Summary
Burlington Stores, Inc. (BURL) filed an 8-K on July 2, 2020, to disclose the finalization and award of 2019 cash bonuses to its named executive officers. The Compensation Committee had previously delayed this decision due to the uncertainty caused by the COVID-19 pandemic, seeking greater clarity on its impact. The bonuses, totaling over $3.5 million across five named executive officers, were finalized on June 29, 2020, and reflect the company's actual performance in fiscal year 2019 as outlined in the Annual Incentive Plan. These bonus amounts are significant additions to the base compensation, with the CEO, Michael O'Sullivan, receiving $764,934. When combined with previously reported figures, the total compensation for these executives in fiscal 2019 is substantial, reaching over $42 million for the CEO alone. Importantly, the company states that these finalized bonus amounts do not alter the previously disclosed pay ratio, as those calculations already incorporated the projected bonus figures.
Key Highlights
- 1Burlington Stores finalized and awarded 2019 cash bonuses to its named executive officers on June 29, 2020.
- 2The bonus determination was delayed from its original schedule due to uncertainty related to the COVID-19 pandemic.
- 3Total 2019 bonus payout to the five named executive officers amounts to $3,579,200.
- 4CEO Michael O’Sullivan received the largest bonus at $764,934.
- 5The bonuses reflect the company's actual performance in fiscal year 2019 under the Annual Incentive Plan.
- 6These awarded bonuses are scheduled to be paid on July 3, 2020.
- 7The company confirmed that these finalized bonus figures do not change the previously reported pay ratio disclosure.