TMCnet News
WET SEAL INC FILES (8-K) Disclosing Change in Directors or Principal Officers(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. (d) Election of Directors On September 30, 2014, the Board of Directors of The Wet Seal, Inc. ("Wet Seal") appointed Mr. Gregory Taxin to fill a vacancy on the Board of Directors, effective October 1, 2014. In addition to his duties as a Director, Mr. Taxin will serve as a member of our Audit and Compensation Committees. As a member of the board, Mr. Taxin will receive an annual stipend of $46,750, which will be pro-rated for the balance of the fiscal year 2014 (reflecting a pro-rated stipend of approximately $15,926). In addition, Mr. Taxin will receive a restricted stock grant having a cash value of $110,000, which shall be pro-rated for the balance of fiscal year 2014 (reflecting a pro-rated cash value of approximately $37,473). This stock grant will be based on the closing price of our Common Stock on October 1, 2014 and is scheduled to vest on January 31, 2015, and are otherwise on the same terms as the grants made in February 2014 to the Company's other directors. Wet Seal also entered into its standard form of indemnification agreement for directors with Mr. Taxin. As previously disclosed, Mr. Taxin was appointed to the Board of Directors pursuant to the terms of a letter agreement between Wet Seal and Clinton Group, Inc. ("Clinton") dated September 3, 2014 (the "Letter Agreement"). In addition, Clinton is a purchaser party to that certain Securities Purchase Agreement among Wet Seal and the purchasers a party thereto dated September 3, 2014 (the "Securities Purchase Agreement"). The terms of the Letter Agreement, the Securities Purchase Agreement and related transactions and agreements were previously disclosed by Wet Seal in a Current Report on Form 8-K filed on September 4, 2014. To the extent required, the disclosures in such Current Report on Form 8-K regarding the Letter Agreement, the Securities Purchase Agreement and the related transactions and agreements are incorporated herein by reference. -------------------------------------------------------------------------------- |