OLLIE'S BARGAIN OUTLET HOLDINGS, INC. : Change in Directors or Principal Officers (form 8-K)
June 28, 2022 at 04:18 pm EDT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On June 28, 2022, a subsidiary of Ollie's Bargain Outlet Holdings, Inc. (the
"Company"), entered into an amendment (the "Amendment") to its employment
agreement (as amended, the "Employment Agreement") with Mr. Eric van der Valk
pursuant to which: (1) Mr. van der Valk's base salary was increased from
$400,000 to $525,000 a year; (2) the calculation for Mr. van der Valk's
performance bonus based on Target EBITDA (as defined in the Employment
Agreement) was increased to 75% of base salary rather than 50% of such amount;
and (3) the calculation for Mr. van der Valk's performance bonus based on the
Maximum EBITDA Threshold (as defined in the Employment Agreement) was increased
to 150% of base salary rather than 100% of such amount.
The foregoing description of the Amendment to the Employment Agreement is
qualified in its entirety by reference to the Amendment, a copy of which is
attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated by
reference herein.
Ollie's Bargain Outlet Holdings, Inc. is a retailer of closeout merchandise and excess inventory. The Company principally buys overproduced, overstocked, and closeout merchandise from manufacturers, wholesalers, distributors, brokers, and other retailers. Its warehouse format stores feature a number of categories, including housewares, bed and bath, food, floor coverings, health and beauty aids, books and stationery, toys, and electronics, as well as other products, including hardware, candy, clothing, sporting goods, pet and lawn and garden products. It operates over 513 stores in 30 states. Its retail locations are located in Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Jersey, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Vermont, Virginia, and West Virginia.
OLLIE'S BARGAIN OUTLET HOLDINGS, INC. 
