RALPH LAUREN CORPORATION (NYSE:RL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of an Executive Officer
On July 19, 2019, Ralph Lauren Corporation (the “Company”) announced that Valérie Hermann (“Hermann”), the Company’s Brand Group President, will depart from the Company, effective as of September 30, 2019.
Employment Separation Agreement and Release
In connection with Hermann’s separation of employment, the Company and Hermann entered into an employment separation agreement and release (the “Hermann Agreement”). to the Hermann Agreement, Hermann will receive $2,887,500 paid partially in the form of salary continuation over a one-year period and partially in the form of two lump sums, one to be paid in October 2019 and one to be paid on or about the last day that Hermann will receive salary continuation severance payments. Hermann will also have her expenses related to her and her family’s move to Paris, France paid for by the Company, up to a maximum of $300,000, so long as that move is completed by January 19, 2020. Hermann will also receive her bonus under the Company’s Executive Officer Annual Incentive Plan (“EOAIP”) for the Company’s 2020 fiscal year, prorated based on her time employed during that fiscal year, on the date that bonuses under the EOAIP are paid to the Company’s eligible executives. She will also vest in all performance-based equity awards granted to her based on the Company\’s actual performance, including the annual performance based equity award that will be granted to her in August 2019, on the dates those awards were scheduled to vest without regard to her continued employment, and she shall have three months to exercise any vested stock options, unless those options expire sooner, in which case they will expire on their originally scheduled expiration date.
The Hermann Agreement requires that Hermann provide the Company with transition services, and that she comply with confidentiality, non-competition, non-disparagement and non-solicitation restrictive covenants. She has also agreed to a release of any claims against the Company.
The foregoing is qualified in its entirety by the Hermann Agreement which is attached hereto as Exhibit 10.1.
RALPH LAUREN CORP Exhibit
EX-10.1 2 eh1900922_ex1001.htm EXHIBIT 10.1 EXHIBIT 10.1 EMPLOYMENT SEPARATION AGREEMENT AND RELEASE This Employment Separation Agreement and Release (the “Agreement”) is made and entered into as of this 19th day of July,…
To view the full exhibit click
About RALPH LAUREN CORPORATION (NYSE:RL)
Ralph Lauren Corporation is engaged in the design, marketing and distribution of lifestyle products, including apparel, accessories, home furnishings and other licensed product categories. The Company operates through three segments: Wholesale, Retail and Licensing. Wholesale business consists of sales made to department stores and specialty stores around the world. Retail business consists of sales made directly to consumers through retail channel, which includes Company’s’ retail stores, concession-based shop-within-shops and e-commerce operations around the world. Licensing business consists of royalty-based arrangements, under which the Company licenses to unrelated third parties for specified periods the right to operate retail stores and/or to use its various trademarks in connection with the manufacture and sale of designated products, such as certain apparel, eyewear, fragrances and home furnishings.
An ad to help with our costs