Jeff Karp, chief marketing and Revenue officer of Zynga, resigned from his position on September 10, 2012. In a filing with the SEC, Zynga said that pursuant to a transition and separation agreement, Mr. Karp will continue to be employed by Zynga in a non-officer capacity, and will provide transition services through September 22, 2012.
Zynga will also pay Mr. Karp, as severance, an amount in cash equal to the equivalent of three months of his base salary in effect as of the separation date. Zynga will also pay Mr. Karp an amount in cash equal to three months of premium payments to extend his health insurance under COBRA, and accelerate the vesting of 100,000 unvested Zynga Stock Units under Mr. Karp’s previous award. In connection with his resignation, Mr. Karp agreed to a standard general release of claims.
[Image Courtesy: Zynga]