SELECT COMFORT CORPORATION (NASDAQ:SCSS) 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.
Committee (the Committee) of the Board of Directors of Select
Comfort Corporation (the Company) approved an amended and
restated version of the Select Comfort Corporation Executive
Severance Pay Plan (the Severance Plan).
amended and restated Severance Plan maintains, the base severance
pay for the Companys Chief Executive Officer and other named
executive officers for a termination without cause or upon
resignation for good reason, each as defined in the Severance
Plan, as follows:
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for the Companys Chief Executive Officer: (i) two times the
sum of annual base salary and annual target cash incentive plus (ii) a pro rata portion of the executives annual cash incentive; and |
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for the Companys other named executive officers, (i) one
times the sum of annual base salary and annual target cash incentive plus (ii) a pro rata portion of the executives annual cash incentive. |
incentive payment was based on the executives target cash
incentive for the year of termination. Under the amended and
restated version of the Severance Plan, the pro rata cash
incentive payment is based on the average annual cash incentive
actually received by the executive during the three most recent
fiscal years prior to the year of termination.
pay amounts described above were not increased if the termination
of employment without cause or resignation for good reason was in
connection with a change in control of the Company. The amended
and restated Severance Plan provides an additional change in
control severance pay amount for the Companys Chief Executive
Officer and other named executive officers for a termination of
employment without cause or resignation for good reason within
six months before (or, if later, the date on which discussions
with a third party regarding the change in control began) or 24
months after a change in control of the Company, and subject to
additional non-competition and non-solicitation requirements,
equal to one times the sum of annual base salary and annual
target cash incentive.
does not purport to be complete and is qualified in its entirety
by the full text of the amended and restated Severance Plan,
which the Company will file as an exhibit to its Form 10-Q for
the fiscal quarter ended July 1, 2017.
About SELECT COMFORT CORPORATION (NASDAQ:SCSS)
Select Comfort Corporation is a designer, manufacturer, marketer, retailer and servicer of a line of Sleep Number beds. The Company’s Sleep Number bed offers SleepIQ technology sensors that work directly with the bed’s DualAir technology to monitor each individual’s sleep. The Company also offers a line of sleep products, including FlextFit adjustable base technology and Sleep Number pillows, sheets and other bedding products. The Company offers Sleep Number beds in a range of sizes, including twin, full, queen, eastern king and California king. It offers Sleep Number beds in four series, which includes Classic Series, Performance Series, Innovation Series and Memory Foam Series. The Performance Series includes its mattresses with a balance of softness and pressure relieving support. The series includes the Sleep Number p5 and p6 beds. The Memory Foam Series is breathable and contouring. The series includes the Sleep Number m6 and m7 beds.