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EX-10 - Spy Inc. | ex10-08142015_030841.htm |
(Exact name of small business issuer as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
Effective August 14, 2015, Spy, Inc. (the "Company") entered into a Separation and Consulting Agreement (the "Agreement") with Mr. Michael Marckx, pursuant to which Mr. Marckx will step down as a director and Chief Executive Officer of the Company as of August 14, 2015 (the "Separation Date"). To assist in a smooth transition, the Agreement provides for Mr. Marckx to continue his employment until December 15, 2015, serving as an advisor to Seth Hamot, the Chairman of the Board of Directors, who will serve as the Company's interim Chief Executive Officer effective on the Separation Date.
Beginning January 1, 2016 through December 31, 2016, Mr. Marckx will serve as a consultant to the Company at the rate of $7,500 per month. The Agreement also provides for standard mutual release of all claims and confirmation of his obligations under his existing confidentiality, non-solicitation and intellectual property agreement.
The terms of the Agreement are more fully described in the Separation and Consulting Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K, and is incorporated by reference herein.
No new compensatory arrangements were entered into with Mr. Hamot in connection with his appointment as interim Chief Executive Officer.
See Exhibit Index.
Spy, Inc. |
By: | /s/ Jim McGinty |
Name: Jim McGinty | |
Title: Chief Financial Officer |
Exhibit No.
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Description
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EX-10.1
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Separation and Consulting Agreement with Michael Marckx, dated August 14, 2015
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