Lumber Liquidators Holdings, Inc. (NYSE:LL) 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.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On March 22, 2017, Lumber Liquidators Holdings, Inc. (the
Company) appointed Timothy J. Mulvaney, age 48, as Senior Vice
President, Chief Accounting Officer. Mr. Mulvaneys employment
with the Company is expected to begin on or about June 5, 2017
and he will report to Marty Agard, the Companys Chief Financial
Officer. On May 26, 2017, the Company issued a press release
announcing Mr. Mulvaneys appointment. A copy of the press release
is attached hereto as Exhibit 99.1 and is incorporated by
reference into Item 5.02 of this Current Report on Form 8-K.
Prior to his appointment, Mr. Mulvaney most recently served as
Chief Accounting Officer of Media General, Inc. (Media General)
from January 2012 and Controller of Media General from July 2009,
in each case through the effective time of the merger between
Media General and Nexstar Broadcasting Group, Inc., subsequent to
which Mr. Mulvaney assisted Media General with the transition.
Prior to serving as Controller and Chief Accounting Officer of
Media General, Mr. Mulvaney served in various other financial
roles with Media General beginning in 1997. Prior to joining
Media General, Mr. Mulvaney was also with Ernst Young LLP from
1991 to 1997. Mr. Mulvaney is a certified public accountant.
Mr. Mulvaney was appointed to the terms of an offer letter
agreement, dated March 22, 2017 (the Offer Letter Agreement). The
Offer Letter Agreement with Mr. Mulvaney provides that Mr.
Mulvaney will receive an annual base salary of $250,000. Mr.
Mulvaney will be eligible to participate in the Companys annual
bonus plan for executive management, with a target payout of 40%
of his annual base salary and the opportunity to earn a maximum
of 150% of his target payout. In addition, Mr. Mulvaney will
receive an equity award, consisting of 50% options and 50%
restricted stock, with a total cumulative value of $100,000 that
vests ratably over four years.
to the Offer Letter Agreement, if Mr. Mulvaneys employment is
terminated without cause (as defined in the Offer Letter
Agreement) within eighteen (18) months of his actual hire date
and provided he executes (i) a severance benefit agreement within
thirty (30) days of his actual hire date and (ii) a general
release and waiver, he will be entitled to (a) salary
continuation in the amount equivalent to his base salary in
effect as of his termination date for 52 weeks, subject to
standard payroll deductions and withholdings and (b) for a period
of up to 52 weeks, payment by the Company of a portion of the
COBRA payments such that Mr. Mulvaneys premium payment does not
exceed what he otherwise would have paid if he were employed.
The foregoing description of the Offer Letter Agreement is
qualified in its entirety by reference to the full text of the
Offer Letter Agreement, which has been filed with this Current
Report on Form 8-K as Exhibit 10.1 and is incorporated herein by
reference.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 10.1 |
Offer Letter Agreement with Timothy J. Mulvaney, dated March 22, 2017 |
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| 99.1 | Press release dated May 26, 2017 |
About Lumber Liquidators Holdings, Inc. (NYSE:LL)
Lumber Liquidators Holdings, Inc. (Lumber Liquidators) is a multi-channel specialty retailer of hardwood flooring, and hardwood flooring enhancements and accessories. The Company offers an assortment of exotic and domestic hardwood species, engineered hardwood, laminate and resilient vinyl flooring direct to the consumer. It also features the renewable flooring products, bamboo and cork, and provides a selection of flooring enhancements and accessories, including moldings, noise-reducing underlay, adhesives and flooring tools. The Company also provides in-home delivery and installation services to certain of its customers. Its product categories include Solid and Engineered Hardwood; Laminate; Bamboo, Cork and Vinyl Plank, and Moldings and Accessories. The Company sells its products primarily to homeowners or to contractors on behalf of homeowners. Lumber Liquidators operates over 375 stores located in over 50 states and Canada. It has over 370 the United States stores in operation. Lumber Liquidators Holdings, Inc. (NYSE:LL) Recent Trading Information
Lumber Liquidators Holdings, Inc. (NYSE:LL) closed its last trading session up +0.02 at 29.90 with 1,124,377 shares trading hands.
