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ALTEVA, INC. FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02.Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 16, 2014, Alteva, Inc. (the "Company") entered into a settlement agreement and mutual release agreement (the "Agreement") with David J. Cuthbert ("Mr. Cuthbert"), the Company's former President and Chief Executive Officer. The Agreement contains a mutual release and waiver of claims between the Company and Mr. Cuthbert, including any claim by Mr. Cuthbert to any equity or severance compensation under that Employment Agreement between the parties, dated March 5, 2013, that Restricted Stock Award Agreement between the parties, dated March 13, 2013, and any other verbal or written agreement or plan governing the parties, including, without limitation, salary or benefits continuation, bonus payment or deferred compensation. In consideration for Mr. Cuthbert's execution of the Agreement, the Company agreed to pay to Mr. Cuthbert the amount of seven hundred and fifty thousand dollars ($750,000.00), less certain taxes and withholdings, in accordance with Section 409A of the Internal Revenue Code of 1986. In addition, the Company eliminated the position of Chief Administrative Officer. Accordingly, on October 22, 2014, Ms. Jennifer M. Brown, the Company's Chief Administrative Officer, Corporate Secretary and Executive Vice President left the Company. The terms of Ms. Brown's separation from the Company are being finalized. The description of the Agreement herein does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference. Item 9.01. Financial Statements and Exhibits. (d)Exhibits Exhibit No. Description 10.1 Settlement Agreement and Mutual Release Agreement between Alteva, Inc. and Mr. David J. Cuthbert, dated October 16, 2014. 2 -------------------------------------------------------------------------------- |