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Related Party
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6 Months Ended |
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Jul. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
14. Related Party
On September 1, 2009, we completed our acquisition of eventIS Group B.V. (“eventIS”) from a holding company in which Erwin van Dommelen, elected President of SeaChange Software in March 2010, has a 31.5% interest. We have made cash payments to date to the holding company of $44.0 million and issued approximately 300,000 restricted common shares. On September 1, 2012, we amended the eventIS share purchase agreement with the holding company which will accelerate unvested restricted shares of approximately 175,000 shares on September 1, 2013 and obligated cash payments of $2.2 million were paid on September 1, 2012. We have also accrued $1.0 million for additional payments that may become due under the earn-out provisions of the eventIS share purchase agreement, which will be paid to the holding company if certain performance goals are met.
On April, 5, 2012, we purchased 63,000 shares from our former CEO, William Styslinger, III. The consideration for these shares totaled $504,000 at the then current market price of $8.00 per share. In addition, in connection with his retirement, Mr. Styslinger and SeaChange entered into a separation agreement, dated as of November 29, 2011. Under the terms of the separation agreement, we agreed to pay Mr. Styslinger $950,000 in twelve equal monthly installments on SeaChange’s regular payroll schedule. For the six months ended July 31, 2012, we made severance payments of $475,000 and $317,000 remains as an outstanding liability. |