Overstock.com, Inc. (NASDAQ:OSTK) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b)On May 4, 2018 but effective May 8, 2018, Saum Noursalehi was appointed Chief Executive Officer of t0.com, Inc. (“tZERO”), an indirect majority-owned subsidiary of Overstock.com, Inc. (the “Company”). Also on May 4, 2018 but effective May 8, 2018, Mr. Noursalehi resigned from his position as President, Retail, of the Company.
(c)On May 4, 2018 but effective May 8, 2018, Patrick Byrne was appointed President, Retail, of the Company, in addition to his position as Chief Executive Officer of the Company. All other information about Dr. Byrne required by Item 5.02(c) is included in the Company’s Form 10-K for the year ended December 31, 2017 or proxy statement for its annual shareholder meeting held May 9, 2018. Also on May 4, 2018 but effective May 8, 2018, Dr. Byrne resigned from his position as Chief Executive Officer of tZERO and was appointed Executive Chairman of tZERO.
(e)In connection with Mr. Noursalehi’s appointment as Chief Executive Officer of tZERO, the Company agreed to cause Mr. Noursalehi’s salary to be increased to an annual rate of $1,000,000, effective May 8, 2018, and agreed to use its best efforts to cause tZERO to issue a 2% equity award of tZERO's common stock to Mr. Noursalehi. The information in Item 8.01 is incorporated herein to the extent required.
Item 8.01Other Events
In connection with Mr. Noursalehi’s appointment as Chief Executive Officer of tZERO, the Company agreed, subject to completion of due diligence and to the execution of a definitive agreement and satisfaction of conditions to closing, to acquire SiteHelixInc., a privately held company approximately 62% of the common stock of which is owned by Mr. Noursalehi, for 100,000 shares of the Company’s common stock and $500,000 in cash.
Item 9.01Financial Statements and Exhibits
(d)Exhibits.
The following exhibit is furnished with this report:
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Press release issued May 7, 2018 |
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are therefore entitled to the protection of the safe harbor provisions of these laws. These forward-looking statements involve risks and uncertainties, and relate to future events or our future financial or operating performance. The forward-looking statements include all statements other than statements of historical fact.
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OVERSTOCK.COM, INC ExhibitEX-99.1 2 pressrelease1.htm EXHIBIT 99.1 Exhibit Exhibit 99.1Overstock.com CEO Announces Management Changes to Accelerate tZEROSaum Noursalehi becomes CEO of tZERO; Ralph Daiuto becomes President of SpeedRoute; CEO Patrick Byrne also becomes President of Overstock.com RetailSALT LAKE CITY - May 7,…To view the full exhibit click |
