Company appointed Richard Sadowsky to the position of Acting Chief Executive Officer. In connection with this appointment, Mr. Sadowsky will relinquish his titles of Chief Administrative Officer and General Counsel.
Read the new filing out from Friday after the close.
... indication that the Staff is considering recommending that the CFPB commence enforcement proceedings. The Company intends to make a NORA submission to the CFPB, and continues to believe that its acts and practices relating to the matters under investigation are lawful. There can be no assurance, however, that the CFPB will decide not to take legal action against the Company. Although the Company intends to defend itself vigorously against any legal action taken against it by the CFPB, the Company cannot predict the outcome of any legal action and there can be no assurance that the ultimate outcome of the CFPB's investigation will not have a material adverse effect on the Company's financial condition or results of operations.