Don’t shed any tears over Mark Bozek and Russell Nuce, the Evine Live honchos who were recently ousted from the home shopping network. They have landed quite nicely with their golden parachutes.
Evine Live disclosed the severance packages that Bozek, the company’s former CEO, and Nuce, the ex-EVP and chief strategy officer, are getting in a filing with the Securities and Exchange Commission on Tuesday.
In round numbers, Bozek’s severance – which we don’t believe includes stock options – is $1.2 million.
That breaks down to $937,500, or 1.5 times his annual base salary, as well a severance bonus of $286,000, which is equal to 1.5 times times his annual bonus over the two fiscal years preceding the year of his resignation.
As a condition of his severance, Bozek agreed to: a confidentiality provision; a 2-year non-solicitation of vendors and a one-year non-solicitation of employees; an 18-month non-compete clause: and a mutual non-disparagement agreement.
In other words, Bozek won’t bad mouth Evine Live and it won’t bad mouth him.
Bozek’s lieutenant, Nuce, didn’t do too bad, either, getting a $600,000 parachute.
He will receive $375,000, or his annual base salary, as well as a $225,000 severance bonus, his target annual incentive bonus.