Notice of 2020 Annual Meeting of Stockholders | |||||
| | i | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | Important notice regarding the availability of proxy materials for the Annual Meeting of stockholders to be held on June 18, 2020: | | |
| | Our Annual Report to Stockholders for our fiscal year ended February 2, 2020, the Proxy Statement and all other proxy materials are available at www.pvhannualmeetingmaterials.com | | |
BY INTERNET | | | | BY PHONE | | | | LIVE WEBCAST | | | | BY MAIL | |
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www.proxypush.com/pvh | | | | In the U.S. or Canada dial toll-free 1-866-883-3382 | | | | Attend the meeting and cast your vote electronically | | | | Cast your ballot, sign your proxy card, and send in our prepaid envelope | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | ii | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | iv | | |
| Notice of 2020 Annual Meeting of Stockholders | | | | ||||
| Proxy Summary | | | | ||||
| Proposal 1: Election of Directors | | | | ||||
| Corporate Governance | | | | ||||
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| Director Compensation | | | | ||||
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| Compensation Discussion & Analysis | | | | ||||
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| Executive Compensation Tables | | | | ||||
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| Equity Compensation Plan Information | | | | ||||
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| Audit Committee Report | | | | ||||
| Security Ownership of Certain Beneficial Owners and Management | | | | ||||
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| General Information About the Annual Meeting | | | | ||||
| Exhibit A — GAAP to Non-GAAP Reconciliations | | | | ||||
| Exhibit B — NEO Employment Agreements | | | | ||||
| Exhibit C — Stock Incentive Plan | | | |
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Proxy Summary |
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| VOTING | | | ▪ Stockholders as of the record date are entitled to vote. ▪ Each share of our common stock is entitled to one vote. | | |||||||||||
| ADMISSION | | | ▪ Attendance at the meeting will be limited to holders of record as of the record date of our common stock or their proxies, beneficial owners and invited guests of PVH. For additional information on how to attend the virtual meeting, please see the “General Information About the Annual Meeting” on page 93. | |
Voting Matters and Vote Recommendation | | | Board’s recommendation | | | For more information | | |||||||
PROPOSAL 1 Election of directors | | | | FOR | | | | |||||||
PROPOSAL 2 Advisory vote on executive compensation | | | | FOR | | | | |||||||
PROPOSAL 3 Approval of | | | | | ||||||||||
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PROPOSAL 4 Ratification of Ernst & Young LLP as our independent auditor for fiscal year | 2020 | | | FOR | | |
| | Name | | | | Age | | | | Director Since (Years Tenure) | | | | Principal Occupation | | | | Independent | | | | Committee Memberships | | | | Other Public Company Boards | | | ||||||||||||
| AC | | | | CC | | | | CR | | | | NC | | | |||||||||||||||||||||||||
| | Mary Baglivo | | | | 60 | | | | 2007 (11) | | | | Vice Chancellor of Communications and Marketing, Rutgers University | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | | | 2 | | |
| | Brent Callinicos | | | | 52 | | | | 2014 (4) | | | | Former Chief Operating and Chief Financial Officer and current adviser, Virgin Hyperloop One | | | | ✓ | | | | | | | | | | ✓ | | | | | | | 1 | | | |||
| | Emanuel Chirico | | | | 60 | | | | 2005 (13) | | | | Chief Executive Officer, PVH Corp. | | | | | | | | | | | | | | | | | | | | | | | | 1 | | |
| | Juan R. Figuereo | | | | 62 | | | | 2011 (7) | | | | Former Executive Vice President and Chief Financial Officer, Revlon, Inc. | | | | ✓ | | | | ✓C | | | | | | | | | | | | | | 0 | | | ||
| | Joseph B. Fuller | | | | 61 | | | | 1991 (27) | | | | Professor of Management Practice in Business Administration, Harvard Business School; Visiting Fellow, American Enterprise Institute; Founder, Joseph Fuller LLC | | | | ✓ | | | | | | | | | | | | | | | | ✓C | | | | 0 | | |
| | V. James Marino | | | | 67 | | | | 2007 (11) | | | | Retired Chief Executive Officer, Alberto-Culver Company | | | | ✓ | | | | ✓ | | | | | | | | | | | | | | 1 | | | ||
| | G. Penny McIntyre | | | | 56 | | | | 2015 (3) | | | | Former Chief Executive Officer, Sunrise Senior Living, LLC | | | | ✓ | | | | | | | | | | | | ✓C | | | | | | | | 0 | | |
| | Amy McPherson | | | | 56 | | | | 2017 (1) | | | | President and Managing Director, Europe, Marriott International, Inc. | | | | ✓ | | | | ✓ | | | | | | | | | | | | | | 0 | | | ||
| | Henry Nasella | | | | 71 | | | | 2003 (15) | | | | Partner and Co-Founder, LNK Partners | | | | ✓P | | | | | | | | ✓C | | | | | | | | ✓ | | | | 0 | | |
| | Edward R. Rosenfeld | | | | 42 | | | | 2014 (4) | | | | Chief Executive Officer, Steven Madden, Ltd. | | | | ✓ | | | | ✓ | | | | | | | | | | | | | 1 | | | |||
| | Craig Rydin | | | | 66 | | | | 2006 (12) | | | | Operating Partner, LNK Partners; Former Chairman of the Board of Directors, Yankee Holding Corp.; Former Non-Executive Chairman, The Yankee Candle Company, Inc. | | | | ✓ | | | | | | | | ✓ | | | | | | | | ✓ | | | | 1 | | |
| | Amanda Sourry (Judith Amanda Sourry Knox) | | | | 54 | | | | 2016 (1) | | | | President, Unilever North America, and Head of Global Customer Development, Unilever | | | | ✓ | | | | | | | ✓ | | | | | | | | | | 0 | | |
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| | | | PVH CORP. 2020 PROXY STATEMENT | | | | ||||
| | | 1 | | |
| | | | | | | | | | | | | | | Current Committee Memberships | | |||||||||
Director | | | Age | | | Director Since Tenure | | | Principal Occupation | | | Other Public Company Boards | | | Audit & Risk Management | | | Compensation | | | Corporate Responsibility | | | Nominating, Governance & Management Development | |
MARY BAGLIVO | | | 62 | | | 2007 13 | | | Chief Executive Officer,/The Baglivo Group; Former Vice Chancellor of Communications and Marketing at Rutgers University | | | 2 | | | | | | | | | ■ | | | | |
BRENT CALLINICOS | | | 54 | | | 2014 6 | | | Former Chief Operating and Chief Financial Officer, Virgin Hyperloop One; Former Chief Financial Officer, Uber Technologies, Inc. | | | 1 | | | | | | | | | ■ | | | | |
EMANUEL CHIRICO | | | 62 | | | 2005 15 | | | Chairman and Chief Executive Officer, PVH Corp. | | | 1 | | | | | | | | | | | | | |
JUAN R. FIGUEREO | | | 64 | | | 2011 9 | | | Venture Partner, Ocean Azul Partners; Former Executive Vice President and Chief Financial Officer, Revlon, Inc. | | | 1 | | | ■ | | | | | | | | | | |
JOSEPH B. FULLER | | | 63 | | | 1991 29 | | | Professor of Management Practice in Business Administration, Harvard Business School; Visiting Fellow, American Enterprise Institute; Founder, Joseph Fuller LLC | | | 0 | | | | | | | | | | | | ■ | |
V. JAMES MARINO | | | 69 | | | 2007 13 | | | Retired Chief Executive Officer, Alberto-Culver Company | | | 1 | | | ■ | | | | | | | | | | |
G. PENNY McINTYRE | | | 58 | | | 2015 5 | | | Former Chief Executive Officer, Sunrise Senior Living, LLC | | | 0 | | | | | | | | | ■ | | | | |
AMY McPHERSON | | | 58 | | | 2017 3 | | | Principal investor and consultant; Retired President and Former Managing Director, Europe, Marriott International, Inc. | | | 0 | | | ■ | | | | | | | | | | |
HENRY NASELLA | | | 73 | | | 2003 17 | | | Presiding Director, PVH Corp.; Partner and Co-Founder, LNK Partners | | | 0 | | | | | | ■ | | | | | | ■ | |
EDWARD R. ROSENFELD | | | 44 | | | 2014 6 | | | Chief Executive Officer, Steven Madden, Ltd. | | | 1 | | | ■ | | | | | | | | | | |
