Nogin, Inc. appointed new CEO

Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On January 27, 2023, Jan-Christopher Nugent, Co-Chief Executive Officer and Chairman of the board of directors (the "Board") of Nogin, Inc. (the "Company"), resigned as the Company's Co-Chief Executive Officer and as a member and Chairman of the Board, effective as of January 27, 2023 (the "Effective Date"). Mr. Nugent's resignation is not the result of any disagreement with the Company on any matter relating to the Company's operations, policies, or practices. 

Jonathan S. Huberman, the Company's other Co-Chief Executive Officer, will serve as the sole Chief Executive Officer of the Company beginning as of the Effective Date. Mr. Huberman has been the Company's Co-Chief Executive Officer since August 2022. Following Mr. Nugent's departure, the Board consists of six directors, four of whom are independent. 

In connection with his resignation, Mr. Nugent, Nogin Commerce, Inc. and the Company entered into a Separation Agreement and Mutual Release (the "Separation Agreement"). The Separation Agreement provides that, subject to Mr. Nugent's continued compliance with the restrictive covenants in any written agreements between Mr. Nugent and the Company, Mr. Nugent will be entitled to receive severance compensation equal to 24 months of his base salary, or $960,000, and continued coverage under the Company's group health insurance under the Consolidated Budget Reconciliation Act of 1985 ("COBRA") for 24 months following the Effective Date. In addition, the Company agreed to pay Mr. Nugent a cash bonus in an amount equal to $267,021, with $167,021 payable not later than February 9, 2023 and the remainder payable not later than September 29, 2023. 

The Separation Agreement also contains a general release of claims in favor of the Company, a release of claims in favor of Mr. Nugent, non-disparagement provisions and provisions regarding the protection of the Company's proprietary and confidential information that apply indefinitely and provisions requiring the return of Company property. 

The foregoing description of the Separation Agreement is qualified in its entirety by the Separation Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.