Attached files

file filename
EX-10.21 - EXHIBIT 10.21 - COMSCORE, INC.exhibit1021-tenthamendment.htm
10-K - 10-K - COMSCORE, INC.scor2017ye10-k.htm
EX-32.2 - EXHIBIT 32.2 - COMSCORE, INC.exhibit322-certificationof.htm
EX-32.1 - EXHIBIT 32.1 - COMSCORE, INC.exhibit321-certificationof.htm
EX-31.2 - EXHIBIT 31.2 - COMSCORE, INC.exhibit312-certificationof.htm
EX-31.1 - EXHIBIT 31.1 - COMSCORE, INC.exhibit311-certificationof.htm
EX-23.2 - EXHIBIT 23.2 - COMSCORE, INC.a232-eyconsent.htm
EX-23.1 - EXHIBIT 23.1 - COMSCORE, INC.a231-dtconsent.htm
EX-21.1 - EXHIBIT 21.1 - COMSCORE, INC.exhibit211-subs.htm
EX-10.24 - EXHIBIT 10.24 - COMSCORE, INC.exhibit1024-executedardepo.htm
EX-10.23 - EXHIBIT 10.23 - COMSCORE, INC.exhibit1023-noticeoftermin.htm
EX-10.22 - EXHIBIT 10.22 - COMSCORE, INC.exhibit1022-eleventhamendm.htm
EX-10.20 - EXHIBIT 10.20 - COMSCORE, INC.exhibit1020-ninthamendment.htm
EX-10.19 - EXHIBIT 10.19 - COMSCORE, INC.exhibit1019-eigthamendment.htm
EX-10.18 - EXHIBIT 10.18 - COMSCORE, INC.exhibit1018-seventhamendme.htm
EX-10.17 - EXHIBIT 10.17 - COMSCORE, INC.exhibit1017-sixthamendment.htm
EX-10.16 - EXHIBIT 10.16 - COMSCORE, INC.exhibit1016-fifthamendment.htm
EX-10.15 - EXHIBIT 10.15 - COMSCORE, INC.exhibit1015-fourthamendmen.htm
EX-10.14 - EXHIBIT 10.14 - COMSCORE, INC.exhibit1014-thirdamendment.htm
EX-10.12 - EXHIBIT 10.12 - COMSCORE, INC.exhibit1012-firstamendment.htm
EX-10.2 - EXHIBIT 10.2 - COMSCORE, INC.exhibit102formofchangeofco.htm
EX-2.3 - EXHIBIT 2.3 - COMSCORE, INC.exhibit23waiverofassettran.htm
Exhibit 10.43


This Separation and General Release Agreement (“Agreement”) is made as of the 8th day of September, 2017, (the “Signature Date”) between comScore, Inc. (“Company”), a Delaware corporation, and David Chemerow (“Executive”).

WHEREAS, Company employed Executive as Chief Financial Officer and Treasurer.

WHEREAS, Executive and Company have come to the mutual decision that it is in their respective best interests that Executive’s employment with Company be terminated, and Executive and Company desire to set forth the terms of Executive’s separation from the Company.

THEREFORE, in consideration of the mutual promises contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned, intending to be legally bound, state and agree as provided

1. Separation. Executive and Company mutually agree that Executive has resigned from his position as Chief Financial Officer and Treasurer of, and ends his employment by, the Company, effective September 8, 2017 (the “Separation Date”). Effective the Separation Date, Executive is also deemed to have resigned from all other elected, appointed or otherwise held positions within the Company or from any organization in which he represents the Company. Executive further agrees to execute promptly upon request by the Company any additional documents to effect the provisions of this Section 1.

2. Payments, Benefits and Perquisites. Provided that Executive does not revoke and complies with (and continues to comply with) all terms of this Agreement, including but not limited to his obligations under Paragraphs 6, 7, 8 and 18 of this Agreement, and fulfills all obligations thereunder, Executive will be entitled to the following severance benefits:

a. The Company will continue to pay Executive his annual base salary of $359,611.00 less applicable taxes and withholdings as required by law (“Severance Payments”), in accordance with the Company’s current normal payroll cycle, beginning on the first pay period after the Effective Date and continuing for a period of 15 months, unless Executive has materially breached any provision of this Agreement.

b. The Company will pay Executive for all accrued salary and all accrued and unused paid time off earned through the Separation Date, subject to standard payroll deductions and withholdings, on the Company’s ordinary payroll date next-following the Separation Date.

c. The Company will pay Executive $200,000.00 in two equal payments of $100,000.00, less applicable taxes and withholdings as required by law, to be made on:

