UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 15, 2024, David Willis resigned from the board of directors (the “Board”) of European Wax Center, Inc. (the “Company”), effective August 15, 2024.
In connection with Mr. Willis’s previously announced departure from the Company as Chief Executive Officer, Mr. Willis and EWC Ventures, LLC, a wholly-owned subsidiary of the Company, entered into a separation agreement (the “Separation Agreement”), dated August 15, 2024 (the “Separation Date”). Under the Separation Agreement, Mr. Willis agreed to a general release of claims in favor of EWC Ventures, LLC and its affiliates in exchange for certain payments and benefits provided under Section 2.2(a) the Company’s Change in Control and Severance Plan, namely: (i) continued payment of his current base salary for 18 months following the Separation Date; (ii) a pro rata amount (based on number of days employed in fiscal year 2024) of the annual incentive bonus, if any, that is earned for fiscal year 2024 as determined by the Compensation Committee of the Board, to be paid in a lump sum at the time annual bonuses for fiscal year 2024 are otherwise normally paid; and (iii) subject to his election of COBRA coverage, payment of a monthly amount equal to the monthly health premiums for such coverage paid by the Company on behalf of Mr. Willis and his eligible dependents immediately prior to the date of termination for up to 18 months following the Separation Date, in each case subject to his compliance with the terms and conditions of the Separation Agreement.
The foregoing description of the Separation Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Separation Agreement, which is incorporated into this Item 5.02 by reference to Exhibit 10.1 of this Current Report on Form 8-K.
Item 9.01 Financial Statements and Exhibits.
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Description |
10.1 |
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Separation Agreement, dated as of August 15, 2024, by and among EWC Ventures LLC and David Willis |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
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Date: |
August 19, 2024 |
By: |
/s/ GAVIN M. O'CONNOR |
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Name: Gavin M. O'Connor |