Vera Bradley Inc.
06/25/2025 | Press release | Distributed by Public on 06/25/2025 15:10
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 19, 2025, Vera Bradley, Inc. (the "Company") entered into a Release and Waiver Agreement (the "Release Agreement") with its former Chief Financial Officer, Michael Schwindle. The Release Agreement provides that Mr. Schwindle's employment with the Company will terminate on June 30, 2025 and that he will receive severance compensation, including base salary through the date of termination, accrued benefits under the terms of the Company's employee benefit plans, reimbursement of unreimbursed business expenses in accordance with Company policy, reimbursement of COBRA premiums for a period of up to 12 months (subject to Mr. Schwindle obtaining coverage under another group health plan), a lump sum payment of $675,937.50 and an additional amount, if any, equal to 1.25 times the amount of the annual bonus Mr. Schwindle would have received under the Company's annual Cash Bonus Plan for the 2026 fiscal year, payable at the time payment is made to other Company executives under the Cash Bonus Plan. In consideration of these severance benefits, Mr. Schwindle agrees to release the Company, its affiliates and certain other persons specified in the Release Agreement from all claims related to his employment or the termination thereof, subject to customary limitations set forth in the Release Agreement.
The foregoing summary of the Release Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Release Agreement filed as Exhibit 10.1 to this Report.
Vera Bradley Inc. published this content on June 25, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on June 25, 2025 at 21:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]