UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 3, 2025
(Exact name of registrant as specified in its charter)
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 3, 2025, Adam Michaels, Executive Vice President, Chief Digital Officer, of Crocs, Inc. (the “Company”), notified the Company of his decision to resign from the Company, effective May 1, 2025 (the “Separation Date”).
The Company and Mr. Michaels expect to enter into a separation agreement and general release (the “Separation Agreement”) on the Separation Date whereby Mr. Michaels would agree to (i) a 24-month non-competition covenant (ii) an 18-month non-solicitation of employees covenant and (iii) perform transition activities relating to his role and duties through May 1, 2025. In consideration of the above, Mr. Michaels would be entitled to a lump sum $320,000 payment. All equity awards previously granted to Mr. Michaels will cease to vest on the Separation Date and he will not be eligible to participate in the Company’s annual bonus plan or long-term incentive plan during 2025. There will be no cash severance payment in connection with the resignation.
The foregoing description of the Separation Arrangement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Arrangement, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CROCS, INC. | ||||||||
| Date: March 7, 2025 | By: | /s/ Sara Hoverstock | ||||||
| Sara Hoverstock | ||||||||
| Senior Vice President, General Counsel | ||||||||
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