West Marine, Inc. announced that Bruce Edwards resigned Sept. 4 as executive vice president – stores, port supply and e-commerce, after 26 years with the company.


Edwards' decision to pursue other interests followed his eight-week sabbatical from the company. His last date of employment will be Sept. 20. For the next two weeks  Edwards will facilitate a transition of his responsibilities to his direct reports until the company identifies a suitable replacement.

In view of Edwards' long tenure with West Marine, the company agreed to the following severance benefits:

 

Mr. Edwards will receive a cash severance payment of $177,408, an amount equal to twenty-four (24) weeks (“Severance Period”) of his annual base salary, payable in substantially equal installments over the Severance Period on the company's regularly-scheduled payroll dates, subject to applicable deductions and withholdings.

 

The company generally requires an employee to reimburse the company for salary paid during a sabbatical, if the employee leaves the company within one year of the sabbatical. In recognition of his many years of service, the company will not seek such reimbursement from Mr. Edwards.

 

Under the terms of the company's Omnibus Equity Incentive Plan and respective Equity Award Agreements, Edwards will forfeit any stock options and any restricted stock units that have not vested as of his departure and he will be entitled to exercise any vested stock options under the Award Agreements during the 90-day period following his departure.

 

He will continue to receive medical and/or dental insurance coverage at the company's cost, subject to any portion of the costs required to be contributed by Edwards, over the Severance Period, until the earlier to occur of the end of the Severance Period or Edwards is employed with another company.

 

Edwards will not receive any annual cash bonus for 2013 or other benefits under the Separation Agreement and his right to an employee discount will cease as of Sept. 20.

 

The Separation Agreement also provides that Edwards will be bound by, among other provisions, a full release of all claims related to his employment with the company and the non-solicitation, confidentiality, cooperation and non-disparagement covenants contained in the Separation Agreement.