<SEC-DOCUMENT>0001193125-21-174569.txt : 20210527
<SEC-HEADER>0001193125-21-174569.hdr.sgml : 20210527
<ACCEPTANCE-DATETIME>20210527110632
ACCESSION NUMBER:		0001193125-21-174569
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210527
DATE AS OF CHANGE:		20210527

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN EAGLE OUTFITTERS INC
		CENTRAL INDEX KEY:			0000919012
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-FAMILY CLOTHING STORES [5651]
		IRS NUMBER:				132721761
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0130

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33338
		FILM NUMBER:		21969580

	BUSINESS ADDRESS:	
		STREET 1:		77 HOT METAL STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203
		BUSINESS PHONE:		4124323300

	MAIL ADDRESS:	
		STREET 1:		77 HOT METAL STREET
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>d187974ddefa14a.htm
<DESCRIPTION>DEFA14A
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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a Party other than the Registrant&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the
appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">&#9744;</TD>
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<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="bottom"><B>Confidential, For Use of the Commission Only&nbsp;(as permitted by Rule 14a-6(e)(2))</B></TD></TR>
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<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="top">&#9746;</TD>
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<TD VALIGN="bottom">Definitive Additional Materials</TD></TR>
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<TD VALIGN="bottom">Soliciting Material under &#167;240.14a -12</TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN EAGLE
OUTFITTERS, INC. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
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<TD VALIGN="top" COLSPAN="3">No fee required.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
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<TD VALIGN="top">(1)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
which the filing fee is calculated and state how it was determined):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt" align="left">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total fee paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMERICAN EAGLE OUTFITTERS, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUPPLEMENT TO PROXY STATEMENT FOR </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE 2021 ANNUAL MEETING OF STOCKHOLDERS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO BE HELD JUNE&nbsp;3, 2021 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">May&nbsp;27,
2021 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Fellow Stockholders, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">At the 2021 Annual Meeting of Stockholders of American Eagle Outfitters, Inc. (&#147;we,&#148; &#147;us,&#148; &#147;AEO,&#148;
and the &#147;Company&#148;) to be held virtually on June&nbsp;3, 2021 at 11:00 a.m. Eastern time, our stockholders are being asked to vote <FONT STYLE="white-space:nowrap">to&nbsp;re-elect&nbsp;our</FONT> Class&nbsp;II directors to serve until the
2024 Annual Meeting of Stockholders (Proposal 1 in our definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on April&nbsp;21, 2021 (the &#147;Proxy Statement&#148;)), ratify the appointment of Ernst&nbsp;&amp;
Young LLP as our independent registered public accounting firm for fiscal 2021 (Proposal 2 in the Proxy Statement), and approve, on an advisory basis, the compensation of the Company&#146;s named executive officers (&#147;NEOs&#148;) as disclosed in
the Proxy Statement (Proposal 3 in the Proxy Statement). We are providing this supplement to the Proxy Statement (the &#147;Supplement&#148;) as additional information and context to help our stockholders evaluate Proposal 3 in the Proxy Statement.
In deciding how to vote on Proposal 3, we encourage you to carefully read the relevant portions of our Proxy Statement and consider the supplemental information below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our Board has recommended that stockholders vote for Proposal 3. We are proud of our &#147;Real Power. Real Growth.&#148;
value creation plan and the successes we have seen from our strategic initiatives. As disclosed in the Proxy Statement, we ended fiscal 2020 having accomplished both the <FONT STYLE="white-space:nowrap">non-financial</FONT> and financial goals set
by our Board to strengthen our business, which drove strong performance and results despite the significant headwinds we faced as a result of the impact of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic on the retail industry, our
business, and results of operations. This performance included the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">The successful pivot to a focus on digital sales and <FONT STYLE="white-space:nowrap">e-commerce,</FONT> with
digital-based revenues having grown 36% over fiscal 2019 to $1.7&nbsp;billion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Aerie&#146;s achievement of $1&nbsp;billion in revenue, a record for the brand; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Total stockholder return (&#147;TSR&#148;) that significantly exceeded our peers&#146; TSR. Our fiscal 2020
TSR was approximately 59%, significantly above our peer group median TSR of 15%. Our three-year TSR of 36% and five-year TSR of 70% were each significantly above the peer group median TSR of negative 8% and zero, respectively. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">On May&nbsp;26, 2021, we released earnings for the first quarter of fiscal 2021. These earnings results show that actions
taken during fiscal 2020 provided much-needed momentum that culminated in results beyond our expectations for the first quarter of fiscal 2021. These results include the following (all comparisons are to the first quarter of fiscal 2019, which we
believe is a more appropriate comparison given the significant impact <FONT STYLE="white-space:nowrap">COVID-19</FONT> had on fiscal 2020 financial results): </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2| </P>

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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Business accelerated across brands, delivering first quarter revenue of $1.03&nbsp;billion &#150; an <FONT
STYLE="white-space:nowrap">all-time</FONT> high &#150; and record operating income of $133&nbsp;million, rising 177% from operating income of $48&nbsp;million during the first quarter of fiscal 2019; </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Strong, full-priced sales fueled gross margin expansion of 550 basis points, to 42.2%; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Aerie revenue rose 89% to $297&nbsp;million, with operating income up over 700%; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Digital-based sales continued their momentum, with digital revenue up 57%. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As of May&nbsp;26, 2021, our stock price performance was up nearly 270% from a year ago, fueled by a significant and
consistent recovery in our business, which we believe is a direct result of our leadership&#146;s efforts during fiscal 2020 and into fiscal 2021.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Our management team, including the NEOs, overcame incredible hurdles during fiscal 2020 and drove the success that our
business saw at year end, notwithstanding a global pandemic and one of the most difficult periods in our Company&#146;s history. Based on our compensation philosophy of
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-for-performance,</FONT></FONT> the Compensation Committee set motivational but aggressive goals for the executive team, including the NEOs, to drive performance for 2020. Those
goals were ultimately achieved with a phenomenal amount of passion, dedication, and innovation. Due to the decisive actions taken by our Board and executive team, we were able to deliver industry-leading results, record online revenue growth,
double-digit growth in Aerie, and a strong focus on inventory optimization and execution in American Eagle that led to margin growth and a strong <FONT STYLE="white-space:nowrap">year-end</FONT> cash position. Our qualitative goals, directed towards
associate health and safety and planning for a new future, also allowed us to achieve significant ESG initiatives during a period of social unrest, including inclusion and diversity wins, charitable giving to our communities in need, new employee
well-being programs, and momentum on sustainability goals. We believe that our associate engagement has never been higher. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">As you determine your vote on
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">our&nbsp;say-on-pay&nbsp;proposal,</FONT></FONT> we ask that you consider the broader context of executive compensation for the year, the challenges faced during the year, and, most
significantly, the performance at the end of fiscal 2020 and beyond. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">We hope this letter has been helpful in providing
additional context to <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">our&nbsp;say-on-pay&nbsp;proposal.</FONT></FONT> Thank you for your consideration and your continued support of AEO. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g1879744.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jay L. Schottenstein </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Executive Chairman of the Board and Chief Executive Officer </I></P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Based on the closing price of AEO&#146;s common stock as listed on the New York Stock Exchange
(&#147;NYSE&#148;) on May&nbsp;26, 2020 ($9.53) compared to the closing price of AEO&#146;s common stock as listed on the NYSE on May&nbsp;26, 2021 ($35.17). </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3| </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
