DULUTH HOLDINGS INC. (NASDAQ:DLTH) Files An 8-K Departure of Directors or Certain Officers; 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
On July 24, 2017, Duluth Holdings Inc. (the “Company”) issued a press release reporting the appointment of Dave Loretta as Senior Vice President and Chief Financial Officer effective July 24, 2017. In addition to holding the management responsibilities as described in the press release, Mr. Loretta will serve as the Company’s principal financial and accounting officer for SEC reporting purposes. Effective July 24, 2017, Mr. Loretta will replace Mark M. DeOrio in such capacities, who announced his retirement on May 30, 2017. Mr. DeOrio will continue to be employed by the Company until his retirement, which will be an agreed upon date between Mr. DeOrio and the Company but no later than December 31, 2017.
Mr. Loretta, age 49, served four years as President and Chief Financial Officer of Nordstrom Bank and led all financial and operating functions of their proprietary card operations. During his tenure, Mr. Loretta was responsible for financial reporting, budgeting, forecasting and long-range strategic planning as well as operational leadership. Previously at Nordstrom, Inc., he served as corporate Vice President and Treasurer overseeing treasury, investor relations and corporate development. Before his 13 years with Nordstrom, Mr. Loretta was Director of Planning and Analysis for Restoration Hardware, Inc. where he developed a companywide budgeting, forecasting and reporting process for the retail stores, catalog direct mail and e-commerce. Following his time at Nordstrom, Loretta launched and operated his own company, Pacific Time, LLC, a unique food and beverage business, from 2014 to 2016. Loretta earned an MBA from San Diego State University and a B.A. in Business Economics from the University of California, Riverside.
In consideration of Mr. Loretta’s employment with the Company, Mr. Loretta will receive, among other things, the following as described in his offer letter:
An annualized base salary of $300,000;
Eligibility to participate in the Company’s Annual Incentive Plan;
An award of restricted stock; and
Eligibility to participate in the Company’s healthcare and other benefit plans and the Company’s relocation policy, as the Company may establish for executive officers from time to time.
As provided in the offer letter, Mr. Loretta is as required to execute a restrictive covenant agreement as a condition to his employment and award of restricted stock.
Since January1, 2016, there have been no transactions, and there are no currently proposed transactions, to which the Company was or is a participant and in which Mr. Loretta had or is to have a direct or indirect material interest that would require disclosure to Item404(a) of RegulationS-K.
The foregoing descriptions of the offer letter and restrictive covenant agreement do not purport to be complete and are qualified in their entirety by reference to such documents, copies of which are attached as exhibits to this filing and incorporated herein by reference.
The Company’s press release announcing the hiring of Mr. Loretta is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits
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Exhibit No. |
Description |
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10.1 |
Offer Letter dated July 14, 2017 |
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10.2 |
Form of Restrictive Covenant Agreement |
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99.1 |
Press Release dated July 24, 2017 |
DULUTH HOLDINGS INC. ExhibitEX-10.1 2 exhibit101.htm OFFER LETTER DATED JULY 14,…To view the full exhibit click here
About DULUTH HOLDINGS INC. (NASDAQ:DLTH)
Duluth Holdings Inc. is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold through the Company’s own direct and retail channels. The Company operates through two segments: direct and retail. The Company’s product assortment includes shirts, pants, underwear, outerwear, footwear, accessories and hard goods. The Company offers a range of products, such as its Longtail T shirts, Buck Naked underwear and Fire Hose work pants. The Company offers products under its Duluth Trading brand name. The Company also offers Duluthflex Ballroom jeans. The Company’s direct channel reaches customers through its Website and catalogs. The Company’s Website, www.duluthtrading.com, serves as a storefront for its product assortment. Its retail stores allow it to reach customers that prefer to shop in a brick and mortar setting. The Company’s stores range in size from 6,000 to 11,000 selling square feet.