DELTA APPAREL, INC. (NYSEMKT:DLA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
and Robert W. Humphreys, the Company’s Chairman and Chief
Executive Officer, entered into a fourth amendment (the “Fourth
Amendment”) to the employment and non-solicitation agreement dated
June 10, 2009, between the Company and Mr. Humphreys. The
employment and non-solicitation agreement, which was filed with the
Securities and Exchange Commission (the “SEC”) on August 28,
2009, as Exhibit 10.11 to the Company’s Form 10-K for its fiscal
year ended June 27, 2009, was subsequently amended on August 17,
2011, June 6, 2012, and December 5, 2014, and such amendments were
filed with the SEC on August 19, 2011, June 8, 2012, and December
8, 2014, respectively (as amended, the “Agreement”).
additional three years. Unless earlier terminated in accordance
with its terms, the Agreement will now continue until the date the
Company files with the SEC its Annual Report on Form 10-K for its
2020 fiscal year.
participate in the Company’s Short-Term Incentive Compensation
Plan (the “Plan”) and that Mr. Humphreys’ base incentive
compensation opportunity under the Plan for fiscal years 2018, 2019
and 2020 will be the same as that for fiscal years 2015, 2016 and
2017, which is $650,000, with a maximum payout of $1,500,000 for
any single fiscal year.
to participate in the Company’s 2010 Stock Plan (the “Stock
Plan”) and, to the terms of the Stock Plan and a separate award
agreement between the Company and Mr. Humphreys, Mr. Humphreys will
receive a grant of 126,000 performance units, with 42,000 of such
performance units eligible to vest upon the filing of the
Company’s Annual Report on Form 10-K with the SEC for its 2018,
2019 and 2020 fiscal years based solely on the achievement of
objective performance goals. The performance goals and the formula
for determining the number of performance units that will vest
based on the Company’s achievement of such performance goals in a
given fiscal year remain the same as are applicable to the
performance units previously granted to Mr. Humphreys in connection
with the Company’s 2015, 2016 and 2017 fiscal years. With respect
to any performance units that vest upon the filing of the
Company’s Annual Report on Form 10-K with the SEC for fiscal years
2018, 2019 and 2020, Mr. Humphreys will receive shares of Company
stock equal to the value of the aggregate number of such vested
performance units.
and is qualified in its entirety by the actual provisions of the
Fourth Amendment, a copy of which is filed as an Exhibit to this
Current Report on Form 8-K and incorporated herein by reference.
than as explicitly amended by the Fourth Amendment.
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Item 9.01
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Financial Statements and Exhibits
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(d) Exhibits.
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Exhibit Number
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Description
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10.1
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Fourth Amendment to Employment and Non-Solicitation
Agreement dated April 27, 2017, between the Company and Robert W. Humphreys |
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About DELTA APPAREL, INC. (NYSEMKT:DLA)
Delta Apparel, Inc. is an apparel design, marketing, manufacturing and sourcing company. The Company operates through two segments: branded and basics. The branded segment consists of its business units, which are focused on specialized apparel garments and headwear. Its products are marketed under its lifestyle brands of Salt Life, Soffe and COAST, as well as other labels. The basics segment consists of its business units focused on garment styles and includes its Delta Activewear (which includes Delta Catalog and FunTees) and Art Gun business units. It markets, distributes and manufactures knit apparel under the main brands of Delta Pro Weight and Delta Magnum Weight. It also manufactures private label products for branded sportswear companies, trendy regional brands, retailers and sports licensed apparel marketers. It specializes in the design, merchandising, sales and marketing of a range of casual and athletic products for men, women, juniors, youth and children. DELTA APPAREL, INC. (NYSEMKT:DLA) Recent Trading Information
DELTA APPAREL, INC. (NYSEMKT:DLA) closed its last trading session down -0.31 at 17.53 with 7,505 shares trading hands.