ANF » Topics » Benefits

This excerpt taken from the ANF DEF 14A filed May 8, 2009.
Benefits
 
As associates of the Company, the NEOs are eligible to participate in all of the broad-based Company-sponsored benefits programs on the same basis as other full-time associates.
 
In addition to the qualified Abercrombie & Fitch Co. Savings and Retirement Plan (the “401(k) Plan”), the Company has a nonqualified deferred compensation plan, the Abercrombie & Fitch Nonqualified Savings and Supplemental Retirement Plan (the “Nonqualified Savings and Supplemental Retirement Plan”), that allows executive officers to defer a portion of their compensation over-and-above the Internal Revenue Service (“IRS”) limits imposed on the Company’s 401(k) Plan. The Company also makes matching and retirement contributions to the Nonqualified Savings and Supplemental Retirement Plan on behalf of the participants. Company contributions have a five-year vesting schedule. The Nonqualified Savings and Supplemental Retirement Plan allows participants the opportunity to save and invest their own money on the same basis (as a percentage of their pay) as other associates under the 401(k) Plan. Furthermore, the Nonqualified Savings and Supplemental Retirement Plan is competitive, and the Company’s contribution element provides retention value. The Company’s Nonqualified Savings and Supplemental Retirement Plan is further described and Company contributions and the individual account balances for the NEOs are included under the section captioned “Nonqualified Deferred Compensation” beginning on page 51. The Company provides a separate Supplemental Executive Retirement Plan to the Company’s Chairman and CEO, the material provisions of which are described under the section captioned “Pension Benefits” beginning on page 50.
 
The Company offers a life insurance benefit for all full-time employees equal to two-times base salary. For Vice Presidents and above, the death benefit is set at four-times base salary.
 
The Company offers a long-term disability benefit to all full-time associates which covers 60% of base salary for the disability period. In addition, the Company offers an executive long-term disability plan for all employees earning over $200,000 in base salary which covers an additional 15% of base salary and 75% of target bonus for the disability period.
 
The Company does not offer perquisites to its executive officers that are not widely available to all full-time associates, with the exception of the CEO, who is provided certain perquisites, including private air travel and life insurance, pursuant to the terms of his employment agreement, as more fully described in the footnotes to the Fiscal 2008 Summary Compensation Table on page 40. The Compensation Committee has carefully considered the provision of these benefits, including private air travel and personal security, and approved those benefits out of concern for the CEO’s safety. In approving the private air travel, the Compensation Committee also took into account the CEO’s extensive travel schedule, which, whether primarily for personal or business purposes, nearly always includes a business element (for example, visits to Company stores or potential store locations).


33


Table of Contents

While the Company supports equity ownership by management through the granting of options, SARs and restricted stock units, it does not have formal stock ownership guidelines. The Company believes its management team has been sufficiently motivated to long-term equity ownership without the need to adopt such requirements.
 
This excerpt taken from the ANF DEF 14A filed May 9, 2008.
Benefits
 
As associates of the Company, the NEOs are eligible to participate in all of the broad-based Company-sponsored benefits programs on the same basis as other full-time associates.
 
In addition to the qualified 401(k) retirement plan (the “Abercrombie & Fitch Co. Savings and Retirement Plan”), the Company has a nonqualified deferred compensation plan (the “Abercrombie and Fitch Nonqualified Savings and Supplemental Retirement Plan”), that allows executive officers to defer a portion of their compensation over-and-above the Internal Revenue Service (“IRS”) limits imposed on the Company’s qualified 401(k) retirement plan. The Company also makes matching and retirement contributions to the nonqualified deferred compensation plan on behalf of the participants. Company contributions have a five-year vesting schedule. The nonqualified deferred compensation plan allows participants the opportunity to save and invest their own money on the same basis (as a percentage of their pay) as other associates under the qualified 401(k) retirement plan. Furthermore, the nonqualified deferred compensation plan is competitive, and the Company’s contribution element provides retention value. The Company’s nonqualified deferred compensation plan is further described and Company contributions and the individual account balances for the NEOs are included under the caption “Nonqualified Deferred Compensation” beginning on page 42.
 
The Company does not offer perquisites to its executive officers that are not widely available to all full-time associates, with the exception of the CEO, who is offered certain perquisites, including private air travel, life insurance and home security, which are more fully described in the footnotes to the Fiscal 2007 Summary Compensation Table on page 34. The Compensation Committee approved both private air travel and home security out of concern for the CEO’s safety and his extensive travel schedule.
 
While the Company supports equity ownership by management through the granting of options and restricted stock units, it does not have formal stock ownership guidelines. The Company believes its management team has been sufficiently motivated to long-term equity ownership without the need to adopt such requirements.
 
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki