CafePress Inc. (NASDAQ:PRSS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(d) |
Appointment of Laurie Furber, as Director |
On September 21, 2017, the Board of Directors (the "Board") of CafePress Inc. (the “Company”) voted to elect Laurie Furber to serve as a Class II director of the Board, effective September 21, 2017, and to serve on the Board’s Nominating and Corporate Governance Committee. Ms. Furber will serve until the next election of Class II directors by the shareholders.
Ms. Furber, age 53, has served as the Founder and Creative Director for Elsie Green House & Home since September 2011. She previously served as Senior Vice President of Merchandising for Pottery Barn from 1999 to 2011, and Buyer for Walt Disney Company from 1996 to 1999.
Ms. Furber will receive, on a prorated basis, the Company’s standard director compensation arrangements applicable to directors who are not employees of the Company in accordance with the terms of director compensation disclosed in the Company’s Proxy Statement filed with the Securities and Exchange Commission on April 10, 2017. The Company and Ms. Furber will also enter into the Company’s customary forms of Indemnification Agreement and Non-Disclosure Agreement.
In addition, on September 21, 2017, the effective date of Ms. Furber’s appointment to the Board, Ms. Furber was automatically granted an option to purchase 133,779 shares of the Company’s common stock under the Company’s Amended and Restated 2012 Stock Incentive Plan. This initial option will vest and become exercisable over four years, with the first 1/4th of the shares subject to the initial option vesting on the first anniversary of the date of grant and the remainder vesting monthly thereafter over the subsequent three years. The option will have a per share exercise price equal to 50% of the fair market value of the underlying shares on the date of grant and will become fully vested if a change in control occurs or if Ms. Furber is not re-elected after standing for re-election at the end of her term.
There was no arrangement or understanding between Ms. Furber and any other persons to which Ms. Furber was elected as a director.
About CafePress Inc. (NASDAQ:PRSS)
CafePress Inc. is an online retailer of personalized products offering various gifts and accessories, including t-shirts and apparel, mugs and drinkware, and home goods, such as custom shower curtains and bed coverings. The Company conducts its business on its primary United States-based domain, CafePress.com, and also operates CafePress branded Websites for the markets in the United Kingdom, Canada and Australia. It also sells CafePress branded products through other online retail partners. Its products are customized with designs contributed through various means, including crowd-sourced user generated content, stock art licenses and licensed content relationships with entertainment companies and brands. Its facility in Louisville, Kentucky has technology and manufacturing processes that enables it to provide customized products that are individually built to order. The Company’s processes enable it to produce a range of merchandise.