Fox Factory Holding Corp. (NASDAQ:FOXF) 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(e) of Form 8-K that had not been determined at the time of filing of the Original Form 8-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with Mr. Glasman’s transition, on October 4, 2019, the Company and Mr. Glasman entered into a Transition Services, Separation and Release Agreement (the “Glasman Agreement”) with an effective date of October 2, 2019. Until November 1, 2019, the effective date of Mr. Glasman’s resignation (the “Transition Date”), Mr. Glasman will continue to be employed by the Company as the Chief Financial Officer and Treasurer to the terms and conditions of the employment agreement by and between the Company and Mr. Glasman, dated July 22, 2013 (the “Employment Agreement”).
From the Transition Date until the Separation Date (as defined below) (the “Transition Period”), Mr. Glasman will remain an employee of the Company in a non-executive position and shall provide additional transitional services as mutually agreed upon between the Company’s Chief Executive Officer and Mr. Glasman. The Transition Period shall terminate on February 28, 2020 (the “Separation Date”) unless terminated sooner to the terms of the Glasman Agreement.
The Company will continue to pay Mr. Glasman his current base annual salary payable in accordance with the Company’s standard payroll schedule. Mr. Glasman will not be entitled to any increase in his compensation during the Transition Period. Mr. Glasman will be eligible for the 2019 Annual Performance Bonus, which will be calculated in accordance with the terms of the Employment Agreement, if he remains employed with the Company through January 3, 2020.
As of the effective date of the Glasman Agreement, Mr. Glasman holds unvested restricted stock units (the “Company Equity”) to a grant made under the Company’s 2013 Omnibus Equity Plan (the “Equity Plan”). to the Glasman Agreement, Mr. Glasman will continue to vest in his unvested shares of Company Equity to the Equity Plan through the Separation Date.
This summary of the Glasman Agreement does not purport to be complete and is subject to and qualified in its entirety by reference to the text of the Glasman Agreement, included as Exhibit 10.1 to this filing. Exhibit 10.1 is incorporated by reference into this Item 5.02.
Item 9.01 Financial Statements and Exhibits.
The following exhibit is filed herewith:
FOX FACTORY HOLDING CORP Exhibit
EX-10.1 2 exhibit101cfotransitionsep.htm EXHIBIT 10.1 Exhibit Exhibit 10.1Transition Services,…
To view the full exhibit click
About Fox Factory Holding Corp. (NASDAQ:FOXF)
Fox Factory Holding Corp. designs, engineers, manufactures and markets performance ride dynamics products for customers across the world. The Company’s brand ride dynamics products are used primarily on bicycles (bikes), side-by-side vehicles (Side-by-Sides), on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (ATVs), snowmobiles, specialty vehicles and applications, and motorcycles. The Company’s brands include FOX, FOX RACING SHOX and RACE FACE. The Company offers front fork and rear suspension products designed for cross-country, trail, all-mountain, free-ride and downhill riding primarily for the mountain bike market. Its mountain bike products are sold in various series, including Performance series, Performance Elite series and Factory series. It also offers suspension systems. Its suspension component products in the powered vehicle category range from two inch aluminum bolt-on shocks to its position sensitive internal bypass shocks.
An ad to help with our costs