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SMRT > SEC Filings for SMRT > Form 8-K on 1-May-2014All Recent SEC Filings

Show all filings for STEIN MART INC

Form 8-K for STEIN MART INC


1-May-2014

Change in Directors or Principal Officers, Financial Statements and Exhibits


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

(e) On May 1, 2014, Stein Mart, Inc. (the "Company") entered into an employment agreement (the "Executive Officer Employment Agreement") with Gary L. Pierce, the Company's Senior Vice-President and Director of Stores. The Executive Officer Employment Agreement, among other things, provides for: (i) a term of two years, (ii) an annual base salary of $363,000 per year, (iii) severance compensation equal to 100% 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 Company or with good reason by the executive, (iv) if terminated with cause by the Company or without good reason by the executive only base salary through the termination date 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 annual base salary and (b) 200% of bonuses earned in the year of termination, (vi) restrictive covenant against recruiting any Company personnel for two years following termination, and (vii) vesting of unvested options and restricted shares upon death or disability. The Executive remains eligible for other benefit plans and incentive plans in effect from time to time.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibit

10.1 Employment Agreement, dated May 1, 2014, between Stein Mart, Inc. and Gary L. Pierce


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