Kohl’s (KSS) Admin Chief Worthington Resigns
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On May 20, 2013, John Worthington resigned from his position as Chief Administrative Officer of Kohl’s Corporation (NYSE: KSS) effective as of June 30, 2013. In connection with his resignation, Mr. Worthington and the Company entered into an agreement relating to his separation from the Company which provides for severance benefits consistent with those previously disclosed in the Company’s 2013 proxy statement, including, among other things, the following:
· a one-time severance payment to be paid to Mr. Worthington equal to the sum of 2.9 times his current annual salary plus the average of the three most recent annual incentive compensation plan payments paid to him;
· a bonus, payable to Mr. Worthington on or before March 15, 2014, based on the Company’s fiscal 2013 financial performance in an amount equal to 41% of the bonus, if any, that he would have received had he been employed by the Company at the end of the Company’s fiscal year 2013; and
· all equity incentive awards previously granted to Mr. Worthington shall be treated in accordance with the terms of the employment agreement and the various equity award agreements between Mr. Worthington and the Company.
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