CRAIG RYDIN | | | 68 | | | 2006 14 | | | Operating Partner, LNK Partners; Former Chairman of the Board of Directors, Yankee Holding Corp.; Former Non-Executive Chairman, The Yankee Candle Company, Inc. | | | 0 | | | | | | ■ | | | | | | ■ | |
AMANDA SOURRY (Judith Amanda Sourry Knox) | | | 56 | | | 2016 3 | | | Former President, Unilever North America | | | 0 | | | | | | ■ | | | | | | ■ | |
Number of meetings in 2019 | | | | | | | | | 10 | | | 6 | | | 4 | | | 5 | |
| | 2 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| OPERATING EXPERIENCE | | | of 11 nominees | |
| Current/Recent Public Company CEO, COO or CFO Within a Global Company | | | 4 | |
| Financial Expertise | | | 5 | |
| Operations Leader Experience | | | 11 | |
| INDUSTRY EXPERIENCE | | | | |
| Consumer Products or Services | | | 9 | |
| Digital/eCommerce | | | 8 | |
| Technology/Cyber Risk | | | 1 | |
| Regulatory/Corporate Governance | | | 7 | |
| International Experience | | | 10 | |
| | | | | | | | | | | 3 | | |
$9.9B | | | | $5.60 | | | | $9.54* | |
Revenue, an increase of 3% over 2018 | | | | In GAAP earnings per share, compared to $9.65 in 2018 | | | | In earnings per share on a non-GAAP basis, compared to $9.60* in 2018 | |
| | 4 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | Base Salary | | | Bonus | | | Restricted Stock Units | | | Stock Options | | | Performance Share Units | |
EMANUEL CHIRICO | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | |
STEFAN LARSSON2 | | | $1,200,000 | | | Threshold = .75x Target = 1.5x Maximum = 3.0x | | | $1,500,000 | | | $1,500,000 | | | $1,500,000 | |
MICHAEL SHAFFER3 | | | Increased ↑ $25,000 to $950,000 | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | |
DANIEL GRIEDER3,4 | | | Increased ↑ ₣50,000 to ₣1,050,000 | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | |
CHERYL ABEL-HODGES5 | | | $1,000,000 | | | Threshold = .375x Target = .75x Maximum = 1.75x | | | $500,000 | | | $500,000 | | | $350,000 | |
STEVEN SHIFFMAN | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | | | Unchanged ↔ | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 5 | | |
| | Say-on-Pay Our stockholders overwhelmingly approved the compensation of our Named Executive Officers at our 2019 Annual Meeting, with 94% of the |
| | | Ernst & Young LLP Fees | | |||||||||
| | | 2017 | | | 2016 | | ||||||
Audit fees | | | | $ | 5,970,000 | | | | | $ | 5,944,000 | | |
Audit-related fees | | | | | 96,400 | | | | | | 72,400 | | |
Tax fees | | | | | 2,232,000 | | | | | | 1,903,000 | | |
All other fees | | | | | — | | | | | | 121,300 | | |
| | | | $ | 8,298,400 | | | | | $ | 8,040,700 | | |
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| | 6 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name and Address of Beneficial Owner | | | Amount Beneficially Owned | | | Percent of Class | | ||||||
The Vanguard Group, Inc.1 100 Vanguard Blvd. Malvern, PA 19355 | | | | | 7,763,442 | | | | | | 10.1 | | |
FMR LLC2 245 Summer Street Boston, MA 02210 | | | | | 6,200,635 | | | | | | 8.0 | | |
JPMorgan Chase & Co.3 270 Park Avenue New York, NY 10017 | | | | | 5,492,715 | | | | | | 7.1 | | |
BlackRock, Inc.4 55 East 52nd Street New York, NY 10055 | | | | | 5,070,527 | | | | | | 6.6 | | |
| | | Amount Beneficially Owned1 | | | Percent of Class | | ||||||
Mary Baglivo | | | | | 9,903 | | | | | | * | | |
Brent Callinicos | | | | | 5,230 | | | | | | * | | |
Emanuel Chirico | | | | | 399,284 | | | | | | * | | |
Francis K. Duane | | | | | 24,163 | | | | | | * | | |
Juan R. Figuereo | | | | | 9,965 | | | | | | * | | |
Joseph B. Fuller | | | | | 44,080 | | | | | | * | | |
Daniel Grieder | | | | | 49,346 | | | | | | * | | |
V. James Marino | | | | | 21,140 | | | | | | * | | |
G. Penny McIntyre | | | | | 5,066 | | | | | | * | | |
Amy McPherson | | | | | 1,373 | | | | | | * | | |
Henry Nasella | | | | | 21,140 | | | | | | * | | |
Edward R. Rosenfeld | | | | | 6,230 | | | | | | * | | |
Craig Rydin | | | | | 21,140 | | | | | | * | | |
Michael A. Shaffer | | | | | 26,764 | | | | | | * | | |
Steven B. Shiffman | | | | | 41,972 | | | | | | * | | |
Amanda Sourry | | | | | 1,373 | | | | | | * | | |
All directors, nominees for director and executive officers as a group (18 people) | | | | | 745,679 | | | | | | 1.0 | | |
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| The Board of Directors recommends a vote FOR the election of the eleven nominees named below. | |
Name | | | Principal Occupation | | | Age | | | Year Became a Director | |
Mary Baglivo | | | Vice Chancellor of Communications and Marketing, Rutgers University | | | 60 | | | 2007 | |
Brent Callinicos | | | Former Chief Operating and Chief Financial Officer and current adviser, Virgin Hyperloop One, a privately held autonomous transportation company | | | 52 | | | 2014 | |
Emanuel Chirico | | | Chief Executive Officer, PVH Corp. | | | 60 | | | 2005 | |
Juan R. Figuereo | | | Former Executive Vice President and Chief Financial Officer, Revlon, Inc., a global beauty and personal care products company | | | 62 | | | 2011 | |
Joseph B. Fuller | | | Professor of Management Practice in Business Administration, Harvard Business School; Visiting Fellow, American Enterprise Institute; Founder, Joseph Fuller LLC, a business consulting firm | | | 61 | | | 1991 | |
V. James Marino | | | Retired Chief Executive Officer, Alberto-Culver Company, a personal care products company | | | 67 | | | 2007 | |
G. Penny McIntyre | | | Former Chief Executive Officer, Sunrise Senior Living, LLC, a provider of senior living services | | | 56 | | | 2015 | |
Amy McPherson | | | President and Managing Director, Europe, Marriott International, Inc., a global lodging company | | | 56 | | | 2017 | |
Henry Nasella | | | Partner and Co-Founder, LNK Partners, a private equity investment firm | | | 71 | | | 2003 | |
Edward R. Rosenfeld | | | Chief Executive Officer, Steven Madden, Ltd., a fashion footwear and accessories company | | | 42 | | | 2014 | |
Craig Rydin | | | Operating Partner, LNK Partners, a private equity investment firm; Former Chairman of the Board of Directors, Yankee Holding Corp.; Former Non-Executive Chairman, The Yankee Candle Company, Inc., a designer, manufacturer and branded marketer of premium scented candles | | | 66 | | | 2006 | |
Amanda Sourry | | | President, Unilever North America, and Head of Global Customer Development, Unilever, a personal care, foods, refreshment and home care consumer products company | | | 54 | | | 2016 | |
Mary Baglivo | | | Chief Executive Officer, /The Baglivo Group | | ||||||
| | EXPERIENCE Ms. Baglivo founded /The Baglivo Group (a brand strategy advisory consultancy) in July 2018. From October 2017 through December 2018, she was Vice Chancellor of Communications and Marketing at Rutgers University. Prior to that, she was Chief Marketing Officer/VP Global Marketing at Northwestern University from October 2013 to October 2017. Ms. Baglivo had an extensive career in major marketing and communications companies, including serving for six years as Chairman & Chief Executive Officer, The Americas, and three years before that as Chief Executive Officer, New York, at Saatchi & Saatchi Worldwide. | | |||||||
INDEPENDENT AGE: 62 DIRECTOR SINCE 2007 COMMITTEE Corporate Responsibility Committee | | | EXPERTISE Ms. Baglivo brings to the Board valuable marketing, advertising and strategic planning expertise along with general management know-how. She has extensive experience building high-performing brands via creative integrated programs and has led digital transformations for brand and agency organizations. Her clients have included leading global companies in consumer package goods, healthcare, retail, hospitality, spirits and financial services, as well as universities. | | | OTHER PUBLIC COMPANY BOARDS ▪ Host Hotels & Resorts, L.P. (since 2013) ▪ Ruth’s Hospitality Group, Inc. (since 2017) | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 7 | | |
