Crocs Inc. filed SEC Form 8-K: Leadership Update, Regulation FD Disclosure, Financial Statements and Exhibits
$CROX
Shoe Manufacturing
Consumer Discretionary
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): April 15, 2024
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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.
Terence Reilly Appointment
Crocs, Inc. (the “Company”) has appointed Terence Reilly as Executive Vice President and President for the HEYDUDE Brand (“HEYDUDE”), effective April 29, 2024. Mr. Reilly most recently served as the President of the Stanley Brand where he helped reshape the century-old insulated drinkware brand into a brand of current culture. Prior to his time at Stanley, Mr. Reilly served as the Chief Marketing Officer at Crocs, Inc., in addition to holding various other marketing leadership roles.
Rick Blackshaw Separation
On April 15, 2024, the Company made the decision to separate from Rick Blackshaw, Executive Vice President, Brand President for HEYDUDE, effective immediately (the “Separation Date”).
Upon execution of a separation agreement and general release (the “Separation Agreement”), Mr. Blackshaw will be entitled to the payments and benefits relating to his separation as set forth in his employment offer letter, dated December 22, 2021, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2024, specifically, (i) a lump sum severance payment of $675,000.04, which is equal to 12 months of base compensation, less applicable withholdings and deductions, and (ii) 12 months of outplacement assistance services. In addition, pursuant to the Separation Agreement, (i) Mr. Blackshaw will receive a special payment of $26,457.36, net, which is equivalent to 12 months of COBRA coverage under HEYDUDE’s medical, dental and vision plans, (ii) the 2,632 shares of the Company’s common stock granted under Mr. Blackshaw’s Performance-Based Unit Agreement dated March 2, 2023 (the “PSU Award Agreement”), shall continue to be earned and shall vest and become payable at the end of the performance period (March 2, 2026), in accordance with the performance conditions set forth in the PSU Award Agreement, provided that the number of earned performance-based restricted stock units shall be prorated based on the number of days Mr. Blackshaw was employed during the performance period, and (iii) all other unvested equity awards, in accordance with the applicable equity plans and award agreements, will be cancelled and forfeited on the Separation Date.
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, 2024.
Item 7.01. Regulation FD Disclosure.
On April 16, 2024, the Company issued a press release announcing the leadership changes. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. | Description | |||||||
99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
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.
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CROCS, INC. | ||||||||
| Date: April 16, 2024 | By: | /s/ Anne Mehlman | ||||||
| Anne Mehlman | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||