On December 3, 2018, Sotheby’s announced that the company is eliminating its Chief Operating Officer role and implementing related organizational changes. As a result, Adam Chinn, Executive Vice President and Chief Operating Officer of the company, will leave the company effective December 31, 2018. Mr. Chinn’s departure qualifies as a termination other than for cause for purposes of his Employment Agreement, dated January 11, 2016, with the company and he will receive severance in accordance therewith.