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SSI > SEC Filings for SSI > Form 8-K on 10-Apr-2013All Recent SEC Filings

Show all filings for STAGE STORES INC | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) Compensatory Arrangements of Certain Officers

On April 4, 2013, the Compensation Committee of the Board of Directors of Stage Stores, Inc. (the "Company") recommended, and the Board of Directors approved, the parameters for the Company's 2013 Senior Executive Incentive Bonus Plan (the "2013 Bonus Plan") and considered and approved the annual cash incentive opportunities for our currently employed Named Executive Officers for the Company's 2013 fiscal year as set forth in the table below.

A "Pre-Tax Earnings Parameter" of the bonus formula is weighted to determine two-thirds (66.7%) of the year-end bonus amount earned.

A "Comparable Store Sales Parameter" of the bonus formula is weighted to determine one-third (33.3%) of the year-end bonus amount earned. The measurement is based on fiscal year-end comparable store sales percent change compared to the Company's 2013 Performance Group.

Under the 2013 Bonus Plan, the potential bonus payout, as a percentage of each currently employed Named Executive Officer's base salary at April 1, 2013, is as follows:

                         Base            Bonus Range % (1)               Bonus Range $ (2)
Executive/Title       Salary($)      (Threshold/Target/Maximum)     (Threshold/Target/Maximum)

Michael L. Glazer
President and Chief
Executive Officer        950,000            41.7-100-200              396,150-950,000-1,900,000

Oded Shein
Executive Vice
President, Chief
Financial Officer        370,000            20.8-50-100                76,960-185,000-370,000

Edward J. Record
Chief Operating
Officer                  620,000            29.2-70-140                181,040-434,000-868,000

Steven P. Lawrence
Chief Merchandising
Officer                  620,000            29.2-70-140                181,040-434,000-868,000

Michael M. Searles
President and Chief
Operating Officer,
South Hill Division
(3)                      450,000             25-60-120                 112,500-270,000-540,000


(1) Percentage of base salary

(2) Amount to be paid will depend upon the extent to which the Company achieves the Pre-Tax Earnings, Comparable Store Sales parameters established by the Board of Directors. Actual bonus payments will be prorated for Pre-Tax Earnings results between the maximum and threshold levels. In order to earn any portion of the Comparable Store Sales payout, the Company must achieve 75% of the Pre-Tax Earnings target level.

(3) Due to the ongoing consolidation of the Company's South Hill, Virginia regional operations into the Company's Houston, Texas corporate headquarters, which is expected to be completed during the Company's 2013 Fiscal year, Mr. Searles position will be eliminated and he will not be offered a position

at the Company's Houston headquarters. However, Mr. Searles will be eligible to participate in the 2013 Bonus Plan on a pro-rata basis.

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