Movella finalizes CEO Lee separation with $181.5K severance and consulting deal

Movella Holdings Inc.

Ben Lee receives $181,500 lump sum severance (6 months base salary) under separation agreement dated Jan 2, 2024.
Lee will provide consulting services through March 31, 2024 at $30,250 per month for transition assistance.
Equity vesting continues during consulting; unvested awards forfeited after; options exercisable until Sept 30, 2024 or 6 months post-consulting.
Company pays COBRA premiums through Sept 30, 2024 and D&O tail insurance; Lee released all claims.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Ben Lee

Chief Executive Officer

Movella Holdings Inc.

Successor: Eric Salzman
Filed: January 5, 2024, 6:59 PM ET

In connection with the Leadership Transition, on January 2, 2024, Mr. Lee entered into a confidential separation agreement with the Company (the “Agreement”), the terms of which are materially consistent with the terms disclosed on the Company’s Current Report on Form 8-K filed on December 20, 2023.

Appointed (interim)

Eric Salzman

Interim Chief Executive Officer

Movella Holdings Inc.

Filed: January 5, 2024, 6:59 PM ET

appointed Eric Salzman as the Company’s Interim Chief Executive Officer in connection with Mr. Lee’s resignation from that position, effective as of the Effective Date (the “Leadership Transition”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ben Lee resigned as Chief Executive Officer at Movella Holdings Inc..

Action: resigned
Role: Chief Executive Officer

Exact text from the filing

In connection with the Leadership Transition, on January 2, 2024, Mr. Lee entered into a confidential separation agreement with the Company (the “Agreement”), the terms of which are materially consistent with the terms disclosed on the Company’s Current Report on Form 8-K filed on December 20, 2023.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Eric Salzman was appointed as Interim Chief Executive Officer at Movella Holdings Inc..

Action: appointed
Role: Interim Chief Executive Officer

Exact text from the filing

appointed Eric Salzman as the Company’s Interim Chief Executive Officer in connection with Mr. Lee’s resignation from that position, effective as of the Effective Date (the “Leadership Transition”).

View on SEC.gov

Source: SEC EDGAR

accession 0001628280-24-000651

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.