CCA Industries, Inc. (NYSEMKT:CAW) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
Agreement (the Agreement) with Douglas Haas, the Companys
President and Chief Operating Officer (the Executive).
employment for Cause (as defined in the Agreement) or the
Executive terminates his employment other than for Good Reason
(as defined in the Agreement), he shall be entitled to receive
all base salary and other benefits earned and accrued prior to
the date of termination (accrued payments). If the Company
terminates the Executive without Cause or the Executive
terminates his employment for Good Reason, the Executive shall be
entitled to receive accrued payments and a single-sum payment of
an amount equal to one times (a) the average of the base salary
amounts paid to Executive over the three calendar years prior to
the date of termination, (b) if less than three years have
elapsed between February 22, 2017 and the date of termination,
the highest base salary paid to the Executive in any calendar
year prior to the date of termination, or (c) if less than twelve
months have elapsed between February 22, 2017 and the date of
termination, the highest base salary received in any month times
twelve. In the event of a termination of employment without Cause
or for Good Reason, the treatment of any unvested equity awards
held by the Executive at the time of termination would be
determined in the discretion of the Compensation Committee.
connection with a Change of Control (as defined in the
Agreement). If the Executive terminates employment with the
Company at any point during the one-year period following the
first anniversary of a Change of Control, that termination will
be deemed a Good Reason termination. In the event of a
termination to the foregoing sentence or, if during the one-year
period following the Change of Control, the Company terminates
the Executives employment without Cause (and other than due to
death or disability) or the Executive terminates his employment
for Good Reason, then in addition to the payments described in
the foregoing paragraph, the Executive would be entitled to
accelerated vesting of his unvested equity awards.
disability or death of the Executive, the Executive (or his
estate or beneficiaries) shall be entitled to receive (i) accrued
payments, (ii) a single-sum payment in an amount equal to the
Executives then current base salary, (iii) a single-sum payment
in an amount equal to the highest bonus earned by the Executive
in the one-year period preceding the termination, pro-rated for
the number of days in the fiscal year preceding the termination,
(iv) six months continuation of health benefits and (v)
accelerated vesting of his unvested equity awards. The treatment
of any outstanding performance-based long-term incentives held by
the Executive at the time of termination would be determined in
the discretion of the Compensation Committee.
restrictions for a period of six months following the termination
of his employment for any reason, during which period the
Executive will be paid an amount equal to his base salary for a
period of six months, and an amount equal to the pro rata share
of any bonus attributable to the portion of the year completed
prior to the date of termination. The Executive has also agreed
to confidentiality and non-solicitation restrictions under the
Agreement.
entirety by the full text of the Agreement, a copy of which is
attached as Exhibit 10.1 to this Current Report on Form 8-K and
incorporated herein by reference.
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Exhibit Number
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Description
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10.1
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Severance Agreement, dated February 22, 2017, by and
between CCA Industries, Inc. and Douglas Haas. |
About CCA Industries, Inc. (NYSEMKT:CAW)
CCA Industries, Inc. (CCA) manufactures and distributes health and beauty aid products. The Company is engaged in the sale of products in several health-and-beauty aids over-the-counter drug and remedies, and cosmeceutical categories. Under its brand names, the Company markets several different but categorically related products. The Company’s principal brand and trademark names include Plus+White (oral health-care products), Sudden Change (skin-care products), Nutra Nail (nail treatments), Bikini Zone (pre and after-shave products), Hair Off (depilatories), Solar Sense (sun-care products), Sunset Cafe (perfumes), Lobe Wonder (ear-care product) and Scar Zone (scar diminishing cream).The Company markets its products to drug, food and mass-merchandise retail chains, warehouse clubs and wholesalers, throughout the United States, and through distributors internationally. CCA Industries, Inc. (NYSEMKT:CAW) Recent Trading Information
CCA Industries, Inc. (NYSEMKT:CAW) closed its last trading session 00.00 at 3.20 with 3,142 shares trading hands.