Hibbett Sports, Inc. (NASDAQ:HIBB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On March 12, 2020, Hibbett Sports, Inc. (the “Company”) announced that, as part of the Company’s organization realignment, Ben Knighten, currently Chief Operating Officer, Vice President, City Gear,is being promoted to Senior Vice President of Operations, effective immediately. Mr. Knighten, age 49, has served as the Chief Operating Officer, Vice President of City Gear, a wholly-owned subsidiary of the Company, since the Company’s acquisition of City Gear in November 2018. Before being named to this role, he served as Vice President of Store Operations of City Gear since December 2006. Any changes in Mr. Knighten’s compensation will be determined by the Compensation Committee in the future according to its customary review cycle for executive officer compensation.
There are no family relationships between Mr. Knighten and any director or other executive officer of the Company, nor are there any transactions between Mr. Knighten or any member of his immediate family and the Company, or any of its subsidiaries, that would be reportable as a related party transaction under the rules of the Securities and Exchange Commission (the “SEC”).
Concurrent with Ben Knighten’s promotion, the Company announced the departure of Cathy E. Pryor from her position as the Company’s Senior Vice President of Operations, effective as of April 1, 2020 (the “Separation Date”). Ms. Pryor’s departure from the Company on the Separation Date will be treated as a qualifying termination entitling her to certain severance benefits under that certain Retention Agreement, dated as of April 25, 2019, between Ms. Pryor and the Company (the “Retention Agreement”).Also, in connection with her departure, the Company intends to enter into a Separation Agreement and Release (the “Separation Agreement”), which provides for, in exchange for a customary release and non-revocation, Ms. Pryor’s receipt of one year of her base salary ($405,000) to be made in a single payment within 10 business days following the Separation Date; the retention of 4,857 outstanding equity-based awards previously granted on or about May 6, 2019, to that certain Special 2019 Restricted Stock Unit Award Agreement and 8,919 previously granted performance and service-based stock units; and the payment of her applicable fiscal year 2020 bonus payment to be made within 45 days following the Separation Date, in each case less applicable withholdings. Ms. Pryor may revoke her acceptance of the Separation Agreement in accordance with the terms of the Separation Agreement and to the requirements of the Age Discrimination in Employment Act of 1967.
On March 12, 2020, the Company issued a press release announcing the promotion of Mr. Knighten as its Senior Vice President of Operations and Ms. Pryor’s departure. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information in Item 7.01 of this Current Report on Form 8-K, as well as Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
HIBBETT SPORTS INC Exhibit
EX-99.1 2 pressrelease.htm EXHIBIT 99.1 Exhibit EXHIBIT 99.1Contact: Scott Humphrey Interim Chief Financial Officer (205) 942-4292HIBBETT ANNOUNCES DEPARTURE OF CATHY PRYOR AS SVP OPERATIONS AND THE PROMOTION OF BEN KNIGHTEN TO SVP OPERATIONSBIRMINGHAM,…
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About Hibbett Sports, Inc. (NASDAQ:HIBB)
Hibbett Sports, Inc. operates sporting goods stores in small to mid-sized markets in the South, Southwest, Mid-Atlantic and Midwest regions of the United States. The Company operates approximately 1,040 stores in over 30 states, which consists of approximately 1,020 Hibbett Sports stores and over 20 Sports Additions athletic shoe stores. It sells merchandise of various brands, such as Nike, Under Armour, Reebok, adidas, Easton, The North Face and Yeti. It maintains a single wholesale and logistics facility in Alabaster, Alabama. Hibbett Sports stores offer a merchandising mix of localized apparel, footwear, equipment and accessories. Sports Additions store consists of a merchandising mix of athletic footwear, and caps and a limited assortment of apparel. Hibbett Team Sales, Inc. (Team), a subsidiary of the Company, is a supplier of customized athletic apparel, equipment and footwear to school athletic programs in Alabama and parts of Georgia, Florida and Mississippi.
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