TELECOM Digest OnLine - Sorted: Former Vonage CEO to Receive $1.2 Million in Severance, Benefits

Former Vonage CEO to Receive $1.2 Million in Severance, Benefits

Vonage News Release (
Mon, 28 May 2007 14:34:38 -0500

Vonage Holdings Corp. in an SEC filing late Wednesday laid out how
much it paid former CEO Michael Snyder upon his April 11 resignation.

Snyder will receive $150,685 in bonuses for 2007; $1.1 million, or
two-times Snyder's base salary; $45,833, or a month's base salary; and
$50,000 for outplacement services, an addition Snyder requested.

Vonage also agreed to cover Snyder's health insurance premiums under the
COBRA program for up to 18 months.

Snyder resigned after Vonage lost a patent infringement suit to Verizon
Communications Inc. Vonage was ordered to pay millions of dollars in
damages. The IP telephony provider is tackling workarounds to the
infringed patents but has yet to announce any successful alternatives.

Verizon Communications Inc.
Vonage Holdings Corp.

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