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Other Matters
3 Months Ended
May 05, 2018
Other Matters  
Other Matters

(11) Other Matters

 

On March 13, 2018 Mr. John Schaefer, the Company’s Chief Executive Officer retired as Chief Executive Officer and as a Class III member of the Board, and the Company entered into a retirement agreement with Mr. Schaefer effective immediately. In conjunction with the agreement, the Company will pay an aggregate amount of $1,509 subject to tax withholdings and other authorized deductions, in accordance with the Company’s regular payroll practice over eighteen (18) months following the effective date of the agreement. Also, as of the effective date of the agreement, all unvested restricted shares, unvested performance restricted shares, and unvested restricted stock units became fully vested and any restrictions lapsed. The total number of unvested shares as of the effective date of the agreement that were subject to accelerated vesting was 242 shares. The expense incurred relating to the accelerated vesting was $1,138. The Company recorded the expenses incurred in conjunction with Mr. Schaefer’s retirement as a component of selling, general, and administrative expenses during the 13 weeks ended May 5, 2018.