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| SMRT > SEC Filings for SMRT > Form 8-K on 8-Oct-2009 | All Recent SEC Filings |
8-Oct-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
(e) On October 2, 2009, Stein Mart, Inc. (the "Company") entered into employment
agreements (the "Executive Officer Employment Agreements") with the following
Executive Officers: William A. Moll, the Company's Senior Vice President,
General Merchandise Manager and David H. (Hunt) Hawkins, the Company's Executive
Vice President and Chief Administrative Officer. The Executive Officer
Employment Agreements, among other things, provide for: (i) a term of two years,
(ii) annual base salary of $436,525 per year for Mr. Moll and $351,500 per year
for Mr. Hawkins, (iii) severance compensation equal to 100% of their respective
annual base salaries and continuation of insurance benefits for one year if
their respective Executive Officer Employment Agreements are not renewed at
expiration or Executive is terminated without cause by the Company or with good
reason by the Executive, (iv) if terminated with cause by the Company or without
good reason by the Executive only earned but unpaid base salary up to the date
of termination is due, (v) if terminated without cause by the Company or with
good reason by the Executive following a change of control, severance
compensation equal to (a) 200% of their respective annual base salaries and
(b) 200% of their respective target bonuses in the year of termination,
(vi) restrictive covenants against competing with the Company or recruiting any
Company personnel for two years following termination, and (vii) vesting of
unvested options and restricted shares upon death or disability. The executives
remain eligible for other benefit plans and incentive plans in effect from time
to time.
(d) Exhibits
10.1 Employment Agreement, dated September 15, 2009 between Stein Mart, Inc. and William A. Moll
10.2 Employment Agreement, dated September 15, 2009 between Stein Mart, Inc. and David H. (Hunt) Hawkins
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