Sotheby's Eliminating Chief Operating Officer Role And Implementing Related Organizational Changes
Benzinga Newsdesk 7 years ago
NewsManagement
On December 3, 2018, Sotheby’s (the “Company”) announced that the Company is eliminating its Chief Operating Officer role and implementing related organizational changes. As a result, Adam Chinn, Executive Vice President and Chief Operating Officer of the Company, will leave the Company effective December 31, 2018. Mr. Chinn’s departure qualifies as a termination other than for “cause” for purposes of his Employment Agreement, dated January 11, 2016, with the Company (the “Employment Agreement”) and he will receive severance in accordance therewith. Additionally, Mr. Chinn will be entitled to continued vesting of his 5,860 restricted stock units and 31,902 performance share units that are scheduled to vest in March 2019, subject to the achievement of the performance criteria applicable to the performance share units.
The terms of the post-termination non-competition and non-solicitation covenants to which Mr. Chinn is subject pursuant to the Employment Agreement and the Purchase Agreement, dated January 11, 2016, among the Company, Mr. Chinn and the other parties thereto pursuant to which the Company purchased Art Agency, Partners, will continue to apply.
The terms of the post-termination non-competition and non-solicitation covenants to which Mr. Chinn is subject pursuant to the Employment Agreement and the Purchase Agreement, dated January 11, 2016, among the Company, Mr. Chinn and the other parties thereto pursuant to which the Company purchased Art Agency, Partners, will continue to apply.