DAVIDsTEA Inc. (NASDAQ:DTEA) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition
On December 8, 2016, DAVIDsTEA Inc., a corporation incorporated
under the Canada Business Corporations Act (the Company), issued
a press release announcing its financial results for the second
quarter ended October 29, 2016. A copy of the press release is
furnished as Exhibit99.1 hereto. The Company intends to hold an
investor call and webcast to discuss these results on Thursday,
December 8, 2016 at 4:30 P.M.Eastern Standard Time.
The information contained herein and in the accompanying exhibit
attached hereto shall not be deemed filed for purposes of
Section18 of the Securities Exchange Act of 1934, as amended, or
otherwise subject to the liability of that section, nor shall it
be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as shall be expressly
set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or certain officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
On December 8, 2016, the Company announced the appointment
ofChristine Bullen, the Managing Director of U.S. Markets since
joining the Company in May 2016, as Interim President and CEO,
such appointment to be effective February 1, 2017.
In addition, on December 7, 2016, the Company entered into an
agreement which modified, in part, the Chief Financial Officers,
Mr. Luis Borgen, existing equity and employment agreements with
the Company. The agreement provides for a term of employment
until July 31, 2017, at which point (or earlier if he is
terminated without Cause or if he leaves the Company for Good
Reason) Mr. Borgen will be entitled to receive the severance
benefits under his existing agreements as well as acceleration of
his options and restricted stock units. Additionally, prior to
February 3, 2017, Mr. Borgen will receive a new equity grant
comprised of a number of restricted stock units equal to $88,750
divided by the fair market value of a share of the Companys
common stock on the date of the grant and options to purchase a
number of shares equal to $88,750 divided by the fair market
value of a share of the Companys common stock on the date of the
grant. In the event Mr. Borgens employment terminates following
July 31, 2017, all of the unvested awards will become fully
vested as of the termination date. In the event a change of
control were to occur prior to February 3, 2017, Mr. Borgen would
receive cash in lieu of these equity awards.
The foregoing description of the Amendment is incomplete and is
qualified entirely by the Amendment, which is filed herewith as
exhibit 10.1 and is incorporated in this section by reference.
Item 7.01 Regulation FD Disclosure
A copy of the Companys press release relating to the announcement
described in Item 5.02, dated December 8, 2016 is furnished as
Exhibit 99.1 to this Form 8-K.
Item 9.01 Financial Statements and Exhibits
(d)Exhibits.
|
ExhibitNo. |
Description |
|
99.1 |
Press Release, datedDecember 8, 2016 |
|
10.1 |
Amendment Agreement dated December 7, 2016 regarding Luis |
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About DAVIDsTEA Inc. (NASDAQ:DTEA)