(i) a date within thirty (30) days after the first to occur of: (A) (I) the Company’s common stock has been listed for trading on the NYSE, or Nasdaq, (II) the Company’s stockholders have approved an equity plan pursuant to which the Company is permitted to issue restricted stock units to the Company’s employees, and (III) the trading window is open for all Company employees or (B) any entity or person acquires more than 50% of the Company's common stock or more than 50% of its assets; and (ii) February 1, 2019.

d. The Company agrees to pay Executive's attorneys’ fees incurred on or after August 30, 2017, relating to the negotiation and execution of this Agreement, in an amount not to exceed $25,000.00 with such payment to be made within thirty (30) days of the Effective Date.

e. Executive’s health insurance will terminate on the last day of the month in which the Separation Date occurs. If eligible, Executive may thereafter elect to continue Executive’s health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) or state insurance laws, if applicable, at Executive’s own expense (or, if Executive enters into this
Agreement, at the Company’s expense as provided in paragraph 2(g) below). Notice of Executive’s COBRA rights will be sent to Executive under separate cover. Executive’s rights to elect such coverage are not contingent upon his entering into this Agreement.

f. Executive agrees that, within 10 days following the Separation Date, Executive will submit Executive’s final documented expense reimbursement statement reflecting all business expenses he incurred through the Separation Date, if any, for which Executive seeks reimbursement. The Company will reimburse Executive for these expenses pursuant to its regular business practice.

g. If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to COBRA for Executive and Executive’s eligible dependents, and for so long as Executive has not yet elected replacement coverage, then the Company will pay the COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Executive’s termination) for a period of 18 months following the Separation Date. Executive agrees to notify Company when he has elected replacement coverage.

h. The Company agrees that Executive’s currently outstanding unvested restricted stock units, previously granted to Executive under the Company’s 2007 Equity Incentive Plan, will not terminate upon the Separation Date but instead will
continue to vest pursuant to the previously established vesting schedule as follows:
(i) 5,000 RSUs on February 15, 2018;
(ii) 8,750 RSUs on August 5, 2018;
(iii) 8,750 RSUs on August 5, 2019; and
(iv) 8,750 RSUs on August 5, 2020.

i. The Company agrees that Executive’s outstanding and exercisable options to purchase 449,912 shares of common stock that Executive currently holds will be extended, and such options shall not expire, until the date that is 6 months after the date that the issuance and sale of shares of Common Stock of the Company pursuant to the Company’s Registration Statement on Form S-8 (File No. 333-209310) is permitted. The Company shall promptly notify the Executive when such issuance and sale of shares is permitted.

j. At the time that the Company publicly announces Executive’s resignation, the language included on Exhibit C hereto is the agreed upon language for inclusion in the press release and related Form 8-K relating to Executive and his resignation. The Company agrees that it will not make any contrary statements concerning or about Executive in the press release or Form 8-K.

k. Executive expressly understands and acknowledges that the Company agrees to provide the above-stated payments and benefits in exchange for Executive’s compliance with the terms set out in this Agreement. Executive further acknowledges and agrees that he is not entitled to receive payment of any of the benefits set forth in Paragraph 2 absent execution of this Agreement. With the
exception of the benefits described in Paragraph 2(b) and 2 (j), Executive understands and agrees that the Company shall not provide any of the consideration set forth in this Agreement (including without limitation the payments or additional benefits listed in this Paragraph 2) until after the Effective Date. If Executive materially fails to comply with any of his obligations under this
Agreement during the term for payment described above, Executive understands and acknowledges that the Company may cease making any of the above described payments and benefits. Executive also acknowledges that if any payments are made to him under the terms of this Agreement, but are suspended as a result of a material breach by Executive of any provision of this Agreement, including but not limited to his continuing obligations under Paragraphs 6, 7, 8 and 18, then the payments made to Executive are satisfactory and adequate consideration for the covenants and releases made by Executive herein.

3. Other Compensation or Benefits. Executive acknowledges that, except as expressly provided in this Agreement, Executive is not entitled to and will not receive any additional compensation, severance, or benefits from the Company after the Separation Date other than vested compensation or benefits under the Company’s employee benefit plans in accordance with the respective terms thereof. Other than the 13,750 restricted stock units which have vested but not been delivered to Executive and as expressly set for forth in Paragraph 2 above, Executive acknowledges that he is not entitled to any stock options, restricted stock, restricted
stock units or other equity awards from the Company.

