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RYUN > SEC Filings for RYUN > Form 8-K on 24-Jul-2013All Recent SEC Filings

Show all filings for RESPECT YOUR UNIVERSE, INC.



Entry into a Material Definitive Agreement, Change in Directors or Pr

Item 1.01 Entry into a Material Definitive Agreement.

On July 18, 2013, we signed an employment agreement with Craig Brod, Ph.D., our chief executive officer, effective as of May 1, 2013. We agreed to pay the sum of $168,000 per year and a lump sum of $36,000 to Dr. Brod, which lump sum will be payable on or before January 6, 2014. We also agreed to grant options to purchase up to 900,000 shares of our common stock at an exercise price of $0.35 per share. The options vest as follows: 250,000 immediately; 350,000 on January 31, 2014; and 300,000 on August 31, 2014. We also granted the executive a reasonable housing allowance up to a maximum of $1,800 a month and standard benefits. The employment agreement shall terminate on December 31, 2013 and shall be automatically extended by one year unless either party gives ninety
(90) days' written notice. We may also terminate Dr. Brod's employment without any notice but must pay Dr. Brod $39,000 in severance if the termination is without cause.

The above description of the employment agreement does not purport to be complete, and is qualified in its entirety by reference to the full text of the employment agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

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

See the disclosure under Item 1.01 of this current report on Form 8-K

Item 9.01 Financial Statements and Exhibits.

10.1 Employment Agreement with Craig Brod dated July 18, 2013.

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