Brent Callinicos | | | Former Chief Operating and Chief Financial Officer, Virgin Hyperloop One; Former Chief Financial Officer, Uber Technologies, Inc. | | ||||||
| | EXPERIENCE Mr. Callinicos was Chief Operating and Chief Financial Officer of Virgin Hyperloop One (an autonomous transportation company) from January 2017 to March 2018. Before that, he was an advisor at Uber Technologies Inc. (an on-demand car service company) from 2015 to 2016 and Uber’s Chief Financial Officer from 2013 to 2015. Mr. Callinicos was Vice President, Treasurer and Chief Accounting Officer of Google Inc. (a global technology leader now known as Alphabet Inc.) from 2012 to 2013 and Vice President and Treasurer of Google for five years before that. | | |||||||
INDEPENDENT AGE:54 DIRECTOR SINCE 2014 COMMITTEE Corporate Responsibility Committee | | | EXPERTISE Mr. Callinicos is a CPA with extensive experience working in treasury, financial and accounting roles in public companies and working with public company boards. He has been a senior executive at four companies and has served in several board advisory roles. He has substantial experience with corporate responsibility initiatives, including having run Green Energy Investing at Google. | | | OTHER PUBLIC COMPANY BOARDS ▪ Baidu, Inc. (since 2015) | |
Emanuel Chirico | | | Chairman and Chief Executive Officer, PVH Corp. | | ||||||
| | EXPERIENCE Mr. Chirico has been with PVH Corp. for more than 25 years. He became Chief Executive Officer in 2006 and added the Chairman role in 2007. Before that, he served in roles of increasing responsibility, including six years as Controller, six years as Chief Financial Officer, and several months as President and Chief Operating Officer. Prior to joining PVH, Mr. Chirico was a Partner at the international accounting firm Ernst & Young LLP, running its Retail and Apparel Practice Group. | | |||||||
AGE:62 DIRECTOR SINCE 2005 | | | EXPERTISE Mr. Chirico has extensive knowledge of the operational and financial aspects of PVH developed during his many executive positions in the company, as well as during his service as audit partner on the PVH account. In addition, Mr. Chirico provides the Board with valuable insight into PVH’s business and management’s strategic vision. | | | OTHER PUBLIC COMPANY BOARDS ▪ Dick’s Sporting Goods, Inc. (since 2003) | |
| | 8 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Joseph B. Fuller | | | Professor of Management Practice in Business Administration, Harvard Business School | | ||||||
| | EXPERIENCE Mr. Fuller joined the faculty at Harvard Business School in 2012, where he teaches general management classes and co-leads an initiative called “Managing the Future of Work.” Before that, he was Founder, Director and Vice-Chairman of Monitor Company LP (an international management consulting firm) from 1983 to 20131. Mr. Fuller is a Visiting Fellow at the American Enterprise Institute and founded Joseph Fuller LLC (a business consulting firm) in 2013. | | |||||||
INDEPENDENT AGE:63 DIRECTOR SINCE 1991 COMMITTEE Nominating, Governance & Management Development Committee (Chair) | | | EXPERTISE Mr. Fuller has extensive experience advising management with respect to strategy, corporate finance, governance and marketing (including with respect to channel management, pricing trends and pressures, and innovation). In addition, as a professor at a renowned business school, he has knowledge of management principles used by leading businesses worldwide. | | | OTHER PUBLIC COMPANY BOARDS ▪ None | |
V. James Marino | | | Retired Chief Executive Officer, Alberto-Culver Company | | ||||||
| | EXPERIENCE Mr. Marino was President and Chief Executive Officer of Alberto-Culver Company (a global consumer products company) for five years until his retirement in 2011. Before that, he served in roles of increasing responsibility for 10 years, including President of Alberto-Culver Consumer Products Worldwide from 2004 to November 2006, and President of Alberto Personal Care Worldwide, a division of Alberto-Culver Company, from 2002 to 2004. | | |||||||
INDEPENDENT AGE:69 DIRECTOR SINCE 2007 COMMITTEE Audit & Risk Management Committee | | | EXPERTISE Mr. Marino has significant senior executive leadership experience in the consumer products industry. During his tenure at Alberto-Culver, he developed expertise on both a domestic and an international basis in areas including corporate strategy development and execution, brand building and multichannel distribution. He also has in-depth knowledge of public company reporting. In addition, his work on the Boards of Directors of OfficeMax and Office Depot has provided him with perspective on the retail landscape, consumer goods, and governance of public companies. | | | OTHER PUBLIC COMPANY BOARDS ▪ Office Depot, Inc. (2013 to 20202) ▪ OfficeMax Incorporated (from 2011 to 2013, when OfficeMax merged into Office Depot) ▪ Alberto-Culver Company (2006 to 2011) | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 9 | | |
G. Penny McIntyre | | | Former Chief Executive Officer, Sunrise Senior Living, LLC | | ||||||
| | EXPERIENCE Ms. McIntyre was Chief Executive Officer of Sunrise Senior Living, LLC (a provider of senior living services) from November 2013 to May 2014. Before that, she served as President of the Consumer Group of Newell Brands for one year, and Group President of Newell Brands’ Office Products Group for three years. Earlier in her career, she spent almost 11 years at The Coca-Cola Company, including as Senior Vice President, General Manager, Functional Beverages (overseeing still beverages, such as water, tea and coffee), as well as in a series of marketing positions of escalating responsibility, including Group Marketing Director, Europe, Asia and Middle East. | | |||||||
INDEPENDENT AGE:58 DIRECTOR SINCE 2015 COMMITTEE Corporate Responsibility Committee (Chair) | | | EXPERTISE Ms. McIntyre has extensive general management experience gained through operating consumer packaged goods businesses in multiple channels and across multiple geographies. She has led sales, marketing and operations teams in Europe, Africa, Japan and the U.S. She has a background in consumer insights, brand building and digital commerce gained through her employment with Coca-Cola, Newell Brands and SC Johnson Wax. | | | OTHER PUBLIC COMPANY BOARDS ▪ None | |
Amy McPherson | | | Principal investor and consultant; Retired President and Former Managing Director, Europe, Marriott International, Inc. | | ||||||
| | EXPERIENCE Ms. McPherson retired as President and Managing Director, Europe at Marriott (a global lodging company) in 2019 and has taken on a role as a principal investor and consultant to a children-focused media business. She joined Marriott in 1986 and served in roles of increasing responsibility, including Executive Vice President of Global Sales and Marketing, Senior Vice President of Business Transformation and Integration, and Vice President of Finance and Business Development. | | |||||||
INDEPENDENT AGE:58 DIRECTOR SINCE 2017 COMMITTEE Audit & Risk Management Committee | | | EXPERTISE Ms. McPherson has considerable experience in overseeing business operations and development in Europe, having overseen multiple brands of hotels for Marriott, the world’s largest hotel company. She has overseen acquisitions and strategic partnerships and implemented and executed strategies on both a regional and global basis. In addition, Ms. McPherson has experience managing Marriott’s global and field sales, marketing, loyalty program, revenue management, e-commerce, worldwide reservation sales and customer care, and sales channel strategy and analysis. | | | OTHER PUBLIC COMPANY BOARDS ▪ None | |
