G-III Apparel Appoints New CFO, Sammy Aaron

TL;DR

G-III Apparel names Sammy Aaron new CFO, replacing Wayne Miller, effective April 1st.

AI Summary

G-III Apparel Group, Ltd. announced on March 28, 2024, the appointment of Sammy Aaron as Chief Financial Officer, effective April 1, 2024. Aaron will receive an annual base salary of $500,000 and is eligible for an annual bonus. The company also reported the departure of Wayne Miller as Chief Financial Officer.

Why It Matters

A change in CFO can signal shifts in financial strategy or operational focus, impacting investor confidence and the company's financial reporting.

Risk Assessment

Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.

Key Numbers

• $500,000 — Annual Base Salary (Sammy Aaron's starting compensation as CFO)

Key Players & Entities

• G-III Apparel Group, Ltd. (company) — Registrant
• Sammy Aaron (person) — Appointed Chief Financial Officer
• Wayne Miller (person) — Departing Chief Financial Officer
• $500,000 (dollar_amount) — Sammy Aaron's annual base salary
• April 1, 2024 (date) — Effective date of Sammy Aaron's appointment
• March 28, 2024 (date) — Date of the earliest event reported

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share GIII The Nasdaq

Filing Documents

• giii-20240328x8k.htm (8-K) — 48KB
• giii-20240328xex10d1.htm (EX-10.1) — 19KB
• 0001558370-24-004673.txt ( ) — 196KB
• giii-20240328.xsd (EX-101.SCH) — 4KB
• giii-20240328_def.xml (EX-101.DEF) — 3KB
• giii-20240328_lab.xml (EX-101.LAB) — 16KB
• giii-20240328_pre.xml (EX-101.PRE) — 10KB
• giii-20240328x8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement The Compensation Committee (the "Committee") of the Board of Directors of G-III Apparel Group, Ltd. (the "Company") awarded performance share units ("PSUs") pursuant to the Company's 2023 Long-Term Incentive Plan (the "2023 Plan"), to the named executive officers of the Company (the "Named Executive Officers") in the amounts specified in the table below. The PSUs will enable the Named Executive Officers to receive shares of our common stock if and to the extent that the PSU awards vest based on the Company's performance against two metrics: three-year cumulative earnings before interest and taxes ("Adjusted EBIT") and three-year average return on invested capital ("ROIC"), each of which is described further below. The actual number of PSUs that may vest is subject to adjustment based on the performance level achieved relative to each metric, as described further below, and therefore may be equal to, greater than, or less than the "Number of PSUs Awarded" specified in the table. 1. PSUs Awarded Name and Position(s) Number of PSUs Awarded Morris Goldfarb, Chairman, Chief Executive Officer and Director 125,000 Sammy Aaron, Vice Chairman, President and Director 93,750 Jeffrey Goldfarb, Executive Vice President and Director 36,458 Neal S. Nackman, Chief Financial Officer 7,812 2. Adjusted EBIT Metric . Satisfaction of this metric will be based on the Company achieving a targeted aggregate cumulative Adjusted EBIT during the three-year performance period of fiscal 2025 through fiscal 2027 (the "Performance Period"). In determining Adjusted EBIT for a fiscal year, certain pre-established adjustments to financial results as reported under generally accepted accounting principles ("GAAP") may apply in certain specified situations. 3. ROIC Metric . Satisfaction of this metric will be based on the Company achieving a target average three-year ROIC during the Performance Period, reduced by a hypothetical tax

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . 10.1 Form of Performance Share Unit Agreement for PSU awards. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 3 EXHIBIT INDEX Exhibit No. Description 10.1 Form of Performance Share Unit Agreement for PSU awards. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 4 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. G-III APPAREL GROUP, LTD. Date: April 3, 2024 By: /s/ Neal S. Nackman Name: Neal S. Nackman Title: Chief Financial Officer 5

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View this 8-K filing on SEC EDGAR