On November 13, 2019, Sotheby's announced that, effective immediately, Kevin M. Delaney will step down from his position as Senior Vice President, Corporate Controller and Chief Accounting Officer of the Company. Mr. Delaney’s departure qualifies as a termination other than for “cause” under the Company’s U.S. Employee Severance Plan and he will receive severance in accordance therewith, with his outstanding equity awards treated as a termination other than for “cause” in connection with a change-in-control under the Merger Agreement.