| | 10 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Henry Nasella | | | Partner and Co-Founder, LNK Partners | | ||||||
| | EXPERIENCE Mr. Nasella has been a partner at LNK Partners (a private equity investment firm) since he co-founded the firm in 2005. Earlier in his career, Mr. Nasella was a Venture Partner at Apax Partners, where he was a senior member of the U.S. Consumer and Retail Group. Before Apax, Mr. Nasella led the successful buyout of Star Markets (a regional supermarket chain), and served as Chairman and CEO of the company until it was sold to Sainsbury Plc. He was the first President of Staples, where he built the company from a startup into a global leader in office supply retailing. | | |||||||
INDEPENDENT AGE:73 DIRECTOR SINCE 2003 PRESIDING DIRECTOR SINCE 2007 COMMITTEES Compensation Committee Nominating, Governance & Management Development Committee | | | EXPERTISE Mr. Nasella has significant management experience gained in senior executive positions in publicly traded retail companies and as a partner in private equity firms. In addition, Mr. Nasella has extensive experience serving on boards of directors and board committees of several retail companies. | | | OTHER PUBLIC COMPANY BOARDS ▪ Staples, Inc. (1988 to 1993) ▪ Panera Bread Co. (1995 to 2001) ▪ Denny’s Corp. (2004 to 2008) | |
Edward R. Rosenfeld | | | Chief Executive Officer, Steven Madden, Ltd. | | |||||||||
| | EXPERIENCE Mr. Rosenfeld has been part of the executive management team of Steven Madden (a fashion footwear and accessories company) since 2005, serving in finance and strategic planning roles before becoming Chief Executive Officer in 2008. Before joining Steven Madden, he was an investment banker in a mergers and acquisitions practice focused on the retail and apparel industries. | | | |||||||||
INDEPENDENT AGE:44 DIRECTOR SINCE 2014 COMMITTEE Audit & Risk Management Committee (Chair since April 2020) | | | EXPERTISE Mr. Rosenfeld brings over 20 years of experience focused on the retail, apparel and footwear industries as both an executive and an investment banker. | | | OTHER PUBLIC COMPANY BOARDS ▪ Steven Madden, Ltd. (since 2008) | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 11 | | |
Craig Rydin | | | Operating Partner, LNK Partners | | ||||||
| | EXPERIENCE Mr. Rydin has been an operating partner at LNK Partners (a private equity investment firm) since 2014. Before that, he was Chairman of the Board of Directors of Yankee Holding Corp., and Non-Executive Chairman of The Yankee Candle Company, Inc. (a designer, manufacturer, and branded marketer of premium scented candles) for 12 years. He spent 23 years at Campbell Soup Company, where he held positions of increasing responsibility, including President of Godiva Chocolatier Worldwide and senior management and marketing positions at Pepperidge Farm. | | |||||||
INDEPENDENT AGE:68 DIRECTOR SINCE 2006 COMMITTEES Compensation Committee Nominating, Governance & Management Development Committee | | | Mr. Rydin has significant management and leadership experience, which he gained in over 30 years in various executive positions in the consumer products and retail industry. In addition, Mr. Rydin has extensive experience serving on the audit and compensation committees of several public and private company boards of directors. | | | OTHER PUBLIC COMPANY BOARDS ▪ Booking Holdings Inc. (2005 to 2019) ▪ Yankee Holding Corp. (2001 to 2013) | |
Amanda Sourry | | | Former President, Unilever North America | | ||||||
| | EXPERIENCE Ms. Sourry served as President, Unilever North America (a personal care, foods, refreshment, and home care consumer products company) from 2018 to 2020. She also held the title Head of Global Customer Development, Unilever, from 2018 to 2019. Ms. Sourry spent almost her entire career — over 30 years — in roles of increasing responsibility at Unilever, including President, Global Foods Category of Unilever plc from 2015 to 2017; Executive Vice President, Global Haircare from 2014 to 2015; and Executive Vice President, U.K. and Ireland from 2010 to 2014. | | |||||||
INDEPENDENT AGE:56 DIRECTOR SINCE 2016 COMMITTEES Compensation Committee (Chair) Nominating, Governance & Management Development Committee | | | EXPERTISE Ms. Sourry has | | | OTHER PUBLIC COMPANY BOARDS None | |
| | 12 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Juan R. Figuereo | | | Venture Partner, Ocean Azul Partners; Former Executive Vice President and Chief Financial Officer, Revlon, Inc. | | ||||||
INDEPENDENT AGE:64 DIRECTOR SINCE 2011 COMMITTEE Audit & Risk Management | | | EXPERIENCE Mr. Figuereo has been a Venture Partner in Ocean Azul Partners (an early stage venture capital fund) since 2018. He was Executive Vice President and Chief Financial Officer of | | ||||||
| | | | OTHER PUBLIC COMPANY BOARDS (since 2020) | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 13 | | |
| | 14 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Risk Oversight | ||||
| | The Board of Directors | | | ||||||
| | oversees the management of risks related to the operation of our business. As part of its oversight, the Board receives periodic reports from members of senior management on various aspects of risk, including our enterprise risk management program, business continuity planning and cybersecurity. Each Board committee oversees the management of risks that fall within its | | | ||||||
| | THE AUDIT & RISK MANAGEMENT COMMITTEE | | | has principal responsibility for risk assessment and risk management. As part of this role, the Audit & Risk Management Committee: ▪ monitors the operation of our enterprise risk management program; ▪ receives an annual enterprise risk management report, in which management identifies our most significant operating risks and the mitigating factors that exist to control those risks, based on the results of an annual, in-depth exercise in which a broad spectrum of associates and executives from key areas and all regions work with an outside expert to identify relevant areas of risks and mitigating factors; ▪ receives reports at its in-person meetings on our cybersecurity and data privacy efforts, including an annual in-depth review of strategy and initiatives for the coming year, presented by our Senior Vice President, Information Security; ▪ receives reports on risks and developments relating to our IT systems upgrades, financial reporting, security issues, insurance, legal matters, compliance training and reporting, and other areas of risk and risk management; and ▪ meets privately on a regular basis with representatives of our independent auditors to discuss our auditing and accounting processes and management. | | | |||
| | THE COMPENSATION COMMITTEE | | | considers as part of its oversight of our executive compensation program whether the incentive awards it administers are properly aligned with stockholder value creation, corporate objectives, and our Code of Business Conduct and Ethics. As part of this role, the Compensation Committee: ▪ receives an annual risk assessment from its compensation consultant that analyzes the risks represented by each component of the program, as well as mitigating factors; and ▪ develops policies, such as our Clawback Policy, to mitigate potential risks. The Compensation Committee performed in 2018 an extensive analysis of incentive compensation arrangements throughout the company to ensure they do not create excessive or unwanted risk. The review was initiated in light of certain news reports over the year involving poor pay practices at other companies. When the review was completed, the Compensation Committee determined that our incentive compensation programs are appropriate and do not encourage excessive risk. In addition, the Committee adopted a Clawback Policy to provide for the recoupment of incentive compensation from certain current and former executives for material violations of our Code of Business Conduct and Ethics policy and other material policies. The Clawback Policy extended the existing recoupment provisions of our incentive compensation plans, which had covered a more limited set of executives and only related to certain restatements of our financial statements. For more information, see “Risk Considerations in Compensation Programs,” which begins on page 51. | | | |||
