Torrid Holdings Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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Clothing/Shoe/Accessory Stores
Consumer Discretionary
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): October 4, 2024
(Exact name of registrant as specified in its charter)
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (626) 667-1002
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Securities registered pursuant to Section 12(b) of the Act:
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Emerging growth company ☐
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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 October 4, 2024, the employment of Ms. Elizabeth Muñoz-Guzman, the Executive Vice President and Chief Creative Officer of Torrid Holdings Inc. (the “Company”), was terminated, effective as of October 4, 2024 (the “Effective Date”). In connection with such termination, Ms. Muñoz-Guzman entered into a Separation Agreement (the “Agreement”) with the Company on the Effective Date.
The Agreement provides that, subject to Ms. Muñoz-Guzman not revoking the Agreement within a seven-day period, Ms. Muñoz-Guzman will become entitled to the following separation benefits: (i) a cash payment equal to $1,400,000, payable in equal installments over the 12 month period starting on October 25, 2024 (such date, the “Payment Date”); (ii) a cash payment equal to $3,600,000, payable in a lump sum on the Payment Date; and (iii) COBRA benefits through the earliest of (x) 12 months following the Effective Date, (y) the date on which Ms. Muñoz-Guzman is no longer eligible for COBRA continuation coverage, and (z) the date on which she is eligible for coverage through another employer.
The Agreement includes a customary release of claims by Ms. Muñoz-Guzman in favor of the Company, Sycamore Partners Torrid, L.L.C. and each of their respective affiliates and subsidiaries, as well as other customary restrictive covenants.
The foregoing is a summary description of certain terms of the Agreement and, by its nature, is incomplete. It is qualified in its entirety by the full text of the Agreement, a copy of which will be filed with the Company’s Form 10-Q for the quarter ending November 2, 2024.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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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.
TORRID HOLDINGS INC.
By: /s/ Bridgett C. Zeterberg
Name: Bridgett C. Zeterberg
Title: Chief Human Resources Officer, Chief Legal Officer and Corporate Secretary
Date: October 4, 2024