Attached files
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| EX-10.1 - EXHIBIT 10.1 - Vitacost.com, Inc. | v233063_ex10-1.htm |
| EX-99.1 - EXHIBIT 99.1 - Vitacost.com, Inc. | v233063_ex99-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): August 18, 2011
Vitacost.com, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
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001-34468
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37-1333024
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(Commission File Number)
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(IRS Employer Identification No.)
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5400 Broken Sound Blvd. - NW, Suite 500
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Boca Raton, Florida
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33487-3521
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(Address of Principal Executive Offices)
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(Zip Code)
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(561) 982-4180
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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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 August 18, 2011, Vitacost.com, Inc. (the “Company”) and Sonya L. Lambert mutually agreed to the immediate termination of Ms. Lambert’s employment as the Company’s Chief Marketing Officer.
On August 22, 2011, the Company announced the appointment of David Zucker, age 43, as the Company’s Chief Marketing Officer, effective September 6, 2011.
Mr. Zucker was most recently Chief Marketing Officer of Gilt Group, Inc., an online lifestyle retailer offering highly coveted products and services. Prior to joining Gilt Group, Inc., Mr. Zucker was the Global Director of Customer Relationship Management and Implementation at Dell Inc. from 2006 to 2009 and was Vice President of Customer Relationship Management at Home Shopping Network from 2004 to 2006. Mr. Zucker has also held senior positions at Martha Stewart Living Omnimedia and Priceline.com.
Employment Agreement
On August 18, 2011, in connection with Mr. Zucker’s appointment as Chief Marketing Officer, the Company and Mr. Zucker entered into an employment agreement (the “Employment Agreement”), outlining the terms of Mr. Zucker’s employment with the Company. Under the terms of the Employment Agreement, Mr. Zucker will receive a base salary of $300,000 per year and an annual bonus equal to up to 50% of his base salary, which is guaranteed on a prorated basis for 2011. Subject to the approval of the award grant by the Company’s Board of Directors, the Company will issue to Mr. Zucker options to purchase 300,000 shares of the Company’s common stock. The options will vest 20% per year over five years. In addition, Mr. Zucker will receive up to $5,000 monthly for living and travel expenses and is eligible to participate in the Company’s standard employee benefits programs available to senior executives.
The term of the Employment Agreement is one year, renewing automatically for additional one year periods unless the Employment Agreement is terminated by Mr. Zucker or the Company, in each case by 30 days’ written notice. In addition, the Company may terminate Mr. Zucker’s employment at any time, with or without cause, and Mr. Zucker may terminate his employment with the Company on 30 days’ written notice or immediately for good reason, as defined in the Employment Agreement.
Under the Employment Agreement, in the event Mr. Zucker’s employment is terminated by the Company without cause, Mr. Zucker will be entitled to receive severance benefits equal to six months of his base salary, plus a prorated bonus for the year of termination.
If the event that Mr. Zucker’s employment is terminated by the Company without cause or by Mr. Zucker for good reason during the twelve months following a change in control of the Company, then Mr. Zucker will be entitled to receive a bonus prorated through the date of his termination and a severance amount equal to six months of his current base salary. Mr. Zucker, or his estate, is also entitled to a prorated bonus and other benefits in the event that Mr. Zucker’s employment is terminated due to his death or disability.
Mr. Zucker’s receipt of the severance benefits discussed above is contingent on Mr. Zucker signing and not revoking a release of claims against the Company. The Employment Agreement also contains post-termination non-solicitation and non-competition covenants.
The preceding summary of the Employment Agreement is qualified in its entirety by reference to the text of the Employment Agreement, which is filed with this Current Report on Form 8-K as Exhibit 10.1.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit No.
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Description
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10.1
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Employment Agreement between Vitacost.com, Inc. and David Zucker, dated August 18, 2011.
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99.1
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Press Release of the Company, dated August 22, 2011.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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VITACOST.COM, INC.
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Date: August 22, 2011
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By:
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/s/ Stephen E. Markert, Jr.
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Name:
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Stephen E. Markert, Jr.
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Title:
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Interim Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No.
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Description
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10.1
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Employment Agreement between Vitacost.com, Inc. and David Zucker, dated August 18, 2011.
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99.1
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Press Release of the Company, dated August 22, 2011.
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