| | THE NOMINATING, GOVERNANCE & MANAGEMENT DEVELOPMENT COMMITTEE | | | oversees risks related to governance issues. As part of this role, the Nominating, Governance & Management Development Committee: ▪ administers an active succession planning process for the Chief Executive Officer to reduce risks in the event our Chief Executive Officer needs to be replaced on an emergency basis, as well as in anticipation of his eventual retirement; ▪ considers changes in principal employment of directors and new directorships sought by directors to ensure there are no conflicts of interest or loss of skill set; and ▪ conducts an annual evaluation program to determine if the directors, Board and Board committees are performing effectively and in the best interests of PVH and our stockholders. | | | |||
| | THE CORPORATE RESPONSIBILITY COMMITTEE | | | is responsible for advising the Board and management with respect to potential risks to PVH’s reputation and our role as a socially responsible organization. As part of this role, the Corporate Responsibility Committee: ▪ monitors human rights, work conditions and environmental programs administered by our global CR compliance teams, mainly with respect to the operations of suppliers and factories in our supply chain; and ▪ monitors significant events and activities in the industry generally, such as our participation in the Accord on Fire and Building Safety in Bangladesh (and the successor Accord), a binding commitment of over 200 brand owners and retailers to remediate safety issues in garment factories in Bangladesh undertaken in the wake of the Rana Plaza disaster. | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 15 | | |
| | 16 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | Operating Experience | | | Industry Experience | | ||||||||||||||||||
| | | | Current/Recent Public Company CEO, COO or CFO Within a Global Company | | | Financial Expertise | | | Operations Leader Experience | | | Consumer Products or Services | | | Digital/ eCommerce | | | Technology/ Cyber Risk | | | Regulatory/ Corporate Governance | | | International Experience | |
| MARY BAGLIVO | | | | | | | | | ■ | | | ■ | | | ■ | | | | | | ■ | | | □ | |
| BRENT CALLINICOS | | | | | | ■ | | | ■ | | | | | | ■ | | | ■ | | | ■ | | | □ | |
| EMANUEL CHIRICO | | | ■ | | | ■ | | | ■ | | | ■ | | | | | | | | | ■ | | | □ | |
| JOSEPH B. FULLER | | | | | | | | | ■ | | | | | | | | | | | | ■ | | | □ | |
| V. JAMES MARINO | | | | | | ■ | | | ■ | | | ■ | | | | | | | | | ■ | | | □ | |
| G. PENNY McINTYRE | | | | | | | | | ■ | | | ■ | | | ■ | | | | | | | | | ■ | |
| AMY McPHERSON | | | ■ | | | ■ | | | ■ | | | ■ | | | ■ | | | | | | | | | ■ | |
| HENRY NASELLA | | | | | | | | | ■ | | | ■ | | | ■ | | | | | | ■ | | | | |
| EDWARD R. ROSENFELD | | | ■ | | | ■ | | | ■ | | | ■ | | | ■ | | | | | | ■ | | | □ | |
| CRAIG RYDIN | | | | | | | | | ■ | | | ■ | | | ■ | | | | | | ■ | | | □ | |
| AMANDA SOURRY | | | ■ | | | | | | ■ | | | ■ | | | ■ | | | | | | | | | ■ | |
|
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 17 | | |
| | 18 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| We regularly engage with stockholders to understand their perspectives on our company, our business and their concerns. We held discussions during 2019 with approximately 75% of our top 15 stockholders who are active managers (i.e., excluding index funds and others who do not meet with management) and who hold approximately 35% of the outstanding shares. We meet with and speak to stockholders during appearances by management at scheduled events, as well as in one-on-one meetings and through conference calls held throughout the year. | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 19 | | |
| | 20 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 21 | | |
| Our Corporate Governance Guidelines require all members of the Board of Directors to use reasonable efforts to attend, in person or by telephone or video conference, all meetings of the Board and of any committees on which they serve, as well as the annual meeting of stockholders. All but one of our directors attended the 2019 Annual Meeting of Stockholders, and we expect all directors to attend the 2020 meeting. There were five meetings of the Board of Directors during 2019. All of our directors attended 100% of the aggregate number of meetings of the Board and the committees on which they served. | | | |
| | 22 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | |||||||||
| | | | | | | | 23 | | |
Audit & Risk Management Committee | | |||
Edward R. Rosenfeld (Chair since April 2020), Juan R. Figuereo (Chair for all of 2019) V. James Marino and Amy McPherson 10 MEETINGS IN 2019 | | | The Audit & Risk Management Committee is directly responsible for the appointment, compensation, and oversight of the work of the outside auditing firm. In addition, the Audit & Risk Management Committee helps the Board fulfill its oversight functions relating to the quality and integrity of our financial reports by: ▪ monitoring our financial reporting process and internal audit function; ▪ monitoring the outside auditing firm’s qualifications, independence, and performance; and ▪ performing such other activities consistent with its charter and our By-laws as the Committee or the Board deems appropriate. The Board has determined that all members of the Audit & Risk Management Committee are independent for purposes of audit committee service under NYSE listing standards and SEC rules, and each also qualifies as an “audit committee financial expert,” as defined in SEC rules. | |
Compensation Committee | | |||
Amanda Sourry (Chair), Henry Nasella and Craig Rydin 6 MEETINGS IN 2019 | | | The Compensation Committee discharges the Board’s responsibilities relating to the compensation of our executive officers. The Compensation Committee also has overall responsibility for evaluating and approving, or recommending to the Board approval of, all of our compensation plans, policies, and programs, and is responsible for preparing the Compensation Committee Report that appears in this Proxy Statement. The Compensation Committee is authorized to delegate limited authority to enable the Chief Executive Officer to make equity awards subject to parameters the Committee establishes. For more information on the CEO’s ability to grant equity awards, see “Compensation Committee Process,” which begins on page 36. Our Chief Executive Officer, Chief Human Resources Officer, Senior Vice President, Global Compensation, Benefits and HR Systems, and General Counsel regularly attend and participate in Compensation Committee meetings, as do representatives of ClearBridge Compensation Group, the Committee’s independent compensation consultant since 2009. For more information on the independent compensation advisor, see “Independent Compensation Consultant,” which begins on page 37. The Board has determined that all members of the Compensation Committee satisfy the independence requirements under NYSE listing standards and SEC rules. Each member also qualifies as an “outside” director, as defined under Section 162(m) of the Internal Revenue Code of 1986 (the “Code”), as such section was in effect immediately before it was amended pursuant to the U.S. Tax Cuts and Jobs Act of 2017, and as a “non-employee” director under SEC Rule 16b-3. There were no interlocks or relationships involving any member of the Compensation Committee during 2019 that are required to be disclosed under the SEC’s rules or proxy regulations. | |