4. Compensation Clawback. Executive acknowledges and agrees that, in addition to any other rights the Company may have, if the Company is required to claw back any incentive or other compensation pursuant to the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, any regulations promulgated thereunder, or any other laws or regulations that may apply to Executive whether in effect now or in the future, the Company shall be entitled to cease any Severance Payments, and apply those Severance Payment amounts toward any such claw back. Nothing in this Agreement shall prevent Executive from
commencing an action to challenge a termination of his Severance Payments if he believes (i) the Company was not required to claw back his Severance Payments or (ii) the Company terminated the Severance Payments in breach of this Agreement. In addition, nothing in this Agreement shall prevent or waive Executive’s ability or right to contest or defend against any claim made against him for disgorgement, penalties, fines, forfeiture, or the return of any compensation or benefits of any kind in any government inquiry or proceeding or in any litigation brought against the Company or the Executive.

5. Return of Company Property. Executive agrees to return all Company Property that Executive has in his possession to the Company no later than ten (10) business days following the Separation Date. Executive further agrees not to retain any Company documents or any copies thereof except as provided below. “Company Property” shall include, but not be limited to: Company files; manuals; notes; drawings; records; business plans and forecasts; financial information; specifications; computer-recorded information; tangible property (including, but not limited to: computers; smart phones; cell phones; PDAs); credit cards; entry

cards; identification badges and keys; and any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). Notwithstanding the foregoing, (a) Executive and his counsel may retain copies of documents relating to this Agreement, his employment relationship with the Company, and his benefits, compensation and equity interests; and (b) Executive’s counsel (and any experts engaged by such counsel) may retain any Company documents provided to such counsel by the Company, by the Executive or by counsel for any party for the purpose of assisting in their defense of Executive in any government inquiries or proceedings or in any litigation brought against the Company or
Executive (the “permitted purposes”) and any copies thereof, provided that Executive’s counsel and experts use such Company documents only for the permitted purposes, maintain the confidentiality of such Company documents (including, if they must be filed in court, filing them under seal if possible), and return them to the Company when they are no longer needed for the permitted purposes (or, in the case of Company documents reflecting Executive’s attorneys’ work product or attorney-client communications between Executive and his attorneys, certifying their destruction when they are no longer legally required to be maintained), and provided further that Executive and his counsel return to the Company promptly upon request, and share with no other party without the Company’s express written consent, any Company documents containing the Company’s attorney-client privileged information or attorney work product of the Company’s counsel.

6. Proprietary Information and Noncompetition Obligations. Executive acknowledges his continuing obligations under the At-Will Employment, Confidential Information, Invention Assignment and Arbitration Agreement executed by Executive (the “Confidentiality Agreement”), a copy of which is attached hereto as Exhibit A, including but not limited to, Executive’s obligations related to confidentiality and noninterference with personnel relations. For purposes of Paragraph 7(A) of Exhibit A only, the parties agree that the term “Covered Business” includes but is not limited to the following entities: Nielsen, Moat, IAS, DoubleVerify, Kantar, SimilarWeb, GfK, Mediametrie, Embee, RealityMine and Conversant, as well as business lines within Oracle or Adobe that compete directly or indirectly with the Company; provided, however, that the inclusion of any company in this list shall not be deemed to mean that any other company that operates in the “Covered Business” is excluded from the restrictions set out in Paragraph 7(A) of Exhibit A. Notwithstanding anything herein or in Exhibit A to the contrary, Executive shall not be held liable under this Agreement, Exhibit A or any other agreement or any federal or state trade secret law for making any confidential disclosure of a Company trade secret or other confidential information to a government official or an attorney for purposes of reporting a suspected violation of law or regulation, or in a court filing under seal.

7. Non-Disparagement. The Company agrees that it will cause its executive officers to refrain from making any statement(s) that disparage Executive, and Executive agrees to refrain from making any statement(s) that disparage the Company, its directors or executive officers. Nothing in this provision, or in any other provision of this Agreement, should be construed to limit the Executive from (i) complying with any valid subpoena or court order (about which Executive shall provide the Company with prompt notice , a copy of the subpoena or court order, and a transcript of any testimony, all to the maximum extent permitted by applicable law or policy); (ii) cooperating with any government investigation; (iii) voluntarily communicating, without notice to or approval by the Company, with any government agency regarding a potential violation of any law or regulation; (iv) cooperating with any reasonable requests by the Company; or (v) responding to untruthful statements made about him or defending himself in connection with any litigation or investigation. Similarly, nothing in this provision, or in any other provision of this Agreement, should be construed to limit the Company or any of its directors, officers or employees from (i) complying with any valid subpoena or court order; (ii) making statements that it concludes in good faith after consultation with counsel (a) are appropriate in filings, releases, and other documents prepared in connection with applicable securities laws or (b) may otherwise be required under any other applicable law; (iii) conducting in good faith investigations or inquiries regarding any potential violation of law; (iv) communicating with any government agency; or (v) responding to untruthful statements made about them or defending themselves in connection with any litigation or investigation.

