Skillsoft ( (SKIL) ) has provided an announcement.
Skillsoft Corp. has appointed Ronald W. Hovsepian as its Executive Chair and CEO with a robust compensation package that includes a $772,500 annual salary, an equal target bonus, and a $1.5 million sign-on bonus. Hovsepian’s agreement includes 500,000 time-based restricted stock units vesting over four years, with accelerated vesting under certain conditions such as a change in control. Additionally, performance-based awards incentivize stock price growth, with significant payouts at various stock price milestones. The agreement also outlines severance terms and includes restrictive covenants to protect the company’s interests.
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