...Form SC 13G/A filed today by The Vanguard Group. They now hold above 5% common at 4893,706 shares at 5.46%. Also, PR release by Wet Seal notes Senior VP Barbara Cook, Store Operations, is leaving the Company.
CEO stepped in with a large insider buy. Would love to see directors and CFO do the same but this is a good sign. Clinton filing gives a good explanation about steps company can take to add about 1.50 per share in value to the stock. Trend is now our friend here...
Not bullish about the CEOs buys. Part of his employment agreement. He gets a much sweeter deal than we do.
(See toward the bottom of the 8k below)
The term (the “Term”) of the Employment Agreement (the “Employment Agreement”), dated as of January 7, 2013, between the Company and Mr. Goodman runs from January 7, 2013 through the last day of the fiscal year ending in 2016 and is automatically extended for one fiscal year periods unless a notice of non-renewal (“Notice of Non-Renewal”) is provided by either party by 90 days prior to the end of the then-applicable Term. Under the Employment Agreement, Mr. Goodman is entitled to receive: (i) a base salary of $800,000 (the “Base Salary”), which may be increased from time to time as provided in the Employment Agreement; (ii) an annual performance bonus to be paid in accordance with the Company’s incentive plan, with a target award of 100% of Base Salary, and a maximum incentive opportunity of up to 200% of Base Salary; (iii) 174,355 shares of restricted stock which vest in three equal installments on each anniversary of Mr. Goodman’s commencement of employment subject to his continued employment; (iv) 261,533 shares of performance stock which become eligible for vesting in three equal installments on each anniversary of Mr. Goodman’s commencement of employment based upon the attainment of performance goals for the fiscal year commencing February 3, 2013 which will be set by the board of directors on or prior to April 30, 2013, subject to his continued employment through each vesting date; and (v) shares of restricted stock which will be awarded on a one-for-one basis for each share of the Company’s Class A Common Stock purchased by Mr. Goodman within 90 days of his commencement of employment having an aggregate value, based on the purchase price paid by Mr. Goodman, of up to $650,000 and will vest in three equal installments on each anniversary of Mr. Goodman’s commencement of employment subject to his continued employment and his retention of the purchased stock