Business Context and Reporting Period
This Form 8-K Current Report was filed by Ollie's Bargain Outlet Holdings, Inc. on April 11, 2021. The report discloses amendments to employment agreements for two executive officers, effective as of the filing date.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation adjustments.
Material Changes
The report details the following material changes to executive compensation and titles effective April 11, 2021:
- Kevin McLain:
- Base salary increased from $225,000 to $290,000 annually.
- Performance bonus calculation adjusted to 100% of the Maximum EBITDA Threshold (previously 80%).
- Kenneth Robert Bertram:
- Title amended from "Vice President, General Counsel" to "Senior Vice President, General Counsel."
- Base salary increased from $185,000 to $240,000 annually.
- Performance bonus calculation adjusted to 80% of the Maximum EBITDA Threshold (previously 60%).
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of risks and contingencies. It confirms there are no undisclosed family relationships or transactions requiring disclosure under Item 404(a) of Regulation S-K for the named officers.
Investor Verification Checklist
- Verify the impact of the increased fixed compensation on the company's operating expenses.
- Review the attached Exhibits 10.1 and 10.2 for specific terms regarding the EBITDA thresholds and bonus caps.
- Confirm the effective dates of the title change for Mr. Bertram and salary adjustments for both executives.