Fitbit, Inc. (NYSE:FIT) 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. Departures of Directors or Certain Officers;
Appointment of Certain Officers; Compensatory Arrangements of
Separation Agreement (the Separation Agreement). The Separation
Agreement provides for certain severance benefits to Mr. Scal,
including the following: (a) a severance payment equal to nine
months of Mr. Scals base salary; (b) payment by the Company of
Mr. Scals COBRA premiums on behalf of Mr. Scal for continued
coverage under the Companys health, dental, and vision plans,
including coverage for Mr. Scals eligible dependents, for nine
months following the Separation Date; (c) accelerated vesting of
the outstanding equity awards held by Mr. Scal immediately prior
to the Separation Date equal to an additional nine months of
vesting and an extended exercise period for outstanding stock
options held by Mr. Scal such that Mr. Scal has 12 months to
exercise following the Separation Date; and (d) payment of $6,500
to Mr. Scal to assist with the cost of renewing Mr. Scals
umbrella liability coverage for one year. In addition, the
Separation Agreement includes a general release and waiver of
claims by Mr. Scal related to Mr. Scals employment with the
Company. A portion of the severance benefits described above is
subject to Mr. Scals agreement to the general release and waiver
of claims set forth in the Separation Agreement. The foregoing
description of the Separation Agreement is qualified in its
entirety by reference to the text of the Separation Agreement,
which is filed as Exhibit 10.1 to this Current Report on Form 8-K
and incorporated herein by reference.
Exhibit Title or Description
Separation Agreement between the Company and Edward M.
Scal, dated April 30, 2017.
About Fitbit, Inc. (NYSE:FIT)
Fitbit, Inc. is a provider of health and fitness devices. The Company’s platform combines connected health and fitness devices with software and services, including an online dashboard and mobile applications, data analytics, motivational and social tools, personalized insights and virtual coaching through customized fitness plans and interactive workouts. It offers various fitness devices, including Fitbit Zip, Fitbit One, Fitbit Flex, Fitbit Charge, Fitbit Blaze, Fitbit Charge HR, Fitbit Surge and Aria. Its platform includes wearable connected health and fitness trackers, which are wrist-based and clippable devices that automatically track users daily steps, calories burned, distance traveled, and active minutes and display real-time feedback. Its trackers also measure sleep duration and quality, and its products track heart rate and global positioning system-based information. It also offers a wireless fidelity connected scale that records weight, body fat and body mass index. Fitbit, Inc. (NYSE:FIT) Recent Trading Information
Fitbit, Inc. (NYSE:FIT) closed its last trading session up +0.69 at 6.37 with 35,036,796 shares trading hands.