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XSPY > SEC Filings for XSPY > Form 8-K on 20-May-2013All Recent SEC Filings

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Form 8-K for SPY INC.


Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On May 17, 2013, Michael D. Angel, our chief financial officer, treasurer and secretary, resigned from his employment with SPY Inc. (the "Company"), effective May 31, 2013. As a result of his resignation, Mr. Angel will receive: (i) severance pay equal to his current base salary of $250,000, payable over the next 12 months; (ii) payment of Cobra benefits for a period of 6 months; and
(iii) an extension of the exercise period of his presently vested stock options to December 31, 2014. Mr. Angel will forfeit all unvested stock options on May 31, 2013. Mr. Angel has agreed to be an independent consultant during a transitional period, as interim CFO or in another capacity as may be determined by the Company at its sole discretion, at a rate equal to $4,800 per week, which amount is equivalent to his base salary as an employee CFO.


Certain statements in this Current Report on Form 8-K are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance and are subject to inherent risks and uncertainties. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "feel," "estimate," "predict," "hope," the negative of such terms, expressions of optimism or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Factors that could cause actual results to differ from those contained in our forward-looking statements include, but are not limited to the continuity of our management team, the viability of our brand, progress on our turnaround, and the other risks identified from time to time in our annual report on Form 10-K, our quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

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