Douglas Elliman Inc.
11/05/2024 | Press release | Distributed by Public on 11/05/2024 16:09
Management Change/Compensation Form 8 K
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Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers.
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Departure of James D. Ballard
On October 30, 2024, Douglas Elliman Inc. (the "Company") and James D. Ballard, the Company's Senior Vice President - Enterprise Efficiency and Chief Technology Officer, mutually agreed to terminate Mr. Ballard's employment, effective immediately.
Mr. Ballard will be entitled to (i) receive a severance cash payment in an amount equal to $835,000; (ii) acceleration of all unvested equity and option grants; and (iii) participation in a COBRA plan for 18 months.
Payment of any severance amount and accelerated vesting of unvested equity or option grants are subject to the execution by Mr. Ballard of a general release in favor of the Company within 60 days of the termination date. Such payments shall be made in installments as and when Mr. Ballard's base salary would have otherwise been payable to him had his employment not been terminated. The severance payments will begin fifteen 15 days following Mr. Ballard's execution and non-revocation of a general release.