Abercrombie amends agreement with CEO post-Say on Pay
Abercrombie & Fitch announced in an 8-K today that it received 24.5% support for its proposal. In addition, Abercrombie announced that following negotiations, CEO Mr. Jeffries’ would forego the long-term incentive provision in his employment agreement that provides for semi-annual equity grants equal to 2.5% of TSR over six months – and the company would now make grants to the CEO during the normal cycle of annual grants to other executives. In the 8-K filing, Abercrombie also reiterated that in 2012, the Committee added performance share awards to the total mix of LTI awards for EVPs and that it is committed to enhancing its proxy disclosure and adding additional transparency regarding its decision-making process. Abercrombie also announced that it anticipates performance share awards will comprise an increased percentage of LTI awards in future years. Read the 8-K here.