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Costs Associated with Exit or Disposal

On November 13, 2015, Sothebys (the "Company") announced a series of regional voluntary separation incentive programs which aim to reduce headcount and associated compensation costs. The programs are being offered to most Sothebys employees in jurisdictions where it is practical to do so. Employees who elect to participate will be accepted only upon approval by Sothebys management.

Each participant in a regional program will be entitled to receive severance benefits based on the participants position, years of service and base pay, and includes, in certain circumstances, continued vesting of equity awards. The cash severance payment will be made in a single lump sum payment to each participant as soon as administratively practicable...