Carlsbad-Based Pacific Vector Holdings Reaches Settlement Agreement

Carlsbad-based Pacific Vector Holdings Inc., an action sports retailer and consumer brands company, announced Monday it has reached a settlement agreement with the former president of Ryderz Compound.

Pacific Vector, which owns the Gatorz and Street League brands, said the settlement "addresses certain matters related to an employment contract dispute prior to the acquisition or Ryderz Compound by Pacific Vector Holdings."

Under the terms of the settlement, Ryderz Compound will pay $55,000 and grant 8 percent equity ownership in Ryderz Compound, a subsidiary of Pacific Vector Holdings Inc.

"Pursuant to the purchase and sale agreement with the sellers of Ryderz Compound, all expenses associated with this claim will be covered under the indemnity clause."