8. Cooperation. Executive is permitted to cooperate fully and truthfully with any government authority conducting an investigation into any potential violation of any law or regulation. Nothing in this Agreement is intended to or shall prohibit Executive from providing such cooperation. Executive also agrees to provide reasonable cooperation and assistance to the Company and/or its Board of Directors or any committees thereof in any formal or informal investigation into or litigation involving matters which Executive has relevant knowledge to the extent reasonably requested. Executive agrees and acknowledges that such assistance and cooperation may include, but not be limited to, providing all relevant information and documents reasonably available to Executive about matters on which he worked. Executive agrees to make himself reasonably available to the Company or its representatives at a mutually agreeable time for interviews and meetings regarding any matter relating to his employment or matters on which he worked while employed at the Company as may be reasonably requested. The Company shall reimburse Executive for the reasonable expenses he incurs in the course of cooperating with such Company requests.

9. Release of All Claims. Except as otherwise set forth in this Agreement, Executive hereby releases, acquits and discharges the Company and its affiliates, and their officers, directors, agents, servants, employees, attorneys, shareholders, successors and assigns
(collectively, the “Released Parties”), of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys’ fees, damages, indemnities (except those indemnification rights excluded below) and obligations of every kind and

nature, in law, equity or otherwise, known or unknown, suspected or unsuspected, disclosed and undisclosed, arising out of or in any way related to any and all agreements, events, acts or conduct executed or occurring at any time prior to and including the date on which Executive executes this Agreement, including but not limited to: all such claims and demands directly or indirectly arising out of or in any way connected with Executive’s employment with the Company or the termination of that employment; claims or demands related to salary, incentive payments, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to federal, state or local law, statute or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the Age Discrimination in Employment Act, as amended (the “ADEA”); the federal Americans with Disabilities Act of 1990, as amended; tort law; contract law; wrongful discharge; discrimination; harassment; fraud; defamation; emotional distress; and breach of the implied covenant of implied good faith and fair dealing.


Nothing in this Agreement shall be construed to prohibit Executive from commencing, instituting, participating, providing truthful information, or otherwise assisting in any investigation or proceeding conducted by the Equal Employment Opportunity Commission, the National Labor Relations Board, the Securities and Exchange Commission or any other government agency; provided, however, that by signing this Agreement, Executive agrees to waive and release any right Executive may have to recover monetary relief or compensation from the Released Parties in connection with any such proceeding or investigation. For the avoidance of doubt, nothing herein prevents Executive from receiving any whistleblower or similar award. Further, this release shall not be deemed to affect a release of any claim that may not be released by law, including rights to unemployment or workers compensation, and rights to vested benefits governed by ERISA, nor shall it be deemed to affect a release of any right to enforce the terms of this Agreement or any rights Executive may have to indemnification under the Indemnification Agreement (attached hereto as Exhibit B), the Company’s By-Laws or applicable law. Executive understands that this Agreement: (i) does not preclude him from challenging the validity of this Agreement, including the waiver and release provisions, under the ADEA; and (ii) does not waive any rights or claims which first arise after the Signature Date. Executive represents and warrants that Executive has not previously filed or joined in any claim released herein.

10. Knowledge of Claims Against Executive. As of the Signature Date, the Company acknowledges that neither Gian Fulgoni, the Company's Chief Executive Officer, nor Carol DiBattiste, the Company's General Counsel & Chief Compliance, Privacy and People Officer, is aware of any claim or potential claim that the Company might have against Executive under any legal, equitable, contract, tort, statutory or other theory.

11. Waiver and Release Acknowledgement. Executive acknowledges that Executive is knowingly and voluntarily making the above waiver and release. Executive also acknowledges that the consideration given for the waiver and the release in the preceding paragraphs hereof is in addition to anything of value to which Executive was already entitled. Executive further acknowledges that:

a. Executive has been and is advised to consult an attorney regarding this Agreement prior to executing it and that he has been given sufficient time to do so;

b. Executive has received full and adequate consideration for this Agreement, including the waiver and release herein; and

c. Executive fully understands and acknowledges the significance and consequences of this Agreement and represents by his signature that the terms of this Agreement are fully understood and voluntarily accepted by him. This Agreement has been
individually negotiated by Executive and is not part of a group exit incentive or other group employment termination program.

