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Share Name | Share Symbol | Market | Type |
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Macys Inc | NYSE:M | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.47 | 2.46% | 19.59 | 19.61 | 19.125 | 19.44 | 4,302,393 | 01:00:00 |
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Annual base salary of $1,000,000; annual target incentive opportunity of 125% of base salary under the Senior Executive Incentive Compensation Plan; and a fiscal year 2018 target annual equity grant with a grant date fair value of $4,000,000 under the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “Plan”), in a combination of performance-based restricted stock units and stock options, weighted 60% and 40%, respectively, based on grant date fair value. Grants under the Plan are awarded when the CMD Committee approves annual equity grants, typically at its March meeting. The performance-based restricted stock units will vest at the end of a three-year period based on performance against pre-determined goals and the stock options will vest 25% on each of the first four anniversaries of the grant date.
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Sign-on bonus of $5,500,000 in consideration of various items he may be required to repay or forfeit upon departure from his current employer. Sign-on bonus is payable $2,000,000 within 30 days of hire date and $3,500,000 on March 31, 2018. Under a repayment agreement, if Mr. Lawton voluntarily terminates employment with Macy’s within the first 12 months of hire date he must repay 100% of the sign-on bonus, and if he voluntarily terminates within months 13 to 24 he must repay 50% of the sign-on bonus.
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Sign-on equity grants under the Plan of stock options, time-based restricted stock units and performance-based restricted stock units with grant date values of $4,000,000, $3,500,000 and $3,000,000, respectively. These awards will be granted, as soon as administratively feasible, effective as of the hire date and are intended to replace awards forfeited upon departure from Mr. Lawton’s current employer. The performance-based restricted stock units will vest at the end of a three-year period based on performance against pre-determined goals and the time-based restricted stock units and stock options will vest in one-third increments on each of the first three anniversaries of the grant date.
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Participation in the Company’s Executive Severance Plan, Change in Control Plan and relocation program.
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Mr. Lawton will be subject to the Company’s stock ownership guidelines which require that he hold equity equal to 3 times base salary. He will be expected to meet this requirement by the first Monday in March following the five-year anniversary of the date he first becomes eligible to receive a payout of performance-based restricted stock units.
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MACY’S, INC.
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Dated: August 21, 2017
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By:
/s/ Elisa D. Garcia
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Name: Elisa D. Garcia
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Title: Chief Legal Officer and Secretary
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1 Year Macys Chart |
1 Month Macys Chart |
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