NEW YORK — Wet Seal Inc. and its former chief executive, Kathy Bronstein, have settled all her claims against the company for “wrongful termination, gender discrimination, emotional distress,” among other charges — and it’s a bonanza for Bronstein.

According to a company filing, Bronstein will get $2,169,000, as well as a retirement plan with a surrender value of $915,657.78 plus 4,422 shares of stock stemming from a bonus plan. She also will be reimbursed for attorney fees up to $125,000. Taxes from the $2,169,000 will be deducted from the stock distribution.

In addition, Bronstein can exercise her 405,000 stock options until June 1, 2005, valued at about $4.2 million based on Tuesday’s closing price of $10.25. Previously, the options would have been forfeited if they were not exercised by May 10 of this year.

Bronstein, who grew Wet Seal into a national retail force through a series of acquisitions, was abruptly dismissed from her job last February after the junior chain experienced two weak quarters in a row.

To access this article, click here to subscribe or to log in.

load comments
blog comments powered by Disqus