G-III Apparel enters new CEO employment agreement with reduced cash incentive, PSUs tied to $30 stock target

G III APPAREL GROUP LTD /DE/

New employment agreement with CEO Morris Goldfarb effective Aug 9, 2023; base salary $1.35M.
Annual cash incentive target reduced to $4M (from 6% of pre-tax income) with performance metrics and hard dollar cap.
Special equity grant of 700,000 PSUs with stock price target of $30, about double the price at negotiation start.
Annual equity grants of 300,000 shares (60% PSUs, 40% RSUs) with max grant date fair value of $6M.
Company cites responsiveness to shareholder Say on Pay concerns; 2015 Plan amended for actual-performance vesting on change of control.

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