UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.02. | Termination of a Material Definitive Agreement. |
On March 21, 2021, SeaChange International, Inc. (“SeaChange” or the “Company”) entered into a Sublease Termination Agreement (the “Termination Agreement”) with respect to its Sublease Agreement, dated December 19, 2019, with Saucony, Inc. for the lease of its current headquarters located at 500 Totten Pond Road, Waltham, Massachusetts. The Termination Agreement provides for the early termination of such sublease effective March 21, 2021, and otherwise contains customary terms for the early termination of a corporate lease. Prior to the execution of the Termination Agreement, the sublease had been scheduled to expire in February 2025.
In connection with the early termination of the sublease, the Company will pay the sublandlord a termination payment of approximately $429,900 against an obligation of approximately $2.8 million. As a result of the Termination Agreement, the Company expects a savings of approximately $2.4 million in facilities costs over the course of the remaining term, or an annualized savings of approximately $600,000.
A copy of the Termination Agreement is included as Exhibit 10.1. The foregoing description of the Termination Agreement is qualified in its entirety by reference to the full text of the Termination Agreement, which is incorporated herein by reference.
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Chief Technology Officer Resignation.
(b)
On March 22, 2021, Marek Kielczewski resigned as the Chief Technology Officer of SeaChange, effective March 24, 2021 (the “Resignation”). Mr. Kielczewski’s Resignation is not a result of any disagreement with the Company relating to the Company’s operations, policies or practices. Mr. Jakub Kulesza, the Company’s current Senior Vice President of Research & Development and General Manager of Poland, will assume Mr. Kielczewski’s responsibilities effective immediately.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit No. |
Description | |
10.1 | Sublease Termination Agreement dated March 21, 2021. | |
104 | Cover Page Interactive Data File, formatting Inline Extensible Business Reporting Language (iXBRL). |
SIGNATURE
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.
SEACHANGE INTERNATIONAL, INC. | ||||
By: | /s/ Michael D. Prinn | |||
Michael D. Prinn | ||||
Senior Vice President, Chief Financial Officer & Treasurer |
Dated: March 25, 2021