Teradata pays ex-prez €4.2m to close 'invalid termination' settlement
German court finds against the chopping of German man
Data warehousing and business intelligence flogger Teradata has reached a settlement with ousted co-president Herman Wimmer, who alleged he was fired improperly.
Following a court order issued by the Augsburg Labour Court in Germany, Teradata has submitted a filing with the US Securities and Exchange Commission announcing that it has "complied with the terms of a settlement" with Wimmer in which the ousted co-president will receive a payment of more than €4.2m.
Wimmer's employment was terminated back on 1 December, 2015, following poor results in its financial report for the third quarter of that year.
At the time, the company's SEC filing said that both parties were "negotiating the terms of certain arrangements that will apply to [Wimmer's] separation from Teradata" but such negotiations failed, with the former co-president subsequently filing a legal action against the business on 21 March 2016, complaining that his sacking was actually invalid under German labour law.
According to the new SEC filing, the settlement terms mean that Wimmer was actually in employment with Teradata until 31 March, 2017, and as such should receive €4.2m, including a severance payment, as well his company car (a 2015 BMW X5, AWD 4dr xDrive 35l) and housing allowance.
According to the filing, the settlement established:
- for the 12-month period from April 1, 2016 through March 31, 2017 (the "Notice Period"), he received his annual base salary of €486,510.00 and his prorated bonus of €545,864.00 + €133,790.25 under the applicable Teradata annual incentive plan;
- a severance payment in the amount of $3,060,000.00 gross; and
- a car allowance through the end of the Notice Period, a housing allowance through the end of the applicable lease term (July 15, 2017), and expatriate benefits (including transition relocation expenses) through the end of the Notice Period.
Teradata will also pay Wimmer's legal fees of just over €56k, plus VAT. The company did not immediately respond to The Register with a statement. We will update this article if and when it does so. ®