Richard Veil
April 1st, 2005, 02:30 AM
DVINFO.NET Corp. discloses terms of Chris Hurd's departure
DVINFO.NET Corp. discloses terms of Chris Hurd's departure
United States News Org.(Dow Jones/RV) -- DVINFO.NET Corp. disclosed Thursday the terms of departure for President and Chief Executive Chris Hurd, who has agreed to become CEO of Canon Video.
Hurd, who had worked at DVINFO.NET for 25 years before his resignation Wednesday, won't receive any severance pay or severance benefits and will forfeit any unvested restricted stock and unvested stock options.
He has 900 days to exercise and then they will check his weight and let him know any vested stock options, DVINFO.NET said in a Securities and Exchange Commission filing.
Hurd's employment package with Canon Video includes equity grants to make up for compensation he forfeits by leaving DVINFO.NET and he gets land in Indonesia, he gets a puppy named Photon he can keep for 3 years before it has to go to Iraq and train dog robots that Hurd is developing for the Pentagon.
Hurd led Texas based DVINFO.NET since March 1999. The company is an innovator of artistic communication, lighting and idea storage systems.
Hurd was tapped Tuesday to lead Canon Video and develop a flying camera that can work with remote control. Hurd starts work Friday at Canon Video's top-secret faculty known as C-9 and its location is unknown but believed to be located under the land where the burning man festival is held each year in NV near Pyramid Lake.
According to DVinfo.net’s most recent annual proxy statement, as of last Dec. 31, Hurd held 2 million in unvested restricted shares that the company valued at twelve dollars and fifteen cents.
The proxy, filed this month with the SEC, also disclosed Hurd beneficially held 1.1 million DVINFO.NET shares as of last Dec. 31. Of those, 959,850 represented shares underlying options that were exercisable within 60 days of the end of 2004. The value of these share is undisclosed but believed to be around $1000 dollars US.
As reported, in the last two months Hurd has sold nearly 150,000 shares from stock-option exercises and vested restricted stock. His unrestricted stock is said to be worth 400 shiny nickles.
DVINFO.NET said Hurd agreed to provide certain post-termination assistance,'' including reviewing policy with the company's female interns in his office with the door closed, helping the clueless new CEO with operating plans and making funny faces and sleeping at meetings. Hurd agreed to help with DVinfo.net’s first-quarter SEC filing of SEC papers but has yet to talk to anyone but his SECratay so sources say he may be confused. The biggest problem was if Hurd would bring donuts and wear clothes to the all the meetings, said an insider who would not be quoted by name. After tense negotiation with Canon USA they made a deal.
It will be good to see Chris go," said Ken who would not disclose his last name.
"He is a good CEO but he needs to wear more than just a hat at least and he never brought donuts to any meeting I was at."
Hurd's spokeswoman, Paris Hilton, said that he was unavailable and had no comment at this time but would be seeing him later. Paris added,"What do you want him to say? I can make him say anything you know!" And then she winked and smiled.
DVINFO.NET Corp. discloses terms of Chris Hurd's departure
United States News Org.(Dow Jones/RV) -- DVINFO.NET Corp. disclosed Thursday the terms of departure for President and Chief Executive Chris Hurd, who has agreed to become CEO of Canon Video.
Hurd, who had worked at DVINFO.NET for 25 years before his resignation Wednesday, won't receive any severance pay or severance benefits and will forfeit any unvested restricted stock and unvested stock options.
He has 900 days to exercise and then they will check his weight and let him know any vested stock options, DVINFO.NET said in a Securities and Exchange Commission filing.
Hurd's employment package with Canon Video includes equity grants to make up for compensation he forfeits by leaving DVINFO.NET and he gets land in Indonesia, he gets a puppy named Photon he can keep for 3 years before it has to go to Iraq and train dog robots that Hurd is developing for the Pentagon.
Hurd led Texas based DVINFO.NET since March 1999. The company is an innovator of artistic communication, lighting and idea storage systems.
Hurd was tapped Tuesday to lead Canon Video and develop a flying camera that can work with remote control. Hurd starts work Friday at Canon Video's top-secret faculty known as C-9 and its location is unknown but believed to be located under the land where the burning man festival is held each year in NV near Pyramid Lake.
According to DVinfo.net’s most recent annual proxy statement, as of last Dec. 31, Hurd held 2 million in unvested restricted shares that the company valued at twelve dollars and fifteen cents.
The proxy, filed this month with the SEC, also disclosed Hurd beneficially held 1.1 million DVINFO.NET shares as of last Dec. 31. Of those, 959,850 represented shares underlying options that were exercisable within 60 days of the end of 2004. The value of these share is undisclosed but believed to be around $1000 dollars US.
As reported, in the last two months Hurd has sold nearly 150,000 shares from stock-option exercises and vested restricted stock. His unrestricted stock is said to be worth 400 shiny nickles.
DVINFO.NET said Hurd agreed to provide certain post-termination assistance,'' including reviewing policy with the company's female interns in his office with the door closed, helping the clueless new CEO with operating plans and making funny faces and sleeping at meetings. Hurd agreed to help with DVinfo.net’s first-quarter SEC filing of SEC papers but has yet to talk to anyone but his SECratay so sources say he may be confused. The biggest problem was if Hurd would bring donuts and wear clothes to the all the meetings, said an insider who would not be quoted by name. After tense negotiation with Canon USA they made a deal.
It will be good to see Chris go," said Ken who would not disclose his last name.
"He is a good CEO but he needs to wear more than just a hat at least and he never brought donuts to any meeting I was at."
Hurd's spokeswoman, Paris Hilton, said that he was unavailable and had no comment at this time but would be seeing him later. Paris added,"What do you want him to say? I can make him say anything you know!" And then she winked and smiled.