secwatch.observer — SEC 8-K summary
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Issuer:     IROBOT CORP (—)
CIK:        0001159167
Form:       8-K
Filed at:   2024-05-07T23:59:59+00:00
Accession:  0001159167-24-000035
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

iRobot appoints Gary S. Cohen as President and CEO effective May 6, 2024
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- Gary Cohen, 63, former CEO of Qualitor Automotive and Timex, becomes CEO, succeeding Glen D. Weinstein.
- Cohen receives $700k base salary, bonus target 100% of base (guaranteed 50% prorated for 2024), plus 290k time-based RSUs and 435k performance-based RSUs.
- Weinstein to provide transition services for 60 days; eligible for $430k severance and full vesting acceleration of 115,163 RSUs and 1-year accelerated vesting on other equity.
- Employment agreement provides 12 months salary severance for non-Cause termination and 24 months salary plus 200% bonus if termination follows a Change in Control.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1159167/000115916724000035/0001159167-24-000035-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1159167/000115916724000035/irbt-20240506.htm
  HTML page:      https://secwatch.observer/filing/0001159167-24-000035

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