Business Context and Reporting Period
This Form 8-K filing by Five Below, Inc. was submitted on March 11, 2016. The report details the approval of 2016 named executive compensation packages for the fiscal year ending January 28, 2017, and an amendment to an executive employment agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation figures:
| Executive Officer | Base Salary | Annual Long-Term Equity Award | Target Bonus (% of Base) |
|---|---|---|---|
| Joel D. Anderson (CEO) | $750,000 | $1,700,000 | 100% |
| Kenneth R. Bull (CFO) | $450,000 | $350,000 | 60% |
| Eric M. Specter (CAO) | $500,000 | $350,000 | 60% |
| Michael F. Romanko (EVP Merchandising) | $450,000 | $350,000 | 60% |
Additionally, Michael F. Romanko received a one-time long-term equity incentive award with a grant date value of $150,000.
Material Changes
- Compensation Structure: Annual long-term equity awards consist of 75% performance-based restricted stock units and 25% stock options.
- Bonus Range: Cash bonuses under the annual incentive program can range from 50% to 150% of the target bonus percentage.
- Employment Amendment: Eric M. Specter's employment letter was amended to set his annual long-term equity incentive award at $350,000, subject to annual review.
- No Change: There were no changes to Thomas G. Vellios's previously disclosed compensation levels.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, management commentary on operations, or specific risk factors. It notes that performance metrics for equity and bonus programs are materially consistent with previously disclosed metrics.
Investor Verification Checklist
- Verify the specific performance metrics tied to the 75% performance-based restricted stock units.
- Review the full text of Exhibit 10.1 for details on the amendment to Eric M. Specter's employment agreement.
- Confirm the vesting schedules for the stock options and restricted stock units granted on March 11, 2016.
- Check subsequent filings for the actual attainment of bonus targets relative to the 50%-150% range.