Annual Salary of Violin Memory CEO DeNuccio Reduced From $750,000 to $150,000For 90 days
This is a Press Release edited by StorageNewsletter.com on 2016.12.15
In a SEC filing, Violin Memory, Inc. and Kevin A. DeNuccio, the company's president, CEO, and a member of the company's board of directors, mutually agreed to amend the employment letter agreement between the company and DeNuccio dated February 1, 2014, to provide that:
- for a period of ninety days commencing December 1, 2016, DeNuccio's annual base salary will be reduced from $750,000 to $150,000 in connection with the company's restructuring activities and efforts to reduce expenses; and
- any provision in the agreement to the contrary notwithstanding, DeNuccio is not precluded from advising and consulting with other companies for compensation, subject to certain other limitations in the agreement. The company and DeNuccio agreed that the reduction in annual base salary does not give rise to an involuntary termination as that term is defined in the agreement.
Except for the reduction in DeNuccio's annual base salary and his ability to engage in advising and consulting activities, all terms and conditions of the agreement remain unchanged and in full force and effect.