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4-Traders Homepage  >  Equities  >  Nyse  >  Fitbit Inc    FIT

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FITBIT INC : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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06/20/2018 | 12:06pm CEST

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 15, 2018, Fitbit, Inc. (the "Company") entered into a consulting agreement with William Zerella (the "Consulting Agreement"), effective June 16, 2018, pursuant to which Mr. Zerella will provide consulting services to the Company for three months following his resignation as Chief Financial Officer of the Company. Pursuant to the Consulting Agreement, Mr. Zerella will provide consulting services for an hourly rate of $375; provided, however, that the Company will pay Mr. Zerella no less than a total of $3,750 for services performed over the term of the Consulting Agreement. In connection with the approval of the Consulting Agreement, the compensation committee of the board of directors of the Company (the "Committee") also approved a grant to Mr. Zerella of 15,833 restricted stock units with respect to shares of the Company's Class A common stock ("RSUs"). Mr. Zerella's RSU award will be fully vested on the date of grant. The foregoing summary of key terms of the Consulting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the complete text of the Consulting Agreement, a copy of which is filed as an exhibit to this Form 8-K.

On June 15, 2018, and in connection with Ronald Kisling's appointment as Chief Financial Officer of the Company, the Committee approved the following compensation for Mr. Kisling: (i) an annual base salary of $400,000, effective June 15, 2018; (ii) a target bonus of 75% of Mr. Kisling's annual base salary; and (iii) a grant of 108,000 RSUs. Subject to Mr. Kisling's provision of service to the Company on each vesting date, 1/12th of the total number of shares subject to Mr. Kisling's RSU award will vest on September 15, 2018, and the remainder will vest on each quarterly anniversary thereafter in equal installments, until such time as the total number of RSUs subject to Mr. Kisling's RSU award are 100% vested.

The Company also entered into an amended and restated retention agreement with Mr. Kisling, dated as of June 15, 2018. The form of retention agreement was filed as Exhibit 10.10 to the Company's Registration Statement on Form S-1 (No. 333-203941), as filed with the Securities and Exchange Commission on May 21, 2015, and is incorporated by reference herein.


Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number           Exhibit Title or Description
  10.1                     Consulting Agreement, dated as of June 15, 2018, by
                         and between the Company and Mr. Zerella.


© Edgar Online, source Glimpses

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Financials ($)
Sales 2018 1 476 M
EBIT 2018 -114 M
Net income 2018 -188 M
Finance 2018 480 M
Yield 2018 -
P/E ratio 2018 -
P/E ratio 2019
EV / Sales 2018 0,89x
EV / Sales 2019 0,84x
Capitalization 1 793 M
Duration : Period :
Fitbit Inc Technical Analysis Chart | FIT | US33812L1026 | 4-Traders
Technical analysis trends FITBIT INC
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus HOLD
Number of Analysts 15
Average target price 6,06 $
Spread / Average Target -15%
EPS Revisions
James Park Chairman, President & Chief Executive Officer
Jeffrey P. Devine Executive Vice President-Operations
Ronald W. Kisling Chief Financial Officer
Eric N. Friedman Director & Chief Technology Officer
Steve Joseph Murray Lead Independent Director
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