| | 24 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Nominating, Governance & Management Development Committee | | |||
Joseph Fuller (Chair), Henry Nasella, Craig Rydin and Amanda Sourry 5 MEETINGS IN 2019 | | | The Nominating, Governance & Management Development Committee is charged with: ▪ identifying individuals qualified to become Board members; ▪ recommending director nominees to the Board; ▪ recommending members for each Board committee; ▪ overseeing Board, Committee and director evaluations ▪ recommending the Corporate Governance Guidelines relating to Board service; ▪ conducting Chief Executive Officer succession planning, and monitoring succession planning for senior management; ▪ monitoring senior management development; and ▪ monitoring issues of corporate culture and conduct. The Board has determined that all members of the Nominating, Governance & Management Development Committee satisfy the independence requirements under NYSE listing standards. | |
Corporate Responsibility Committee | | |||
G. Penny McIntyre (Chair), Mary Baglivo and Brent Callinicos 4 MEETINGS IN 2019 | | | The Corporate Responsibility Committee is charged with acting in an advisory capacity to the Board and management with respect to policies and strategies that affect PVH’s role as a socially responsible organization. The Committee also receives reports on our Inclusion & Diversity program, PVH University, The PVH Foundation (our charitable and philanthropic organization), our business resource groups (affinity groups for working parents, Black associates, women, members of the LGBTQ community and other communities within PVH), and other ways we advance our core values. The Board has determined that all members of the Corporate Responsibility Committee are independent under NYSE listing standards; the listing standards do not require committee members to be independent. | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 25 | | |
Recipient | | | Type of payment | |
Each non-employee director | | | $95,000, in cash | |
Each non-employee director | | | RSUs of our common stock with a value of approximately $160,000 on the grant date | |
Chair of the Audit & Risk Management Committee | | | $40,000, in cash | |
Other members of the Audit & Risk Management Committee | | | $20,000, in cash | |
Chair of the Compensation Committee | | | $35,000, in cash | |
Other members of the Compensation Committee | | | $15,000, in cash | |
Chairs of the Nominating, Governance & Management Development Committee and the Corporate Responsibility Committee | | | $25,000, in cash | |
Other members of the Nominating, Governance & Management Development Committee and the Corporate Responsibility Committee | | | $10,000, in cash | |
Presiding director | | | $40,000, in cash | |
| | 26 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name | | | Fees Earned or Paid in Cash1 ($) | | | Stock Awards2,3 ($) | | | Option Awards3 ($) | | | All Other Compensation ($) | | | Total ($) | | |||||||||||||||
MARY BAGLIVO | | | | | 100,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 260,061 | | |
BRENT CALLINICOS | | | | | 100,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 260,061 | | |
JUAN R. FIGUEREO | | | | | 130,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 290,061 | | |
JOSEPH B. FULLER | | | | | 115,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 275,061 | | |
V. JAMES MARINO | | | | | 110,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 270,061 | | |
G. PENNY McINTYRE | | | | | 115,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 275,061 | | |
AMY McPHERSON | | | | | 110,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 270,061 | | |
HENRY NASELLA | | | | | 160,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 320,061 | | |
EDWARD R. ROSENFELD | | | | | 110,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 270,061 | | |
CRAIG RYDIN | | | | | 115,000 | | | | | | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 275,061 | | |
AMANDA SOURRY | | | | | 125,000 | | | | | ��� | 160,061 | | | | | | N/A | | | | | | N/A | | | | | | 285,061 | | |
Name | | | Annual Director Fee ($) | | | Committee Chair Fees ($) | | | Committee Member Fees ($) | | | Presiding Director Fee ($) | | | Total ($) | | |||||||||||||||
MARY BAGLIVO | | | | | 90,000 | | | | | | N/A | | | | | | 10,000 | | | | | | N/A | | | | | | 100,000 | | |
BRENT CALLINICOS | | | | | 90,000 | | | | | | N/A | | | | | | 10,000 | | | | | | N/A | | | | | | 100,000 | | |
JUAN R. FIGUEREO | | | | | 90,000 | | | | | | 40,000 | | | | | | N/A | | | | | | N/A | | | | | | 130,000 | | |
JOSEPH B. FULLER | | | | | 90,000 | | | | | | 25,000 | | | | | | N/A | | | | | | N/A | | | | | | 115,000 | | |
V. JAMES MARINO | | | | | 90,000 | | | | | | N/A | | | | | | 20,000 | | | | | | N/A | | | | | | 110,000 | | |
G. PENNY McINTYRE | | | | | 90,000 | | | | | | 25,000 | | | | | | N/A | | | | | | N/A | | | | | | 115,000 | | |
AMY McPHERSON | | | | | 90,000 | | | | | | N/A | | | | | | 20,000 | | | | | | N/A | | | | | | 110,000 | | |
HENRY NASELLA | | | | | 90,000 | | | | | | 17,500 | | | | | | 17,500 | | | | | | 35,000 | | | | | | 160,000 | | |
EDWARD R. ROSENFELD | | | | | 90,000 | | | | | | N/A | | | | | | 20,000 | | | | | | N/A | | | | | | 110,000 | | |
CRAIG RYDIN | | | | | 90,000 | | | | | | N/A | | | | | | 25,000 | | | | | | N/A | | | | | | 115,000 | | |
AMANDA SOURRY | | | | | 90,000 | | | | | | 17,500 | | | | | | 17,500 | | | | | | N/A | | | | | | 125,000 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 27 | | |
Name | | | Option Awards (#) | | | Stock Awardsa (#) | | ||||||
MARY BAGLIVO | | | | | N/A | | | | | | 1,770 | | |
BRENT CALLINICOS | | | | | N/A | | | | | | 1,770 | | |
JUAN R. FIGUEREO | | | | | N/A | | | | | | 6,776b | | |
JOSEPH B. FULLER | | | | | N/A | | | | | | 23,850c | | |
V. JAMES MARINO | | | | | N/A | | | | | | 1,770 | | |
G. PENNY McINTYRE | | | | | N/A | | | | | | 6,776b | | |
AMY McPHERSON | | | | | N/A | | | | | | 1,770 | | |
HENRY NASELLA | | | | | N/A | | | | | | 23,850c | | |
EDWARD R. ROSENFELD | | | | | N/A | | | | | | 7,940d | | |
CRAIG RYDIN | | | | | N/A | | | | | | 13,798e | | |
AMANDA SOURRY | | | | | N/A | | | | | | 1,770 | | |
| | 28 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | |
| The Board of Directors recommends a vote FOR approval of the compensation paid to our Named Executive Officers. | |
| | RESOLVED, that the compensation paid to PVH’s Named Executive Officers, as disclosed in this Proxy Statement pursuant to the rules of the SEC, including the Compensation Discussion & Analysis, compensation tables, and any related narrative discussion, is hereby APPROVED. | | |
| | | | | PVH CORP. 2019 PROXY STATEMENT | | | | | | | 29 | | |
NEO | | | Age | | | Years of Service | | | Title | |
EMANUEL CHIRICO | | | 62 | | | 26 | | | Chairman and Chief Executive Officer, PVH Corp. | |
MICHAEL A. SHAFFER | | | 57 | | | 29 | | | Executive Vice President and Chief Operating & Financial Officer, PVH Corp. | |
STEFAN LARSSON | | | 45 | | | 1 | | | President, PVH Corp. | |
CHERYL ABEL-HODGES | | | 56 | | | 131 | | | Chief Executive Officer, Calvin Klein | |
DANIEL GRIEDER | | | 58 | | | 232 | | | Chief Executive Officer, Tommy Hilfiger Global and PVH Europe | |
STEVEN B. SHIFFMAN | | | 62 | | | 263 | | | Former Chief Executive Officer, Calvin Klein | |
| | 30 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
