FINAL PACKAGE: Jeffrey Lubell left True Religion Apparel Inc. in March with a severance package totaling at least $5.9 million.
The severance package for Lubell, the former chairman, chief executive officer and president, was disclosed in the firm’s definitive proxy, or Form 14A, filed with the Securities and Exchange Commission late Monday.
This story first appeared in the April 23, 2013 issue of WWD. Subscribe Today.
The proxy said Lubell received a severance payment of $5.1 million, a prorated cash bonus of $843,159 and other payments in connection with accrued, but unused, vacation time and the vesting in full of certain unvested restricted stock. He also receives, per a consulting agreement, a fee of $1 million a year for two years.
He also earned total compensation of $9.3 million for the fiscal year ended Dec. 31, which was comprised of a base salary of $1 million, stock awards totaling $4.3 million, $3.9 million in nonequity incentive plan compensation and other compensation of $38,837. Other compensation includes a car allowance and company paid health insurance. Total compensation last year represents a 3.7 percent gain compared with the $9 million he received in fiscal year 2011.
Lynne Koplin, president in 2012 who become interim ceo upon Lubell’s departure, earned total compensation of $3.5 million last year, a 1.5 percent increase from total compensation of $3 million in 2011. Her 2012 compensation package includes $750,000 in salary, $2 million in stock awards, $684,530 in nonequity incentive plan compensation and other compensation of $23,237. Koplin became president in August 2011. She was previously chief operating officer at the company.
According to the proxy, Koplin’s base salary for 2013 remains at $750,000, but for “each month she serves as interim ceo she will receive an additional $20,000.”