SEQUENTIAL BRANDS GROUP, INC. (NASDAQ:SQBG) 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangement of Certain Officers.
Effective June 5, 2019, Mr. Andrew Cooper mutually agreed to terminate his position as President of Sequential. Per the agreement, Mr. Cooper will receive (i) nine months of base salary and (ii) a pro-rata bonus for 2019 based on targets as previously defined in his employment agreement payable when the Chief Executive Office and Chief Financial Officer receive their annual bonuses for 2019. In addition, the unvested portion of Mr. Cooper’s restricted stock units granted in 2016, representing 58,334 shares of common stock, will be accelerated and become fully vested after the revocation period as defined in his separation agreement. As a condition to payment of such amounts, Mr. Cooper will execute a release of claims against Sequential and its affiliates substantially in the form attached to his separation agreement.
Item 9.01. Financial Statements and Exhibits
|10.1||Separation agreement between the Company and Mr. Cooper, dated June 7, 2019.|
Sequential Brands Group, Inc. Exhibit
EX-10.1 2 tv523425_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE SEQUENTIAL BRANDS GROUP,…
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About SEQUENTIAL BRANDS GROUP, INC. (NASDAQ:SQBG)
Sequential Brands Group, Inc. owns a portfolio of consumer brands in the fashion, home, athletic and lifestyle categories. The Company’s portfolio of consumer brands includes Martha Stewart, Emeril Lagasse, Jessica Simpson, Joe’s Jeans, William Rast, Ellen Tracy, Revo, AND1 and Avia. The Company’s brands are licensed for a range of product categories, including apparel, footwear, eyewear, fashion accessories and home goods. The Company licenses brands to both wholesale and direct-to-retail licensees. The Company licenses the Martha Stewart brand to various licensees, including retailers, such as Macy’s, The Home Depot, PetSmart and Staples. The Jessica Simpson Collection is a signature lifestyle concept designed in collaboration with Jessica Simpson, which offers various product categories, including footwear, apparel, fragrance, fashion accessories, maternity apparel, girls clothing and a home line. The Avia brand offers running and activewear products.