Editor’s note: Skullcandy filed this notice with the SEC.
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) In connection with the previously announced consolidation of the offices of Skullcandy, Inc. (the “Company”), Richard Sargente, the Company’s Vice President, North American Sales, notified management of the Company on July 19, 2013 that he would not be relocating to the Company’s headquarters in Park City, Utah, in order to pursue other opportunities.
To facilitate an orderly transition, Mr. Sargente has agreed to continue in his role as Vice President, North American Sales until August 18, 2013 (the “Separation Date”). In exchange, Mr. Sargente and the Company will enter into a Separation Agreement (the “Separation Agreement”) on Mr. Sargente’s last day of employment that provides for the following additional benefits in exchange for continuing his role through the Separation Date and executing and not revoking a release of claims in favor of the Company and its affiliates:
(i) a transition bonus payment of $37,914.23 for continuing his role through the Separation Date;
(ii) a severance payment of $63,190.38, which will be paid within fourteen days following the Separation Date; and
(iii) premiums to continue COBRA coverage for ninety days following the Separation Date.
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