STEIN MART, INC. (NASDAQ:SMRT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(e) On September20, 2017, Stein Mart, Inc. (the “Registrant”) entered into an amended employment agreement (the “Employment Agreement”) with Roseann McLean, the Registrant’s Executive Vice President, SBC Planning and Allocation (the “Executive”), effective as of September20, 2017. The Employment Agreement amends the prior agreement between the Executive and the Registrant dated October 16, 2016. A copy of the Employment Agreement is attached as Exhibit 10.1.
The Employment Agreement, among other things, provides for: (i)a term of two years, which will be extended for additional two-year periods unless the Executive or the Registrant cancels the automatic extension by providing at least sixty (60)days advance written notice, (ii)an annual base salary of $371,500 per year, (iii)severance compensation equal to 50% of annual base salary and continuation of insurance benefits for one year if the Employment Agreement is not renewed at expiration or Executive is terminated without cause by the Registrant or with good reason by the Executive, (iv)if terminated with cause by the Registrant or without good reason by the Executive only base salary through the termination date is due, (v)if terminated without cause by the Registrant or with good reason by the Executive following a change of control, severance compensation equal to (a)200% of annual base salary and (b)200% of bonuses earned in the year of termination, (vi)a restrictive covenant against recruiting any personnel from the Registrant for two years following termination, and (vii)vesting of all unvested options or restricted shares upon death or disability. The Executive remains eligible for other benefit plans and incentive plans in effect from time to time.
The preceding summary of the material terms of the Employment Agreement is qualified in its entirety by the full text of the agreement, which is filed herewith as Exhibit 10.1.In the event of any discrepancy between the preceding summary and the text of the Employment Agreement, the text of the Employment Agreement shall control. Terms used and not defined herein have the respective meanings given to such terms in the Employment Agreement.
| Item 5.02 | FINANCIAL STATEMENTS AND EXHIBITS |
| 10.1 | Employment Agreement between Stein Mart, Inc. and Roseann McLean, dated September20, 2017. |
EXHIBIT INDEX
STEIN MART INC ExhibitEX-10.1 2 d461075dex101.htm EX-10.1 EX-10.1 EXHIBIT 10.1 ROSEANN MCLEAN AMENDED AGREEMENT WITH STEIN MART,…To view the full exhibit click here
About STEIN MART, INC. (NASDAQ:SMRT)
Stein Mart, Inc. is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company’s target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store. Its stores are located in the Northeast, Midwest, Southeast, Texas and the Southwest. It is concentrated in the Southeast and Texas where over 180 of its stores are located. The Company’s stores offer a range of services, such as merchandise locator service, a Preferred Customer program, co-branded and private label credit card programs, and electronic gift cards. The Company’s merchants purchase products from approximately 1,200 vendors. It leases all of its store locations, generally for approximately 10 years with options to extend the lease term for over two or five year periods.