Crimson Wine Restates Erle Martin Departure, Gives Him $750K Severance

Crimson Wine Company (Nasdaq: CWGL) filed 8K, and 8K/A documents with the SEC today that revise its previous statement regarding the sudden departure of President and CEO Erle Martin.

Among the documents was a severance agreement that included a $750,000 payment to Martin and a mutual release of legal liabilities between him and the company.

The severance agreement included a statement denying that any wrongdoing took place on either side: “By making this Agreement, the parties do not admit, and specifically deny, any fault, liability, or wrongdoing, and it shall not be used or construed as such in any proceeding.”

In addition, the company said that Martin had resigned to pursue other opportunities and included a copy of Martin’s resignation letter.

Direct links to the SEC filings and full severance agreement are provided for the convenience of Wine Executive News subscribers at this link.