Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 20, 2024 (the "Effective Date"), Signet Jewelers Limited (the "Company") entered into a Transition and Separation Agreement (the "Transition Agreement") with Oded Edelman, the Company's Chief Digital Innovation Officer and President, Digital Banners. Pursuant to the Transition Agreement, the Company and Mr. Edelman mutually agreed that Mr. Edelman's employment will end effective as of February 1, 2025, or such earlier date on or after December 1, 2024, as may be determined by the Company in its discretion (the "Termination Date"). From the Effective Date through the Termination Date (the "Transition Period"), Mr. Edelman will provide certain transition related services, including to assist Corinne Bentzen, who will succeed Mr. Edelman as the new President, Digital Banners, effective November 4, 2024. Ms. Bentzen was most recently the Chief Executive Officer at The Company Store, a division of Home Depot. Prior to that, she held responsibilities at Tiffany & Co. related to marketing, brand management and bridal merchandising and spent more than 10 years with Procter & Gamble in brand management.
During the Transition Period, Mr. Edelman will be entitled to receive the same salary and benefits as in effect as of the Effective Date, except that Mr. Edelman will not be eligible to receive any new awards under the Company's annual short-term incentive plan ("STIP") or the Company's Amended and Restated 2018 Omnibus Incentive Plan ("LTIP"). In addition, subject to Mr. Edelman's continued employment in good standing through the Termination Date, Mr. Edelman will be entitled to: (i) the full portion of any STIP bonus that would have been earned for the current fiscal year, based on actual achievement; (ii) continued vesting of each outstanding LTIP award held by Mr. Edelman, subject to the achievement of any performance conditions other than continued employment (unless such awards otherwise vest upon death or disability under the applicable award agreement); and (iii) if the Termination Date is prior to February 1, 2025, an amount equal to the salary Mr. Edelman would have earned from the Termination Date through February 1, 2025.
The Transition Agreement also: (i) amends and restates certain restrictive covenants set forth in the Confidentiality, Non-Interference, And Invention Assignment Agreement between the parties; and (ii) provides for a general waiver and release of any claims Mr. Edelman may have against the Company or its affiliates.
The foregoing summary does not purport to be complete and is subject to, and qualified in its entirety by, reference to the full text of the Transition Agreement, which will be filed as an exhibit to the Q3 Fiscal 2025 Form 10-Q and is incorporated by reference into this Item 5.02.
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Signet Jewelers Ltd. published this content on October 21, 2024, and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on October 21, 2024 at 13:04:23.904.
