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 Officers
Item5.02 therein regarding the terms of an option granted to
MaryAnne Morin and to correct the statement that such option
would be subject to the terms and conditions of the Companys 2001
Omnibus Plan. The option is an inducement grant made outside such
plan. All other information in the Original Report remains
unchanged.
| ITEM5.02 |
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS |
As previously described in the Original Report, MaryAnne Morin
was appointed to serve as the Companys President, effective
February6, 2017. Consequently, on February22, 2017, the Company
and Ms.Morin executed an Inducement Option Award Agreement (the
Award Agreement), a copy of which is attached as Exhibit 10.1.
In accordance with the Award Agreement, the Company granted
Ms.Morin an option to purchase 500,000 shares of the Companys
common stock with a per share exercise price of $3.72, the
closing price on the grant date. The option will vest as to 20%
of the total number of shares subject to the option on the first
anniversary of the grant date and then 20% in each of the years
following with 50% vesting occurring on the fifth year
anniversary of this grant. The stock option was issued as an
inducement material to the new employee entering into employment
with the Company. The award was approved by the Companys
independent Compensation Committee as an inducement award in
accordance with NASDAQ Listing Rule 5635(c)(4).
The preceding summary of the material terms of the Award
Agreement is qualified in its entirety by the full text of such
Award Agreement, which is filed herewith as Exhibit 10.1. In the
event of any discrepancy between the preceding summary and the
text of the Award Agreement, the text of the Award Agreement
shall control.
| ITEM9.01 | FINANCIAL STATEMENTS AND EXHIBITS |
(d) Exhibits
| 10.1 |
Inducement Option Award Agreement, dated February22, 2017, between Stein Mart, Inc. and MaryAnne Morin |
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. STEIN MART, INC. (NASDAQ:SMRT) Recent Trading Information
STEIN MART, INC. (NASDAQ:SMRT) closed its last trading session up +0.12 at 3.75 with 485,343 shares trading hands.