$5.60 | | | | $9.9B | | ||||
Earnings per share compared to $9.65 in 2018 ($9.54* vs. $9.60* on a non-GAAP basis) | | | | In revenue, a 3% increase over 2018. The revenue increase included: ▪ An 8% increase (11%* on a constant currency basis) in our Tommy Hilfiger business, driven principally by outperformance in Europe and the addition of revenue from acquisitions of licensed businesses. ▪ A 2% decrease (1%* increase on a constant currency basis) in our Calvin Klein business, as continued growth in Europe and the addition of an acquired business was more than offset by foreign currency translation, softness in Asia, the closure of the CALVIN KLEIN 205W39NYC brand and the effect of licensing the Calvin Klein Jeans women’s business formerly operated by us. ▪ A 3% decrease in our Heritage Brands business due to weakness in the North America wholesale business and a 2% decline in comparable store sales. | |
| $559M | | | | Earnings before interest and taxes (“EBIT”) decreased to $559 million, inclusive of a $30 million negative impact due to foreign currency translation, from $892 million in 2018. EBIT on a non-GAAP basis for 2019 decreased to $931* million, inclusive of a $30 million negative impact due to foreign currency translation, compared to $971* million on a non-GAAP basis in 2018. | |
| | | | | | | | | | | 31 | | |
| | 32 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Things We Do | | | Things We Do Not Do | |
We engage with stockholders regarding our compensation practices. The Chair of the Compensation Committee is available at our Annual Meeting to answer questions. Most executive compensation varies based on long-term performance of PVH and our common stock. Performance targets for our incentive plans are rigorous but do not encourage excessive risk. We use different financial metrics as performance measures for annual bonuses and PSU awards so executives focus on the business as a whole and not on any one particular metric. We regularly reassess the financial measures used with our performance-based awards, as well as the mix of elements that make up our compensation program, to ensure they promote increases in stockholder value and align with investor priorities. Our NEOs are subject to stringent stock ownership guidelines — 6x base salary for the CEO and 3x base salary for the other NEOs — and there are limits on the amount of stock they can dispose of before they satisfy the applicable guideline. Our change-in-control arrangements are “double trigger.” We provide comprehensive and transparent disclosure of our compensation program and each NEO’s compensation package, with thorough explanations of performance measures, goal setting, targets, and payouts. We have a Clawback Policy that allows us to recover or cancel incentive compensation awards and payouts in the event of a restatement of our financial statements or a material breach of a material company policy. The Compensation Committee consists of three independent directors who have engaged the services of an independent compensation advisor. Awards under our incentive plans are capped to prevent undue efforts to surpass the target for any particular metric. We conduct an annual risk assessment of our executive compensation program. Our compensation peer group is realistic, comprising a mix (by revenue) of larger and smaller companies in our industry. | | | We do not make awards to our NEOs solely based on retention or to replace awards that did not or are not expected to pay out. We do not grant discretionary awards that are not substantiated by company and individual performance. We do not allow “retesting” or use multiple one-year targets with our annual bonus awards that provide NEOs with more than one opportunity to receive the same payout. We do not permit repricing of underwater stock options. We do not accrue dividends or dividend equivalents on PSUs during the performance cycle. Pension and welfare benefits and perquisites are not a significant part of our NEOs’ compensation. NEO employment agreements do not provide for tax gross-ups. We do not permit our NEOs to pledge our securities, hold securities in a margin account, or engage in hedging or similar transactions. We do not provide any special benefits or compensation upon the death of an NEO. NEO employment agreements do not include long-term compensation in the calculation of the amount of severance payable. | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 33 | | |
| | SPECIAL NOTE ABOUT COMPENSATION FOR MR. GRIEDER | | |
| | The compensation package for Mr. Grieder is somewhat different from the compensation paid to the other NEOs due to a number of factors, including his employment outside of the U.S. and his status as a non-U.S. taxpayer. Accordingly, not all of the discussion regarding our NEOs pertains to him. The principal differences relate to benefits (which are largely dictated by statute in Europe) and currency. Mr. Grieder’s cash compensation is paid in euros but is based on a base salary level tied to Swiss francs because he is a resident of Switzerland. The Swiss franc-to-euro exchange rate we use to determine salary payments to Mr. Grieder is reset quarterly. Historically, the design of the compensation packages for our U.S.-based NEOs took into consideration the tax deductibility of performance-based compensation (and their design has not changed with the elimination of the deduction). This consideration was not relevant to Mr. Grieder’s compensation. As a result, there are some differences in the design of his compensation package. | | |
| | We have largely left the design of our U.S.-based NEO compensation packages intact even though the tax deduction for performance-based compensation has been eliminated. | | |
| | 34 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | SPECIAL NOTE ABOUT COMPENSATION DURING THE COVID-19 CRISIS AND THE 2020 EXECUTIVE COMPENSATION PROGRAM | | |
| | The COVID-19 pandemic is having a significant impact on our business, financial condition, cash flows and results of operations in 2020. Virus-related concerns, reduced travel, temporary store closures and government-imposed restrictions have resulted in sharply reduced traffic and consumer spending trends and sales stoppages in our retail stores and in the stores of our wholesale customers in virtually all key markets during the first quarter of 2020 and is expected to continue. In addition, our supply chains had been disrupted and may experience future disruptions. Our licensees’ sales and their supply chains are also being negatively impacted, which in turn is expected to impact negatively our royalty revenue. There is significant uncertainty about the duration and extent of the impact of the COVID-19 pandemic. | | |
| | We have taken numerous actions to mitigate the effects of the COVID-19 pandemic on us, including a significant reduction of our costs. Many of these relate to compensation and payroll, including reduced salaries for approximately 250 senior executives and leaders, furloughs in North America and Australia, reduced work hours (and proportionate pay) in North America, salary reductions for virtually all full time associates in North America and Asia, and applying for governmental salary subsidies in Europe and Brazil. The following actions and decisions made to date pertain to our NEOs: ▪ Mr. Chirico has elected to forgo his base salary while the crisis continues. ▪ The other NEOs have agreed to base salary reductions of 25-50% for at least three months and no more than six months. ▪ There will be no salary increases for 2020. ▪ Payout opportunities at each level of performance for 2020 annual bonuses will be reduced by 50% when performance targets are established, which is expected to happen during the second half of the year. ▪ Stock awards have been granted on schedule but at share levels consistent with last year’s grants, meaning grant date values generally were lower than 2019 values1. Our executive compensation program is expected to retain its overall structure. We intend to consider the same matters that are described on the following pages, subject to the above. | | |
