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| ONT > SEC Filings for ONT > Form 8-K on 22-Jan-2009 | All Recent SEC Filings |
22-Jan-2009
Termination of a Material Definitive Agreement, Change in Directors or Pri
On January 16, 2009, On2 Technologies, Inc. ("On2") and its Finnish subsidiary, On2 Technologies Finland Oy ("On2 Finland" and together with On2, the "Company") and Eero Kaikkonen, On2's Chief Marketing Officer and Chief Executive Officer and President of On2 Finland, agreed to terminate Mr. Kaikkonen's employment agreement with the Company dated October 31, 2007 ("Existing Employment Agreement'), except to the extent that the respective obligations of the parties survive termination of the Existing Employment Agreement. See Items 5.02(b) and 5.02(e) below in this Current Report.
(b) Resignation of Mr. Kaikkonen.
On January 16, 2009, Mr. Kaikkonen and the Company entered into an agreement pursuant to which Mr. Kaikkonen resigned from all the offices he held with the Company and terminated his employment with the Company. See Item 5.02(e) below in this Current Report.
(e) Transition Agreement with Mr. Kaikkonen
On January 16, 2009 (the "Effective Date"), the Company entered into a transition agreement with Mr. Kaikkonen (the "Transition Agreement") providing for his resignation from the offices that he held with the Company, termination of his employment with the Company, and commencement of a one-year consulting engagement with the Company. The Transition Agreement is filed with this report as Exhibit 10.1 and is incorporated herein by reference. The summary of the Transition Agreement set forth below is qualified in its entirety by reference to the text of the Transition Agreement.
Under the Transition Agreement and subject to the terms and conditions set forth therein, Mr. Kaikkonen resigned from the offices he held with the Company and terminated his employment with the Company on the Effective Date. Commencing on the Effective Date and continuing for a period of one year (the "Transition Period"), Mr. Kaikkonen will serve as a consultant to the Company's chief executive officer, providing advice in the areas of marketing and strategic planning and such other advisory services as the chief executive officer may request.
Pursuant to the terms of the Transition Agreement, the Company will pay Mr. Kaikkonen €5,000 per month during the Transition Period.
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