Summary by Futu AI
On June 4, 2024, iRobot Corporation reported the departure of Faris Habbaba, the company's Chief Research and Development Officer. The separation was effective immediately, as disclosed in a Form 8-K filing with the SEC. iRobot and Habbaba have agreed on a Separation Agreement, which includes a severance package for Habbaba consisting of six months of his base salary totaling $207,500, payable in regular installments. Additionally, should Habbaba opt for COBRA continuation coverage, the company will contribute to his healthcare insurance premiums for up to six months. The agreement also contains a general release of claims by Habbaba in favor of iRobot and reaffirms his commitment to adhere to post-employment restrictive covenants. The details of the agreement are outlined in Exhibit 10.1 attached to the filing.