Thursday, May 15, 2008

Dario Santana Employment Agreement Not Renewed at NTN Buzztime

I really want to talk about the NTN Buzztime games.

I really really do.

In fact, I'm even thinking about a regular scheduled series on the games (similar to something that I'm doing on my other Empoprises blog).

But, unfortunately, business issues at NTN Buzztime keep on getting in the way.

Specifically, Kent Gibbons at Multichannel News reported the following earlier today (Thursday):

NTN Buzztime said Thursday it’s terminating the employment of CEO Dario L. Santana as of July 9 after failing to reach agreement on renewal terms.

Santana, a former executive with General Instrument and Motorola Broadband and a streaming-media startup called Aerocast, came to the Carlsbad, Calif.-based interactive-TV game provider in July 2006.

The official Form 8-K read like this:

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

NTN Buzztime, Inc. (the “Company”) and Dario L. Santana, the Company’s President and Chief Executive Officer, were unable to reach agreement on renewal terms to the Employment Agreement, dated June 7, 2006, between the Company and Mr. Santana (the “Agreement). Accordingly, on May 9, 2008, the Company provided Mr. Santana with written notice of its election not to renew the Agreement. If neither party to the Agreement gave such notice of election not to renew by May 10, 2008, the terms of the Agreement would have resulted in the automatic extension of Mr. Santana’s employment with the Company for an additional one-year period commencing July 10, 2008. Mr. Santana’s employment with the Company will terminate at the close of business on July 9, 2008. Mr. Santana continues to serve as a director of the Company.

The Company has commenced an active search for a successor Chief Executive Officer.

The terms of the Agreement require the payment of severance and other compensation as a result of the Company’s non-renewal of the Agreement. Post-employment, if he gives the Company a general release on or promptly following his last day of employment, Mr. Santana is entitled to receive compensation equal to his current base salary for a term of 12 months plus COBRA premiums for the earlier of 12 months or until Mr. Santana becomes eligible for medical coverage with another employer. Mr. Santana’s current base salary is $400,000 per year.


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.


BY: /s/ Kendra Berger
Kendra Berger
Chief Financial Officer

Date: May 15, 2008

So, if you want to live in Carlsbad and believe you can resurrect a not-so-healthy company, contact Kendra Berger now.

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