Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officer
From 2013 until 2019 the annual aggregate salary paid to Mr. Madar individually
and fees paid to his holding company (collectively "Madar Salary") remained
unchanged at $630,000.
The members of each of the Audit Committee and the Executive Compensation and
Stock Option Committee (collectively the "Committees") jointly reviewed two
surveys of chief executive officer salaries for 2019 consisting of (i) the Inter
Parfums' peer companies listed in the Inter Parfums' Annual Report on Form 10-K
and (ii) companies with comparable market capitalization (collectively the "CEO
Salary Surveys"). Such surveys indicated that the annual and median average CEO
salaries for peer companies in Inter Parfums' annual report on Form 10-K
(excluding the Madar Salary) were $2,854,656 and $1,540,000, respectively, and
$2,604,346 and $1,750,000 for comparable market capitalization companies,
respectively.
After review of the CEO Surveys, the Committees acknowledged that the current
Madar Salary is substantially below both of the median and average salaries as
set forth in the CEO Salary Surveys, and had not been increased since 2013. In
addition, the Committees acknowledged the efforts of Mr. Madar and his holding
company as one of the prime causes for the Corporation's substantial increases
in net sales and net income, as well as market capitalization from 2014, thus
substantially increasing shareholder value.
Based upon the foregoing, on February 4, 2020 the Committees jointly authorized
the aggregate annual increase in Madar Salary by $600,000 to $1.23 million
effective as of January 1, 2020. The allocation was made as requested so that
the annual salary to Jean Madar individually will be $285,000 and the fees to
Jean Madar Holding SAS will be $945,000 effective as of January 1, 2020.
Item 9.01 Financial Statements and Exhibits.
10.171 Form of Amendment to Consulting Agreement for Jean Madar Holding SAS
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