Summary
Ross Stores, Inc. (ROST) filed an 8-K on October 6, 2006, to disclose a material amendment to the employment agreement of Barry Gluck, Executive Vice President of Merchandising, Marketing and Planning and Allocation. The amendment outlines Mr. Gluck's retirement from his executive role, effective March 1, 2007, or earlier at the company's discretion. He is then set to transition into a consulting role for up to two days per week until February 2008.
Key Highlights
- 1Disclosure of a material amendment to the employment agreement of Barry Gluck, EVP of Merchandising, Marketing and Planning and Allocation.
- 2Mr. Gluck's retirement is scheduled for March 1, 2007, or an earlier date determined by the CEO.
- 3Post-retirement, Mr. Gluck will serve as an independent contractor consultant for up to two days per week until February 29, 2008.
- 4Mr. Gluck will continue to receive his full salary until retirement and will be paid a consulting fee at his then-current salary rate during the consulting period.
- 5He is eligible for a full bonus for fiscal year 2006 under the existing senior executive bonus plan.
- 6Existing stock options will continue to vest until March 1, 2007, with vested options exercisable until February 29, 2008; unvested options will terminate.
- 7The company will provide healthcare coverage for Mr. Gluck and dependents for 60 months post-retirement and continue life insurance and estate planning benefits through the consulting period.