Glen Senk, chief executive officer of Urban Outfitters Inc., stands to earn 1 million of the company’s shares if he can sustain “extended superior performance” over the next seven years.
According to the retailer’s definitive proxy filed with the Securities and Exchange Commission, Senk’s reported income for 2009 was $29.9 million, more than nine times the $3.3 million total reported for 2008, but $26.9 million of that amount was in the form of stock awards. One million performance stock units, representing $25.6 million of the awards, are tied to long-term performance, don’t begin vesting until 2015, conclude in 2017 and are forfeited if Senk were to leave the job or any of the conditions aren’t met. Among the criteria are the compound annual growth rate of the company’s earnings per share and revenue, as well as the performance of the company’s shares. The award was granted last November.
The compensation committee expected that, “due to the nature of the criteria and the unpredictability of conditions for the measurement periods beginning five years from the grant date and extending seven years from the grant date, the performance criteria would be challenging and achievable only through extended superior performance.”
It could also prove quite lucrative: Shares of Urban Outfitters Monday closed at $40.56, up 69 cents, or 1.7 percent, and hit a new 52-week high of $40.77 in intraday trading.
Subtracting the stock awards included in the compensation table of the proxy, Senk’s income last year still rose nearly 50 percent, to $3 million from $2 million. His nonequity incentive plan compensation doubled to $2 million from $1 million in the prior year.
Urban Outfitters registered one of the strongest performances among specialty retailers last year. Net income rose 10.3 percent to $219.9 million, from $199.4 million, while sales grew 5.6 percent, to $1.94 billion, and same-store sales rose 5.6 percent.
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