DESTINATION XL GROUP, INC. (NASDAQ:DXLG) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 27, 2018, Destination XL Group, Inc. (the “Company”) and its Chief Executive Officer, Mr. David A. Levin, entered into a letter agreement (the “Letter Agreement”).The Letter Agreement is a supplement to the Transition Agreement between the Company and Mr. Levin dated as of March 20, 2018, as amended (the “Transition Agreement”).
Under the terms of the Transition Agreement, Mr. Levin is serving as Chief Executive Officer through the earlier of December 31, 2018 or the date that the Company employs a full-time successor CEO.The purpose of the Letter Agreement is to set forth Mr. Levin’s initial transition duties and consulting activities that he will be required to perform under the terms of the Transition Agreement in the event that the Company does not have a successor CEO by December 31, 2018 and, to the terms of the Transition Agreement, Mr. Levin resigns as President and Chief Executive Officer and as a Director of the Company on January 1, 2019.
In accordance with the terms of the Letter Agreement, effective January 1, 2019, if no successor CEO has commenced employment by that date, Mr. Levin will begin serving as the Company’s acting CEO and, as such, its principal executive officer (collectively, “Acting CEO”) through the earliest of: (i) April 30, 2019 (subject to an extension by the Company on the same terms through no later than June 30, 2019); (ii) the date that a successor CEO commences employment or (iii) termination of his employment by the Company.As compensation, Mr. Levin will receive $200,000 per month but in no event less than $800,000.
The foregoing description of the Letter Agreement is only a summary of, and is qualified in its entirety by reference to, the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 5.02 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
DESTINATION XL GROUP, INC. ExhibitEX-10.1 2 dxlg-ex101_8.htm EX-10.1 LETTER AGREEMENT BETWEEN THE COMPANY AND DAVID A LEVIN dxlg-ex101_8.htm Exhibit 10.1 November 27,…To view the full exhibit click here
About DESTINATION XL GROUP, INC. (NASDAQ:DXLG)
Destination XL Group, Inc. is a specialty retailer of men’s apparel with retail and direct operations in the United States and London, England. The Company operates through the Big & Tall Men’s Apparel segment. The Company operates under the trade names of Destination XL, DXL, Casual Male XL, Casual Male XL outlets, DXL outlets, Rochester Clothing, ShoesXL and LivingXL. The Company operates approximately 170 Destination XL stores, 125 Casual Male XL retail stores, 40 Casual Male XL outlet stores, nine DXL outlet stores and five Rochester Clothing stores. Its direct business includes its DestinationXL.com and bigandtall.com e-commerce sites, which support its stores, brands and product extensions. Through its multiple brands, which include both branded apparel and private-label, the Company offers a range of merchandise. The Company carries various designer brands, including Cole Haan, Allen Edmonds, Timberland, Calvin Klein, Lacoste, Donald J. Pliner and Bruno Magli.
