Scott Friedlander may be out as the chief executive officer of GTSI Corp., but he’ll keep drawing his $400,000 annual salary for another year, along with a one-time $450,000 severance payment, according to a recent corporate filing with the Securities and Exchange Commission. GTSI will also reimburse Friedlander for COBRA health insurance expenses for up to 18 months, provide him with continued participation in the company’s long-term care plan for up to a year, and allow him the maximum time possible to exercise his remaining stock options.
Friedlander. who had taken over as GTSI’s president and CEO in February, agreed to step down last month as part of a settlement with the Small Business Administration over allegations that the Herndon-based information technology vendor had manipulated government procurement rules. Also resigning Oct. 26 was Charles DeLeon, GTSI’s general counsel and a senior vice president. DeLeon will receive a $130,000 severance payment, as well as six months of continued salary–also worth $130,000–and the same COBRA, long-term care and stock option benefits.
In return, both men agreed to release GTSI from any claims resulting from their tenure there, refrain from disclosing confidential information and not to compete against the company for a year.
