(Alliance News) - Website developer Grafenia PLC said Tuesday that Neil Cousins, an executive at the company, will step down from his role with effect on August 30.
Cousins is also one of the sellers of Image Everything Ltd to Grafenia. He has entered a new consultancy agreement, as well as a Nettl partner licence agreement.
Under the consultancy agreement he will continue providing services to Grafenia for a minimum of 12 months.
In addition, he will move to Nettl of Romiley in Greater Manchester to sell web, display and print products to new clients, which will be fulfilled through Grafenia's systems and supply chain.
As a result of his new role, Cousins will forgo his GBP220,000 share of the deferred payment for the acquisition of Image Everything.
In September, Grafenia amended the terms of its acquisition of Image Everything, agreeing to replace the potential GBP600,000 earn-out with a fixed additional deferred consideration of GBP550,000, payable in cash.
The consideration would have been paid in 12 monthly instalments starting from the end of September.
Grafenia initially announced the acquisition of Image Everything in July 2017.
"It's been a pleasure working with Neil over the past few years. We appreciate all the efforts he's made in developing our sign range. We're really pleased that the next chapter of his story will include Nettl and look forward to popping the cork at the launch of Nettl of Romiley," said Chief Executive Officer Peter Gunning.
Shares in Grafenia were down 6.4% at 10.3 pence on Tuesday.