CHRISTOPHER Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(c)(e)In connection with Mr. Ungerman's election as Interim CFO, the Compensation Committee of the Company's Board of Directors (the "Committee"), on July 20, 2017, approved an increase in Mr. Ungerman's annual salary and a retention bonus agreement. Effective July 17, 2017, Mr. Ungerman's annual salary was increased to $235,000. Effective as of July 25, 2017, the Company entered into a retention agreement (the "Retention Agreement") with Mr. Ungerman. The Retention Agreement provides that, if Mr. Ungerman remains employed with the Company through July 17, 2018, he will receive a cash retention bonus in the amount of $50,000 (the "Retention Bonus"). The Retention Bonus amount is payable in a lump sum, provided Mr. Ungerman is actively employed by the Company on July 17, 2018. If Mr. Ungerman resigns or is terminated for "Cause", as defined in the Retention Agreement, prior to July 17, 2018, he will not be eligible for the Retention Bonus.
The foregoing description of the Retention Agreement is qualified in its entirety by the full text of the Retention Agreement, a copy of which is attached as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
10.1 Retention Agreement, effective as of July 25, 2017, by and between Christopher & Banks Corporation and Marc A. Ungerman.
CHRISTOPHER & BANKS CORP ExhibitEX-10.1 2 retentionbonusagreementung.htm EXHIBIT 10.1 Exhibit Exhibit 10.1July 20,…To view the full exhibit click here
About CHRISTOPHER & BANKS CORPORATION (NYSE:CBK)
Christopher & Banks Corporation is a national specialty retailer featuring private-brand women’s apparel and accessories. The Company offers its customers an assortment of clothing for everyday needs. Its merchandise assortments include designs of women’s apparel, generally consisting of casual clothing, everyday basics, wear-to-work, leisure/active wear, and sleepwear in missy, petite and women sizes. The Company also offers a selection of jewelry and accessories, including footwear. The Company operates in the Retail Operations segment, which includes the operation of its retail stores, outlet stores, online and mobile. The Retail Operations segment includes activities generated by the Company’s retail store locations (Missy Petite Women (MPW), Outlet stores, Christopher & Banks (CB), and C.J. Banks (CJ)), as well as the e-commerce business. Its merchandise is developed for women of all sizes, age 40 and older. CHRISTOPHER & BANKS CORPORATION (NYSE:CBK) Recent Trading Information
CHRISTOPHER & BANKS CORPORATION (NYSE:CBK) closed its last trading session up +0.01 at 1.39 with 193,854 shares trading hands.