Summary
This 8-K filing by ROSS STORES, INC. (ROST) reports on a material definitive agreement entered into on February 14, 2006. The company has executed a Sixth Amendment to its Independent Contractor Consultancy Agreement with Norman A. Ferber, Chairman of the Board of Directors. This amendment extends Mr. Ferber's consultancy term by three years, concluding on January 31, 2009. The existing terms and benefits are renewed, including an annual consulting fee of $1,100,000, payable throughout the extended term unless terminated for cause. The amendment also outlines provisions for termination due to Mr. Ferber's death and includes a specific payment for life insurance premiums.
Key Highlights
- 1Ross Stores, Inc. amended its Independent Contractor Consultancy Agreement with Chairman Norman A. Ferber.
- 2The amendment extends Mr. Ferber's consultancy for an additional three years, through January 31, 2009.
- 3Mr. Ferber will continue to receive an annual consulting fee of $1,100,000.
- 4The agreement renews previous terms and benefits, with exceptions for specified terminations for cause.
- 5In case of Mr. Ferber's death, the agreement terminates immediately with no further fees owed.
- 6The company will provide a one-time payment of $23,282 for Mr. Ferber to purchase a $2,000,000 life insurance policy during the term.