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(May 16, 2001) -- According to its quarterly report released last week, iVillage CEO Candice Carpenter resigned as a member of the company's board of directors in April, but will remain an employee "available for special projects for the request of our chief executive officer and board of directors" through Dec. 31, 2002.

Carpenter received a one-time lump sum cash payment of $1,327,900 (less an interest payment of $27,900 on her promissory note to iVillage) in lieu of the salary, bonus and other payments set forth in her October 2000 agreement with the company.

She also will receive a monthly salary of $3,100 in 2001 and $2,325 in 2002, at which point the company's "obligation to pay Ms. Carpenter salary terminates" on Dec. 31, 2002. The amendment also provided that Carpenter would surrender to the company 333,334 iVillage stock options with an exercise prices of $24, and 75,000 iVillage stock options with an exercise price of $17.17. -- Adrienne Mand

Copyright May 2001, Crain Communications Inc.

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