MOVADO GROUP, INC. (NYSE:MOV) 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.
its President, Ricardo Quintero, would be departing the Company
on April 30, 2017. On April 30, 2017, the Company and Mr.
Quintero entered into a Separation Agreement and General Release
(the Separation Agreement) setting forth certain
arrangements relating to his separation from service. Under the
Separation Agreement, Mr. Quintero will receive bi-weekly
payments equivalent, on an annualized basis, to his annual salary
plus his $12,000 per year automobile allowance, for the
twelve-month period beginning May 1, 2017. Mr. Quintero will be
allowed to continue participating in the Companys medical, dental
and vision plan through October 31, 2018, and the Company will
pay the plan premiums in excess of the rate applicable to active
employees. The Company will also pay the costs of Mr. Quinteros
participation in an outplacement assistance program. Under the
Separation Agreement, Mr. Quintero also received a lump sum
payment of $316,950 primarily in respect of certain restricted
stock units forfeited as a result of his separation of
employment. In connection with these compensation arrangements,
Mr. Quintero agreed to certain restrictive covenants, including
restrictions on his ability (i) to compete with the Company for a
15-month period beginning on his separation date and (ii) to
solicit the employment of Company employees for an 18-month
period beginning on his separation date.
of the Separation Agreement, a copy of which is filed as Exhibit
10.1 to this report and incorporated herein by reference.
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Exhibit No.
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Description
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10.1
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Separation Agreement and General Release dated as of April 30, 2017 between Movado Group, Inc. and Ricardo Quintero. |
About MOVADO GROUP, INC. (NYSE:MOV)
Movado Group, Inc. designs, sources, markets and distributes watches. The Company operates through two segments: Wholesale and Retail. The Wholesale segment includes the design, development, sourcing, marketing and distribution of watches, and after-sales service activities and shipping. It sells all of its brands to jewelry store chains, department stores and independent jewelers. The Retail segment includes its retail outlet stores. The Company’s subsidiary, Movado Retail Group, Inc., operates approximately 40 outlet stores located in outlet centers across the United States. The Company divides its business into two geographic locations: the United States and International. It has international operations in Europe, the Americas (excluding the United States), the Middle East and Asia. Its portfolio of brands includes Coach Watches, Concord, Ebel, ESQ Movado, Scuderia Ferrari Watches, HUGO BOSS Watches, Juicy Couture Watches, Lacoste Watches, Movado and Tommy Hilfiger Watches. MOVADO GROUP, INC. (NYSE:MOV) Recent Trading Information
MOVADO GROUP, INC. (NYSE:MOV) closed its last trading session down -0.30 at 23.30 with 92,802 shares trading hands.