Business people : Skullcandy VP of North America Sales to Depart

Editor's note: Skullcandy filed this notice with the SEC.
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) In connection with the previously announced consolidation of the offices of Skullcandy, Inc. (the "Company"), Richard Sargente, the Company's Vice President, North American Sales, notified management of the Company on July 19, 2013 that he would not be relocating to the Company's headquarters in Park City, Utah, in order to pursue other opportunities.

To facilitate an orderly transition, Mr. Sargente has agreed to continue in his role as Vice President, North American Sales until August 18, 2013 (the "Separation Date"). In exchange, Mr. Sargente and the Company will enter into a Separation Agreement (the "Separation Agreement") on Mr. Sargente's last day of employment that provides for the following additional benefits in exchange for continuing his role through the Separation Date and executing and not revoking a release of claims in favor of the Company and its affiliates:

(i) a transition bonus payment of $37,914.23 for continuing his role through the Separation Date;

(ii) a severance payment of $63,190.38, which will be paid within fourteen days following the Separation Date; and

(iii) premiums to continue COBRA coverage for ninety days following the Separation Date.

About  Skullcandy:
Skullcandy is a leading audio brand that reflects the collision of the music, fashion and action sports lifestyles. Our brand and distinctive logo symbolizes youth and rebellion, and embodies our motto, "Every revolution needs a soundtrack." Founded on innovation, we fuse bold color schemes, loud patterns, unique materials and creative packaging with the latest audio technologies and innovative functionalities to create new and unique product. Our headphones feature our distinctive Skullcandy sound and leading-edge design. We offer a wide array of styles and price points and are expanding our brand into complementary audio products and accessories.

Skullcandy products are sold in the United States and in more than 70 other countries around the world. We pioneered the distribution of headphones in specialty retailers focused on action sports and the youth lifestyle, such as Zumiez, Tilly's and hundreds of independent snow, skate and surf retailers. Through this channel we reach consumer influencers, individuals who help establish and maintain the credibility and authenticity of our brand. Building on this foundation, we have successfully expanded our distribution to select consumer electronics, mass, sporting goods and mobile phone retailers.

The company was founded in 2003 by Rick Alden, the creator of several successful action sports companies and a lifelong industry enthusiast. Rick developed his inspiration for Skullcandy while listening to a portable music player on a chairlift in Park City, Utah. Hoby Darling , our president and chief executive officer, and our management team share a passion for the Skullcandy lifestyle of action sports and music. Our principal offices are located in Park City, Utah and San Clemente, California, which are at the epicenters of some of the best snow peaks, skate parks and surf breaks in the world.

By press release 

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