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SKUL > SEC Filings for SKUL > Form 8-K/A on 10-Mar-2014All Recent SEC Filings

Show all filings for SKULLCANDY, INC.



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) Compensatory Arrangement of Certain Officers.
On May 8, 2013, the Compensation Committee of the Board of Directors of Skullcandy, Inc. (the "Company") approved the grant of 77,669 restricted stock units (the "RSUs") and an option to purchase 603,773 shares (the "Stock Option") of the Company's common stock, par value $0.0001 (the "Common Stock") to Hoby Darling, the Company's President and Chief Executive Officer. The RSUs and Stock Options were granted pursuant to the terms of Mr. Darling's employment letter with the Company, dated March 12, 2013 (the "Employment Letter").
The Stock Option was granted on May 8, 2013 and has an exercise price per share of $5.15, the closing price of the Common Stock on May 8, 2013. The grant date of the RSUs will be the day the Company files a Registration Statement on Form S-8 with respect to the shares underlying the RSUs, which is expected to be the date hereof. The Stock Option and RSUs have a vesting commencement date of March 18, 2013, Mr. Darling's start date with the Company, and will vest in equal annual increments over a four year period, subject to Mr. Darling's continued service with the Company through the applicable vesting dates. In addition, the Stock Option will be subject to accelerated vesting in connection with certain qualifying terminations of service, as provided in the Employment Letter.
The RSUs and Stock Option were awarded to Mr. Darling pursuant to the form of the Nonqualified Inducement Stock Option Grant Notice and Stock Option Agreement and form of Inducement Restricted Stock Unit Award Grant Notice and Restricted Stock Unit Award Agreement, filed by the Company as exhibits to its Registration Statement on Form S-8 on May 10, 2013.
On May 10, 2013, the Company issued a press release announcing the grant of the RSUs and Stock Option to Mr. Darling, a copy of which is furnished herewith as Exhibit 99.1 and incorporated by reference herein.

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