NEWARK, NY -- IEC Electronics has reached a separation agreement with its former chairman and chief executive, who was ousted in after a proxy battle last year.

Pursuant to the terms of the separation agreement, W. Barry Gilbert will receive a total of $1.05 million, $800,000 of which will be paid in the first 366 days of signing.

The separation benefit is subject to acceleration in the event of certain changes in control of IEC. The agreement also releases both parties from any claims.

Gilbert's reign at IEC was undone after shareholders voted in a slate of directors over his objections. A few weeks later he was replaced by his former subordinate Jeff Schlarbaum, one of the new directors.