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Quotes & Info
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| PSUN > SEC Filings for PSUN > Form 8-K on 9-Oct-2012 | All Recent SEC Filings |
9-Oct-2012
Change in Directors or Principal Officers
On October 3, 2012, Pacific Sunwear of California, Inc. (the "Company") promoted Alfred Chang to Senior Vice President, Men's Merchandising and Design. Mr. Chang, age 35, was previously the Vice President, Men's Merchandising and Design, and will continue to be responsible for managing all aspects of merchandising and design for the Men's division.
Mr. Chang joined the Company in 2006 as a Senior Buyer for Men's Merchandising, was promoted to Director of Men's Merchandising in 2007 and to Vice President of Men's Merchandising in 2009.
In connection with his promotion, Mr. Chang's base salary was increased to $325,000. He will have an annual incentive bonus opportunity based on the Company's achievement of pre-set financial targets and his achievement of performance criteria to be established by the Chief Executive Officer. Mr. Chang's target incentive bonus will be 50% of his base salary with a maximum target incentive bonus equal to 100% of his base salary.
Mr. Chang will be entitled to the following equity award grant, subject to the approval of the Compensation Committee of the Company's board of directors: an award of 50,000 restricted shares of the Company's common stock. The restricted stock award will vest, subject to Mr. Chang's continued employment, in 25% installments on each of the first four anniversaries of the grant date.
Mr. Chang will also be entitled to participate in the Company's benefit plans on terms consistent with those generally applicable to the Company's other executives, including severance arrangements under the Company's Executive Severance Plan, as amended, which was previously filed as Exhibit 10.12 to the Company's Form 10-K filed with the SEC on April 1, 2009.
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