You want to disassemble the earphone with the cord coming out. Carefully pull the ear pad out of the gap around the earphone. This can be tricky. Don't stretch it too much or it won't stay one when you put it all back together. This actually went easier that I thought. These are pretty good quality ear pads.
Next you will find the cover is secured by tabs. You will have to carefully push the tabs back (without breaking them) and pop the cover off the encasement.
After that is removed the actual earphone should fall right out.