Kenneth Cole Productions Inc announced that Susan Q. Hudson, Senior Vice President of the Company's Wholesale businesses has decided to leave the Company, effective January 15, 2006, to pursue other opportunities. Hudson and the Company entered into a letter agreement (the 'Letter Agreement') relating to the termination of her employment.
The Letter Agreement provides that Hudson is entitled to receive the following benefits, among others:
- A current lump sum payment of $200,000 upon the execution and effectiveness of a general release in favor of the Company;
- A bonus payment of $56,000 for service in 2005, payable on or about March 1, 2006;
- The continuation of her salary at a reduced rate of $9,615.38 bi-weekly through January 15, 2007; and
- The continuation of health benefits until the earlier of January 15, 2007 or the date she becomes eligible for coverage with another employer.
In addition, her existing stock options and restricted stock continue to vest until the earlier of January 15, 2007 or the date she becomes employed with another employer. Hudson agreed not to compete with the Company for six months following termination and not to solicit any employees for 24 months termination.
Famous shoe company Kenneth Cole Productions Inc designs, sources, and markets a broad range of footwear, handbags, and accessories under the brand names 'Kenneth Cole New York,' 'Kenneth Cole Reaction,' 'Unlisted, a Kenneth Cole Production,' 'Tribeca,' and 'Bongo.' The company has also granted a wide variety of third party licenses for the production of men's and women's apparel, timepieces, eyewear, and several other accessory categories. The company's products are distributed through department stores, better specialty stores, and company- owned retail stores as well as direct to consumer catalogs and e-commerce.
Kenneth Cole Productions Inc