UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On September 22, 2023, John Eldh notified ScanSource, Inc. (the “Company”) of his decision to resign from his role as President of the Company, effective November 17, 2023. In connection with Mr. Eldh’s departure from the Company, the Company entered into a Separation Agreement and General Release with Mr. Eldh (the “Separation Agreement”).
Pursuant to the terms of the Separation Agreement and in consideration of Mr. Eldh’s tenure and contributions to the Company, the Company has agreed to provide Mr. Eldh with a cash separation payment of $1,500,000 (the “Separation Payment”). Mr. Eldh’s receipt of the Separation Payment is conditioned on his continued compliance with the Separation Agreement, which includes a general release of claims against the Company, as well as confidentiality, non-disparagement, non-competition, non-solicitation and other customary provisions.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the copy of the Separation Agreement filed as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit Number |
Description | |
| 10.1 | Separation Agreement and General Release, dated as of September 22, 2023, by and between the Company and John Eldh. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
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 hereunto duly authorized.
| ScanSource, Inc. | ||||||
| By: | /s/ Michael L. Baur | |||||
| Date: September 26, 2023 |
||||||
| Name: | Michael L. Baur | |||||
| Its: | Chief Executive Officer & Chairman | |||||