Lumber Liquidators Holdings, Inc. (NYSE:LL) Files An 8-K Results of Operations and Financial Condition
Item 2.02.
On March 18, 2019, Lumber Liquidators Holdings, Inc. issued a press release announcing certain financial and operating results for the quarter and full year ended December 31, 2018. A copy of the press release is being furnished as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02.
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific references in such a filing.
Martin D. Agard, the Companys Chief Financial Officer, will resign from the Company effective April 5, 2019, to pursue a new opportunity outside the Company in Florida. Mr. Agard has been the Companys Chief Financial Officer since September 2016 and has been instrumental in assisting in the rebuilding of the Companys finance function.
On March 15, 2019, the Board of Directors of the Company appointed Timothy J. Mulvaney, currently the Companys Chief Accounting Officer, as Interim Chief Financial Officer, effective April 5, 2019. Mr. Mulvaney will continue to serve as the Companys Chief Accounting Officer. Mr. Mulvaney, 50, has been the Companys Chief Accounting Officer since June 2017. Mr. Mulvaney is a certified public accountant and spent 20 years in various financial roles with Media General, Inc., a communications company that was acquired by Nexstar Broadcasting Group, Inc. in May 2017. From 2012-2017, Mr. Mulvaney served as Media General’s Controller and Chief Accounting Officer through the acquisition of Media General by Nexstar. Prior to joining Media General, Mr. Mulvaney spent six years at Ernst Young LLP. Mr. Mulvaney holds a B.B.A.Accounting from the College of William Mary.
In connection with Mr. Mulvaneys appointment as Interim Chief Financial Officer, Mr. Mulvaney will receive an increase in annual base salary to $350,000, a proposed equity award of $200,000 payable three business days after the release of second quarter earnings and a retention bonus of $100,000 if named as the Companys permanent Chief Financial Officer. In addition, the Company and Mr. Mulvaney entered into a severance agreement. The terms of the severance agreement are substantially similar to the terms of the severance agreements entered into by the Company and certain officers of the Company on July 26, 2018 and described in Item 5.02 of the Companys Current Report on Form 8-K, filed with the Securities and Exchange Commission on July 28, 2018, which description is incorporated herein by reference. This description is not purported to be complete and is qualified in its entirety by reference to the full text of the severance agreement, including the non-compete agreement that is attached as an appendix to the severance agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| 10.1 | Severance Agreement, dated as of March 15, 2019, between the Company and Timothy J. Mulvaney. |
Lumber Liquidators Holdings, Inc. Exhibit
EX-10.1 2 tv516418_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SEVERANCE AGREEMENT THIS SEVERANCE AGREEMENT (the “Agreement”) is made and entered into as of the 15th day of March,…
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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.