EXPRESS, INC. (NYSE:EXPR) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 19, 2019, Express, LLC, an indirect, wholly-owned subsidiary of Express, Inc. (the “Company”), entered into a special cash retention bonus agreement with Periclis (“Perry”) Pericleous, Senior Vice President, Chief Financial Officer and Treasurer (the “Retention Bonus Agreement”) due to the departure of the Company’s chief executive officer and the need to have stability in certain key roles in the Company to ensure a smooth continuation of operations.
to the Retention Bonus Agreement, Mr. Pericleous is entitled to receive $100,000 (the “Award”), less applicable tax withholdings. In the event that Mr. Pericleous voluntarily terminates his employment with the Company on or prior to February 19, 2020 without “good reason” or his employment is terminated by the Company with “cause”, then Mr. Pericleous will be required to repay the Award to the Company within ten calendar days of his last day of employment. Payment of the Award under the Retention Bonus Agreement does not alter or affect any other compensation or benefits Mr. Pericleous may be entitled to under any other arrangement with the Company or under applicable law.
The preceding description of Mr. Pericleous’ Retention Bonus Agreement is a summary and is qualified in its entirety by the Retention Bonus Agreement filed herewith as Exhibit 10.1, which is incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Special Cash Retention Bonus Agreement, dated as of February 19, 2019, by and between Express, LLC and Periclis Pericleous. |
EXPRESS, INC. Exhibit
EX-10.1 2 perryretentionbonusletter.htm EXHIBIT 10.1 Exhibit February 19,…
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About EXPRESS, INC. (NYSE:EXPR)
Express, Inc. is a specialty apparel and accessories retailer offering both women’s and men’s merchandise, targeting the 20 to 30 year old customer. The Company offers an assortment of fashionable apparel and accessories to address fashion needs across multiple aspects of lifestyles, including work, casual, jeans wear and going-out occasions. It operates through the operation of its brick-and-mortar retail and outlet stores, e-commerce operations and franchise operations segment. The Company sells its products through its e-commerce Website, www.express.com, and has franchise agreements with franchisees that operate Express locations in Latin America, the Middle East and South Africa. It operates approximately 650 stores across the United States, in Canada and in Puerto Rico, including over 80 factory outlet stores. It products are created by its in-house design team. The Company has a portfolio of products that have brand value, including the Editor pant and 1MX shirt.
