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Form 8-K URBAN OUTFITTERS INC For: Jun 07

June 13, 2022 4:47 PM EDT

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Form 8-K
URBAN OUTFITTERS INC false 0000912615 0000912615 2022-06-07 2022-06-07

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 7, 2022

 

 

URBAN OUTFITTERS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Pennsylvania   000-22754   23-2003332

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

5000 South Broad St., Philadelphia, PA   19112-1495
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (215) 454-5500

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Shares, par value $.0001 per share   URBN   NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 5.02.

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As reported below in Item 5.07, on June 7, 2022, the shareholders of Urban Outfitters, Inc. (the “Company”) approved the Amended and Restated Urban Outfitters 2017 Stock Incentive Plan (the “Amended 2017 Plan”), which was approved by the Company’s board of directors on March 25, 2022. The Amended 2017 Plan amends and restates the Urban Outfitters 2017 Stock Incentive Plan (the “2017 Plan”), originally approved by the Company’s shareholders on May 23, 2017. The Amended 2017 Plan (i) establishes minimum vesting and performance periods for all awards (subject to some limited exceptions); (ii) eliminates Administrator discretion to accelerate vesting of time-based awards; (iii) provides that cash dividends on restricted stock will be paid upon vesting; (iv) provides for double-trigger vesting upon a change of control, and (v) eliminates certain requirements, on a going forward basis, related to performance-based compensation to reflect the changes to Section 162(m) of the Internal Revenue Code in light of the Tax Cuts and Jobs Act, enacted on December 22, 2017.

The number of shares available under the Amended 2017 Plan (6,096,720) is limited to the shares not issued or subject to awards granted under the 2017 Plan as of March 25, 2022. Any shares that cease to be subject to awards under the 2017 Plan as a result of forfeiture will be made available under the Amended 2017 Plan. The term of the Amended 2017 Plan has not been extended and will expire (as originally intended) on December 11, 2026. The Company also adopted a clawback/recoupment policy in 2021, with awards granted under the Amended 2017 Plan subject to this policy.

The Amended 2017 Plan is described in detail in Proposal 3 in the Company’s proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on April 1, 2022 (the “2022 Proxy Statement”). The descriptions of the Amended 2017 Plan contained herein and in the 2022 Proxy Statement are qualified in their entirety by reference to the full text of the Amended 2017 Plan, a copy of which is filed as Annex A to the 2022 Proxy Statement.

 

Item 5.07.

Submission of Matters to a Vote of Security Holders.

On June 7, 2022, the Company held its Annual Meeting of Shareholders (the “Annual Meeting”). At the Annual Meeting, the Company’s shareholders (i) elected each of the Company’s ten nominees for director to serve a term expiring at the Annual Meeting of Shareholders in 2023, (ii) ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending January 31, 2023, (iii) approved the Amended and Restated Urban Outfitters 2017 Stock Incentive Plan, (iv) approved, in an advisory, non-binding vote, the compensation of the Company’s named executive officers, and (v) voted against the shareholder proposal regarding a supply chain report. The results of the voting on the proposals presented at the Annual Meeting were as follows:

1. Proposal No. 1: Election of Directors.

 

Nominee

   For      Against      Abstain      Broker
Non-Vote
 

Edward N. Antoian

     81,062,497        693,852        55,504        5,600,563  

Kelly Campbell

     81,180,843        575,406        55,604        5,600,563  

Harry S. Cherken, Jr.

     77,046,919        4,708,116        56,818        5,600,563  

Mary C. Egan

     81,729,061        27,393        55,399        5,600,563  

Margaret A. Hayne

     79,144,426        2,612,696        54,731        5,600,563  

Richard A. Hayne

     81,102,022        653,479        56,352        5,600,563  

Amin N. Maredia

     81,446,040        309,798        56,015        5,600,563  

Wesley S. McDonald

     81,439,516        315,502        56,835        5,600,563  

Todd R. Morgenfeld

     81,423,494        331,721        56,638        5,600,563  

John C. Mulliken

     81,286,708        468,532        56,613        5,600,563  

2. Proposal No. 2: Ratification of the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for Fiscal Year 2023.

 

For

 

Against

 

Abstain

 

Broker Non-Vote

87,203,901   141,287   67,228   0

3. Proposal No. 3: Approval of the Amended and Restated Urban Outfitters 2017 Stock Incentive Plan.

 

For

 

Against

 

Abstain

 

Broker Non-Vote

80,337,681   1,420,296   53,876   5,600,563


4. Proposal No. 4: Advisory, non-binding vote to approve executive compensation.

 

For

 

Against

 

Abstain

 

Broker Non-Vote

81,203,671   548,016   60,166   5,600,563

4. Proposal No. 5: Shareholder proposal regarding a supply chain report.

 

For

 

Against

 

Abstain

 

Broker Non-Vote

12,689,533   66,406,647   2,715,673   5,600,563

 

Item 8.01.

Other Events.

Board Committees

Following the Annual Meeting, the Company’s Board of Directors (the “Board”) elected Mr. Mulliken as Chair of its Nominating and Governance Committee to replace the vacancy created as a result of a Board member not standing for reelection. The following table reflects the new Board positions:

 

     Edward N.
Antoian
     Kelly
Campbell
     Harry S.
Cherken,
Jr.
     Mary
C.
Egan
     Margaret
A.
Hayne
     Richard A.
Hayne
     Amin N.
Maredia
    

Wesley

McDonald

     Todd R.
Morgenfeld
     John C.
Mulliken
 

Chairman of the Board

                    X              

Lead Independent Director

     X                             

Committee Memberships

                             

Audit

     X                          Chair        X     

Compensation and Leadership Development

        X                    X        X        Chair     

Nominating and Governance

              X              X              Chair  


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    URBAN OUTFITTERS, INC.
Date: June 13, 2022     By:  

/s/ Melanie Marein-Efron

      Melanie Marein-Efron
      Chief Financial Officer


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