Company: KVHI
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0001104659-25-040173
Chunk: 23

Company: KVH INDUSTRIES INC \DE\
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 23
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 and paid in March 2024. (5) Amounts reflect the value of 401(k) matching contributions and, in the case of Mr. Bruun, a housing allowance and, in the case of Mr. Pike, an automobile allowance. Mr. Bruun received a housing allowance of $5,000 for 2023, which allowance was discontinued for 2024. Mr. Pike’s automobile allowance was $7,672 and $7,463 for 2024 and 2023, respectively. Our named executive officers did not receive any other perquisites or personal benefits.

KVH Industries, Inc. 2025 Proxy Statement 16

TABLE OF CONTENTS COMPENSATION OF DIRECTORS AND EXECUTIVE OFFICERS (6) Amounts for Messrs. Kuebel and Balog for 2024 also include the following severance compensation: (a) a lump sum cash payment in the amount of $351,520 and $373,430, respectively, representing one year of base salary, (b) a lump sum cash payment in the amount of $49,598 and $52,689, respectively, representing a pro rata portion (based on the number of days the executive was employed in 2024, divided by 365) of the executive’s target bonus for 2024, (c) acceleration of vesting of restricted stock awards that would have vested during the 12 months following the date of termination, in the amount of $32,645 and $64,728, respectively, representing the aggregate value of the number of accelerated shares based on the fair market value of our common stock on the effective date of the executive’s separation agreement and release, and (d) payment of the monthly employer contribution to the executive’s health insurance premiums from the date of termination to December 31, 2024, in the amount of $5,988 and $17,423, respectively. Receipt of severance compensation in the form of continuation of base salary and payment of employer contributions to health insurance premiums was contingent on the executive’s continued compliance with non-disclosure, non-competition, non-solicitation and other restrictive covenants in the executive’s employment agreement. Each of Messrs. Kuebel and Balog also received acceleration of vesting of stock options that would have vested during the 12 months following the date of termination; however, no value is attributed to such acceleration because the exercise price of each such option exceeded the fair market value of our common stock, and