12. Acknowledgment Regarding the Age Discrimination in Employment Act and, specifically, 29 U.S.C. § 626(f). Executive understands that as part of this Agreement, he voluntarily and knowingly waives rights or claims under the ADEA, and acknowledges that the knowing and voluntary waiver of his claims is in accordance with the ADEA, and, specifically, 29 U.S.C. § 626(f).

13. Acceptance and Revocation. This Agreement was presented to Executive for review and consideration on August 30, 2017 (“Review Date"). Executive understands that he has had at least twenty-one (21) days from the Review Date within which to decide whether to sign this Agreement and return it to Company. Executive agrees and understands that any changes to this Agreement that may be negotiated between Executive and Company, whether material or immaterial, will not restart the time Executive has to consider and sign the Agreement. Executive understands that he may sign and return the Agreement at any time before the expiration of the twenty-one (21) day period. Executive further understands that he has seven (7) days after signing this Agreement to revoke it in writing submitted to Carol DiBattiste, General Counsel & Chief Compliance, Privacy and People Officer,

at ("Revocation Period"). This Agreement shall not become effective until (1) Executive has signed the Agreement, and (2) the Revocation Period has expired without Company having received written notice of a revocation (“Effective Date”).

14. Enforcement. Except as otherwise provided herein, if any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

15. Costs. Other than any costs recoverable under Section 2(d) or 14 the parties intend that each shall bear its own costs, if any, that may have been incurred relating to this Agreement.

16. No Admission of Liability. This Agreement is not an admission of liability by any party.

17. Notice. In the event that any notice is to be given to any party under this Agreement, it shall be given by certified mail, return receipt requested, and addressed to the party as follows:

To Company:         comScore, Inc.
Attention: General Counsel
11950 Democracy Drive, Suite 600
Reston, VA 20190.

To Executive:         David Chemerow
Address on File

With a copy to:

David E. Schwartz, Esq.
Skadden, Arps, Slate Meagher & Flom LLP
4 Times Square
New York, New York 10036

18. Continuing Obligations. The parties agree that the terms of the Confidentiality Agreement and the Indemnification Agreement, attached hereto as Exhibits A and B, respectively, continue in full force and effect. For the avoidance of doubt, nothing herein alters:
(i) Executive’s rights or obligations with respect to indemnification as set forth in the Indemnification Agreement, the Company’s By-Laws or applicable law; or (ii) Executive’s obligations and the Company’s rights under the Confidentiality Agreement as stated above in Paragraph 6.

19. Section 409A. It is intended that all amounts or benefits provided under this Agreement comply with or be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and treasury regulations relating thereto, so as not to subject Executive to the payment of any interest and tax penalty which may be imposed under Section 409A of the Code, and this Agreement shall be interpreted, construed, and administered accordingly; provided, however, that the Company and the other Released Parties shall not be responsible for any taxes, penalties, interest or other losses or expenses incurred by Executive due to any failure to comply with Section 409A of the Code. In furtherance thereof, the terms of this Agreement, to the extent necessary, may be modified to be exempt from and so comply with Section 409A of the Code. Each payment under this Agreement as a result of the separation of Executive’s service shall be considered a separate payment for purposes of Section 409A of the Code.

20. Miscellaneous. This Agreement, along with the Confidentiality Agreement and the Indemnification Agreement, constitutes the full and entire understanding and agreement between the parties regarding the subjects hereof. It is entered into without reliance on any promise or representation, written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in writing signed by both Executive and a duly authorized officer of the Company. This Agreement shall bind the heirs, personal representatives, successors and assigns of both Executive and the Company, and inure to the benefit of both Executive and the Company, their heirs, successors and assigns. Executive represents and warrants that Executive has not previously assigned or transferred, or purported to assign or transfer, to any person or entity, any of the claims released herein and Executive agrees to indemnify and hold harmless the Released Parties from any claim, demand, debt, obligation, liability, cost, expense, right of action or cause of action based on, arising out of or in assignment. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question shall be modified by

the court so as to be rendered enforceable. This Agreement shall be governed in all respects by the laws of the Commonwealth of Virginia, without reference to its choice of law rules. This Agreement may be signed electronically and in counterparts.

The undersigned state that they have carefully read this Agreement, that they know and
understand its terms, and they sign it freely.

September 8, 2017


/S/ Carol DiBattiste_
Name: Carol DiBattiste
Title: General Counsel & Chief Compliance, Privacy and People Officer

David Chemerow