SUMMER INFANT, INC. (NASDAQ:SUMR) 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
On November 19, 2019, Summer Infant, Inc., a Delaware corporation (the “Company”), announced that Mark Messner will be stepping down as the Company’s Chief Executive Officer and President to pursue other opportunities and to spend time with his family. The Board of Directors has begun a search for an interim CEO to replace Mr. Messner, who will remain in his role to assist in the transition until December 13, 2019 or such earlier date that his successor is appointed.
The Company, Summer Infant (USA), Inc. and Mr. Messner have entered into a Separation Agreement and General Release (the “Agreement”) regarding the terms of his departure from the Company. to the Agreement, in consideration for a general release and covenants from Mr. Messner and his non-revocation of the Agreement, Mr. Messner will receive (i) cash severance totaling $150,000.00, payable in three equal installments, (ii) accelerated vesting of a total of 31,250 shares under outstanding restricted share awards, (iii) accelerated vesting of a total of 31,250 stock options under outstanding stock option awards, (iv) an extension of the option exercise period for all vested and unexercised stock option awards until June 30, 2020, and (v) reimbursement for COBRA coverage expense up to November 30, 2020. In addition, the Company will assume remaining obligations under Mr. Messner’s apartment lease in Rhode Island and will provide, at its expense, outplacement services to Mr. Messner for a period of up to 12 months following his separation.
(d) Exhibits.
| Description | |
| 10.1 | Separation Agreement and General Release by and among Summer Infant, Inc., Summer Infant (USA), Inc. and Mark Messner, dated as of November 19, 2019. |
Summer Infant, Inc. Exhibit
EX-10.1 2 tm1923445d2_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 SEPARATION AGREEMENT AND GENERAL RELEASE This Separation Agreement and General Release (“Agreement”) is made this 19th day of November,…
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About SUMMER INFANT, INC. (NASDAQ:SUMR)
Summer Infant, Inc. (Summer) is an infant and juvenile products company. The Company creates branded juvenile safety and infant care products (targeted for ages 0 to 3 years) that are focused to deliver a range of parenting solutions to families. It markets over 1,100 products in various product categories, including monitoring, safety, nursery, baby gear and feeding products. Its Anchor products in range product categories include monitoring, such as Wireless Fidelity (Wi-Fi)/Internet, video, audio and prenatal; safety, including gates, bath, potties, boosters, super seats, entertainers and infant massage; nursery, such as swaddle, travel accessories, safe sleep and soothers; baby gear, including strollers, bassinets, high chairs and playards, and feeding products, such as bottles, drinking cups, bibs and placemats, electronics and pacifiers. The Company’s portfolio of brands, under which it markets all of its products, includes Summer Infant, Born Free, SwaddleMe and Kiddopotamus.