Former Vonage CEO to Receive $1.2 Million in Severance, Benefits

Vonage Holdings Corp. in an SEC filing late Wednesday laid out how much it paid former CEO Michael Snyder upon his April 11 resignation.

Snyder will receive $150, 685 in bonuses for 2007; $1.1 million, or two-times Snyders base salary; $45, 833, or a months base salary; and $50,000 for outplacement services, an addition Snyder requested.

Vonage also agreed to cover Snyders health insurance premiums under the COBRA program for up to 18 months.

Snyder resigned after Vonage lost a patent infringement suit to Verizon Communications Inc. Vonage was ordered to pay millions of dollars in damages. The IP telephony provider is tackling workarounds to the infringed patents but has yet to announce any successful alternatives.

Verizon Communications Inc. www.verizon.com
Vonage Holdings Corp. www.vonage.com