UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
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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).
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On October 28, 2019, Stephen J. Carlotti resigned as Executive Vice President—Marketing of The Michaels Companies, Inc. (the “Company”), effective November 15, 2019. In connection with his resignation, Mr. Carlotti will receive separation payments pursuant to the Company’s previously disclosed Officer Severance Pay Plan (the “OSPP”). Pursuant to the OSSP, upon his execution and subject to the terms of a severance agreement and release of claims, Mr. Carlotti will be entitled to eighteen months of base salary continuation, a pro-rated earned annual bonus for the Company’s fiscal year 2019, if applicable, and certain cash welfare benefit payments. The severance agreement and release of claims also contains a waiver and release of any and all claims against the Company and a commitment that, for the severance period, Mr. Carlotti will not solicit or hire any team member or distributor or vendor of the Company or its subsidiaries and will not directly or indirectly compete with, or join an organization that directly or indirectly competes with, the Company.
The foregoing descriptions of the OSPP and the severance agreement and release of claims do not purport to be complete and are qualified in their entirety by the full text of the OSPP and the form of severance agreement and release of claims, which is attached as Exhibit A to the OSPP, which were filed as Exhibit 10.1 to the Quarterly Report on Form 10-Q filed by The Michaels Companies, Inc. on June 6, 2017.
SIGNATURE
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 thereunto duly authorized.
Date: October 31, 2019