SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 5.02.|| |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 11, 2021, Viasat, Inc. (the “Company”) announced that Ken Peterman, Senior Vice President and President, Government Systems of the Company, decided to step back from such positions as of May 11, 2021.
Mr. Peterman and the Company entered into an employment transition agreement, whereby Mr. Peterman agreed to provide transition services to the Company as a non-executive senior advisor until December 31, 2021 (or, if earlier, the date on which Mr. Peterman’s employment with the Company terminates). In such capacity, Mr. Peterman will provide advisory and transitional services to the Company and will report to the President and Chief Executive Officer. The transition agreement provides that, during the transition period, Mr. Peterman will continue to receive his current base salary of $750,000 per year, employee benefits pursuant to the Company’s benefit plans, and his Company equity awards will continue to vest according to their terms. In the event of the termination of the transition period (i) as a result of the expiration of the transition period on December 31, 2021, or (ii) as a result of any earlier termination of the transition period for any reason other than Mr. Peterman’s voluntary resignation or discharge by the Company for cause, subject to Mr. Peterman’s execution of a general release of claims and compliance with applicable restrictive covenants, the Company will provide Mr. Peterman with a lump sum cash payment equal to the sum of $1,439,500, less any base salary earned by Mr. Peterman during the transition period.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: May 17, 2021||By:|
|Title:||Vice President, Chief Corporate Counsel|