Item 5.02 Departure of Directors Certain Officers; Election of Directors; Appointment of Certain Offices' Compensatory Arrangements of Certain Officers

Russell Greenberg, Executive Vice President and Chief Financial Officer, will retire on September 6, 2022, and will be succeeded by Michel Atwood, a seasoned fragrance and finance executive, as Chief Financial Officer. Mr. Greenberg will stay with the company full time until September 30, 2022 to assist with the transition.

Michel Atwood

Mr. Atwood, age 52, currently resides in New York City. Mr. Atwood's compensation will consist of a $500,000 annual base salary, a guaranteed annual bonus of $100,000, and a sign-on bonus of $100,000. In addition, there is another aspect of compensation for a minimum of $100,000 annually, based upon certain milestones that have not yet been determined.

From September 2018 through March 2022 while at Estée Lauder, Mr. Atwood had strategic oversight for the fragrance category across that company and operational accountability for several of its fragrance brands. He also had senior level merger and acquisition ("M&A") duties, including acquisition integration and brand divestitures/discontinuations. Over his nearly four years at Estée Lauder, he also drove cross-brand synergies across research and development and supply chain for the fragrance category. He is presently still an employee of Estée Lauder and will begin working for Inter Parfums on September 6, 2022. From February 2017 to August 2018, he was an independent consultant as an M&A advisor on multiple fragrance license acquisitions and also acted as a private investor.

From 1995 to 2017, Mr. Atwood has held several executive positions at Procter & Gamble ("P&G") in France, Switzerland, Italy and Germany. His final title at P&G was Divisional CFO of Global Prestige Fragrances, leading a 90 member team, and ultimately spearheading the divestiture of that division to Coty. Earlier he was CFO Global Markets - Prestige Fragrances, a business generating over $2 billion in sales, where he headed a globally dispersed team of 60 people supporting the go-to-market organization (affiliates, Travel Retail and distributors) of the Prestige Division. Before that, he was Global Prestige Director of Strategic Planning, Licensing and Acquisition shaping and executing the overall business direction and licensing and acquisition strategy of P&G's Global Fragrance and Premium skin and cosmetics businesses.

Born in Turkey, Michel Atwood holds a Master's degree in Software Engineering from the Institut National des Sciences Appliquées of Lyon, and a Master's in International Finance from HEC Paris, the prestigious French business school. He also earned the designation of Certified Management Accountant from the Institute of Management Accountants. He has a truly international background, working/living in France, Switzerland, the U.S., Canada, Turkey and Italy.




Item 8.01 Other Events

On the date of our next annual meeting of shareholders, September 9, 2022, Mr. Greenberg will step down from our board of directors, and Mr. Atwood will be proposed to our shareholders to fill the board seat being vacated by Mr. Greenberg.

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