Severance and Other Restructuring Costs |
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Jan. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Severance and Other Restructuring Costs |
7. Severance and Other Restructuring Costs During fiscal 2016, we incurred restructuring charges totaling $1.1 million. These charges included $1.0 million of severance costs for terminated employees. In addition, we incurred $0.1 million of other restructuring charges primarily due to the write off of leasehold improvements. The following table shows the change in balances of our accrued severance reported as a component of other accrued expenses on the consolidated balance sheet as of January 31, 2016 (amounts in thousands):
As a result of the decision to undertake restructuring activities relating to our Timeline Labs operation, we incurred $0.7 million in severance and restructuring charges in February 2016. In addition, effective April 6, 2016, Jay Samit, our former Chief Executive Officer (“CEO”), was terminated without cause and has resigned from our Board of Directors. In connection with his termination, Mr. Samit and SeaChange entered into a Separation Agreement and Release of Claims (“Separation Agreement”). Under the terms of the Separation Agreement and consistent with its pre-existing obligations to Mr. Samit in connection with the termination without cause, we incurred a charge of $1.4 million in the first quarter of fiscal 2017 that included $0.6 million for satisfaction of his fiscal 2016 and 2017 annual bonuses and $0.8 million payable in twelve equal monthly installments. Payment of these obligations to Mr. Samit will be completed in the first quarter of fiscal 2018. |
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- References No definition available.
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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