FREDS, INC. (NASDAQ:FRED) 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.

Senior Leadership Changes

On April 27, 2018, Timothy A. Liebmann resigned from his position as the Executive Vice President, Chief Operating Officer—Pharmacy of Fred’s, Inc. (the “Company”) to pursue other opportunities. In connection with his resignation, Mr. Liebmann executed a Separation Agreement and General Release (“Liebmann Separation Agreement”), dated May 3, 2018, to which he will continue to receive his regular base salary through May 27, 2018, and will receive severance of $800,000 payable over a 24-month period and other payments and reimbursements in accordance with the terms of the Liebmann Separation Agreement, including the immediate vesting of his restricted stock and options, and the continuation of benefits in exchange for a general release of all claims against the Company. Mr. Liebmann has also agreed to certain confidentiality, non-competition non-solicitation and non-disparagement provisions. The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified, in its entirety by, the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

On April 27, 2018, Mary Louise Gardner resigned from her position as the Executive Vice President, Chief Merchandising and Marketing Officer of the Company to pursue other opportunities. In connection with her resignation, Ms. Gardner executed a Separation Agreement and General Release (“Gardner Separation Agreement”), dated May 3, 2018, to which she will continue to receive her regular base salary through May 27, 2018, and will receive severance of $663,000 payable over a 24-month period and other payments and reimbursements in accordance with the terms of the Gardner Separation Agreement, including the immediate vesting of her restricted stock and options, and the continuation of benefits in exchange for a general release of all claims against the Company. Ms. Gardner has also agreed to certain confidentiality, non-competition, non-solicitation and non-disparagement provisions. The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified, in its entirety by, the full text of the Separation Agreement, which is attached hereto as Exhibit 10.2 and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

FREDS INC Exhibit
EX-10.1 2 s109966_ex10-1.htm EXHIBIT 10.1   Exhibit 10.1   SEPARATION AGREEMENT AND GENERAL RELEASE   This Separation Agreement and General Release (this “Agreement”) is entered into by and between Fred’s,…
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About FRED’S, INC. (NASDAQ:FRED)

Fred’s, Inc. (Fred’s) is engaged in the sale of general merchandise through its retail discount stores and full service pharmacies. The Company sells general merchandise to its over 20 franchisees. The Company has approximately 660 retail stores, over 370 pharmacies, and approximately three specialty pharmacy facilities located in over 15 states mainly in the Southeastern United States. The Company is licensed to dispense pharmaceuticals in approximately 50 states. The Company operates approximately 640 company-owned stores, including over 60 express stores (or Xpress stores). Fred’s is a combination of pharmacy, dollar store and mass merchant strategically located in smaller markets. It offers various product categories, including consumables, such as tobacco, food and beverage, prescription pharmaceuticals, paper and cleaning supplies, pet supplies, health and beauty aids, and discretionary products, such as home decor, seasonal merchandise, auto and hardware, and lawn and garden.

FRED’S, INC. (NASDAQ:FRED) Recent Trading Information

FRED’S, INC. (NASDAQ:FRED) closed its last trading session down -0.21 at 1.74 with shares trading hands.