UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
Current Report
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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. |
Director Resignations
On September 3, 2024, David McCreight tendered his resignation as a Class III director of Lulu's Fashion Lounge Holdings, Inc.’s (the “Company”) Board of Directors (the “Board”); Michael Mardy tendered his resignation as a Class III director of the Board; Caroline Sheu tendered her resignation as a Class III director of the Board; Danielle Qi tendered her resignation as a Class II director of the Board; and Kira Yugay tendered her resignation as a Class I director of the Board. Each director’s resignation became effective on September 4, 2024. The voluntary resignations were not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices, but instead were part of a calculated effort to reduce costs and streamline operations across the Company, while maintaining the Board’s commitment to operating within the best practices of corporate governance. Following such resignations, the Company intends for Messrs. McCreight and Mardy to continue to support the Company on a strategic advisory basis.
Decrease Size of Board
Additionally, effective September 4, 2024, the Board, acting upon the recommendation of the Nominating and Corporate Governance Committee, decreased the size of the Board from eleven (11) directors to six (6) directors. The Board is now composed of four independent directors, comprising a majority of the Board, and two non-independent directors.
| Item 8.01 | Other Events. |
On September 5, 2024, the Company issued a press release announcing the director resignations, reduction in Board size and other Board matters, including the new composition of the Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee, the dissolution of the Technology and Innovation Committee, the suspension of the payment of retainers for non-employee directors under the Non-Employee Director Compensation Program until further notice, and the amendment to David McCreight's 10b5-1 plan.
A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibits are filed herewith:
| Exhibit Number | Description | |
| 99.1 | Press release issued by Lulu’s Fashion Lounge Holdings, Inc. on September 5, 2024. | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Lulu’s Fashion Lounge Holdings, Inc. | ||
| Date: September 5, 2024 | By: | /s/ Crystal Landsem |
| Crystal Landsem | ||
| Chief Executive Officer |