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.
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