Abercrombie & Fitch Co.
03/13/2024 | Press release | Distributed by Public on 03/13/2024 14:34
Management Change/Compensation - Form 8-K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective March 10, 2024, the Board of Directors (the "Board") of Abercrombie & Fitch Co. (the "Company") adopted and approved an amendment and restatement of the Abercrombie & Fitch Co. Short-Term Cash Incentive Compensation Performance Plan (the "Short-Term Cash Incentive Plan") in the form of the "Amended and Restated Abercrombie & Fitch Co. Short-Term Cash Incentive Compensation Performance Plan" (as so amended and restated, the "A&R Short-Term Cash Incentive Plan").
Pursuant to the A&R Short-Term Cash Incentive Plan, the following amendments were made to the Short-Term Cash Incentive Plan:
•The maximum potential annual incentive compensation target opportunity has been increased from 175% to 200% of a participating associate's base salary. As a result, annual incentive compensation targets under the A&R Short-Term Cash Incentive Plan for participating associates may range from 5% to 200% of base salary.
•The maximum dollar amount to be paid to a participating associate for any fiscal year under the A&R Short-Term Cash Incentive Plan has been increased from $5,000,000 to $6,500,000.
The foregoing summary of the amendments to the Short-Term Cash Incentive Plan reflected in the A&R Short-Term Cash Incentive Plan is qualified in its entirety by reference to the complete text of the A&R Short-Term Cash Incentive Plan, which is included as Exhibit 10.1to this Current Report on Form 8-K and incorporated herein by this reference.