| | COMPENSATION ELEMENT | | | | BASE SALARY | | | | ANNUAL BONUS | | | | GRIP AWARDS | | | | RESTRICTED STOCK UNITS | | | | STOCK OPTIONS | | | | PERFORMANCE SHARE UNITS | | | ||||||||||||||||||
| | FREQUENCY | | | | Reviewed Annually | | | | Eligibility reviewed annually | | | | One-Time | | | | Eligibility reviewed annually | | | | Eligibility reviewed annually | | | | Eligibility reviewed annually | | | ||||||||||||||||||
| | FORM | | | | Cash | | | | Equity | | | ||||||||||||||||||||||||||||||||||
| | FIXED VS. AT RISK | | | | Fixed | | | | At-Risk | | | ||||||||||||||||||||||||||||||||||
| | PERFORMANCE CYCLE/VESTING | | | | N/A | | | | 1 year | | | | 3 years | | | | 4 years – vesting 25% on each of 1st, 2nd, 3rd and 4th anniversaries of grant | | | | 4 years – vesting 25% on each of 1st, 2nd, 3rd and 4th anniversaries of grant | | | | 3 years | | | ||||||||||||||||||
| | PERFORMANCE MEASURES | | | | N/A | | | | ■ EPS for all NEOs ■ Business unit operating income for NEOs with divisional responsibilities | | | | Business unit EBIT | | | | Adjusted net income1 | | | | N/A | | | | Absolute stock price growth and relative TSR | | | ||||||||||||||||||
| | 2017 VALUES | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Emanuel Chirico | | | | | | $1,350,000 | | | | | | | $2,025,000 | | | | | | | $0 | | | | | | | $1,850,096 | | | | | | | $2,280,669 | | | | | | | $4,996,682 | | | |
| | Michael A. Shaffer | | | | | | $900,000 | | | | | | | $900,000 | | | | | | | $0 | | | | | | | $750,392 | | | | | | | $619,565 | | | | | | | $600,548 | | | |
| | Francis K. Duane | | | | | | $1,125,000 | | | | | | | $843,750 | | | | | | | $300,000 | | | | | | | $550,260 | | | | | | | $452,115 | | | | | | | $400,436 | | | |
| | Daniel Grieder | | | | | | €886,6652 | | | | | | | €886,665 | | | | | | | €1,378,000 | | | | | | | $1,200,2803 | | | | | | | $576,028 | | | | | | | $200,218 | | | |
| | Steven B. Shiffman | | | | | | $950,000 | | | | | | | $712,500 | | | | | | | $1,500,000 | | | | | | | $600,395 | | | | | | | $495,652 | | | | | | | $400,436 | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 35 | | |
| | 36 | | | | | | | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 37 | | |
Name | | | 2017 Base Salary | | | Increase from Prior Year (%) | | ||||||
Emanuel Chirico | | | | | $1,350,000 | | | | | | — | | |
Michael A. Shaffer | | | | | $900,000 | | | | | | — | | |
Francis K. Duane | | | | | $1,125,000 | | | | | | 2.3 | | |
Daniel Grieder | | | | | ₣ 975,000 | | | | | | 4.7 | | |
Steven B. Shiffman | | | | | $950,000 | | | | | | 2.7 | | |
Name | | | 2019 base salary | | | 2018 base salary | | | Increase % | | |||||||||
EMANUEL CHIRICO | | | | $ | 1,500,000 | | | | | $ | 1,500,000 | | | | | | 0.0% | | |
MICHAEL A. SHAFFER | | | | $ | 950,000 | | | | | $ | 925,000 | | | | | | 2.7% | | |
STEFAN LARSSON | | | | $ | 1,200,000 | | | | | | — | | | | | | — | | |
CHERYL ABEL-HODGES | | | | $ | 1,000,000 | | | | | | NA | | | | | | NA | | |
DANIEL GRIEDER | | | | ₣ | 1,050,000 | | | | | ₣ | 1,000,000 | | | | | | 5.0% | | |
STEVEN B. SHIFFMAN | | | | $ | 975,000 | | | | | $ | 975,000 | | | | | | 0.0% | | |
| Objective | | | | |
| Annual bonus awards under our Performance Incentive Bonus Plan provide cash compensation that is at risk and contingent on the achievement of short-term company and, for some NEOs, business unit performance goals. We establish performance targets that we believe are rigorous, but not likely to encourage excessive risk. As evidence of this rigor, over the past five years, annual bonuses have been slightly above threshold once, slightly above target once, between target and maximum once, and at maximum twice. | |
| | 38 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name | | | Threshold (% base salary) | | | Target (% base salary) | | | Maximum (% base salary) | |
EMANUEL CHIRICO | | | 100 | | | 200 | | | 400 | |
MICHAEL A. SHAFFER | | | 50 | | | 100 | | | 200 | |
STEFAN LARSSON | | | 75 | | | 150 | | | 300 | |
CHERYL ABEL-HODGES | | | 37.5 | | | 75 | | | 175 | |
DANIEL GRIEDER | | | 50 | | | 100 | | | 200 | |
STEVEN B. SHIFFMAN | | | 37.5 | | | 75 | | | 175 | |
Name | | | Earnings per share | | | Business unit operating income | | | | ||||
EMANUEL CHIRICO | | | 100% | | | N/A | | | | ||||
MICHAEL A. SHAFFER | | | 100% | | | N/A | | | | ||||
STEFAN LARSSON | | | 100% | | | N/A | | | | ||||
CHERYL ABEL-HODGES Calvin Klein Global and The Underwear Group | | | 30% | | | 70% | | | | | | | |
DANIEL GRIEDER Tommy Hilfiger Global and Calvin Klein/Heritage Brands Europe | | | 30% | | | 70% | | | | ||||
STEVEN B. SHIFFMAN Calvin Klein Global and The Underwear Group | | | 30% | | | 70% | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 39 | | |
| | | Threshold | | | Target | | | Maximum | | |||||||||
2017 Earnings Per Share Goal | | | | $ | 6.60 | | | | | $ | 7.35 | | | | | $ | 8.10 | | |
2016 Earnings Per Share Goal | | | | $ | 5.75 | | | | | $ | 6.40 | | | | | $ | 7.05 | | |
Increase From 2016 Earnings Per Share Goal | | | | | 14.8% | | | | | | 14.8% | | | | | | 14.9% | | |
Increase (Decrease) From 2016 Earnings Per Share Results1 | | | | | (6.4)% | | | | | | 4.3% | | | | | | 14.9% | | |
| | | Threshold | | | Target | | | Maximum | |
2019 earnings per share goal | | | $9.35 | | | $10.35 | | | $11.35 | |
(Decrease) increase from 2018 earnings per share results of $9.601 | | | (2.6)% | | | 7.8% | | | 18.2% | |
2019 earnings per share2 | | | | | | $9.66 | | | | |
Goal achieved (as a percentage of target) | | | | | | 93.3% | | | | |
| | | Potential Payouts (% of Base Salary) | | | | Actual Payouts | | ||||||||||||||||||||||||
Name | | | Threshold | | | Target | | | Maximum | | | | % of Base Salary | | | $ | | |||||||||||||||
Emanuel Chirico | | | | | 75 | | | | | | 150 | | | | | | 300 | | | | | | | 300 | | | | | | 4,050,000 | | |
Michael A. Shaffer | | | | | 50 | | | | | | 100 | | | | | | 200 | | | | | | | 200 | | | | | | 1,800,000 | | |
| | 40 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | | | | | | Earnings Goals | | | | ||||||||||||||||||||
Name (Business Divisions) | | | Percentage of Bonus Opportunity | | | | Threshold | | | Target | | | Maximum | | | | Actual | | |||||||||||||||
Francis K. Duane (Total Heritage Brands and Total Underwear Group) | | | | | 50 | | | | | | $ | 210,000,000 | | | | | $ | 232,053,000 | | | | | $ | 255,000,000 | | | | | | $ | 256,485,000 | | |
Daniel Grieder (Total Tommy Hilfiger and Calvin Klein/Michael Kors Europe) | | | | | 70 | | | | | | € | 523,000,000 | | | | | € | 566,840,000 | | | | | € | 610,000,000 | | | | | | € | 641,287,000 | | |
Steven B. Shiffman (Total Calvin Klein) | | | | | 70 | | | | | | $ | 463,000,000 | | | | | $ | 505,786,000 | | | | | $ | 548,000,000 | | | | | | $ | 509,273,000 | | |
| | | | | | Potential Payouts (% of Base Salary) | | | | Actual Payouts | | ||||||||||||||||||||||||
Name | | | Earnings Component | | | Threshold | | | Target | | | Maximum | | | | % of Base Salary | | | €/$ | | |||||||||||||||
Francis K. Duane | | | Company | | | | | 18.75 | | | | | | 37.50 | | | | | | 87.50 | | | | | | | 87.50 | | | | | $ | 984,375 | | |
| Business Unit | | | | | 18.75 | | | | | | 37.50 | | | | | | 87.50 | | | | | | | 87.50 | | | | | $ | 984,375 | | | ||
Daniel Grieder | | | Company | | | | | 15.00 | | | | | | 30.00 | | | | | | 60.00 | | | | | | | 60.00 | | | | | € | 499,278 | | |
| | | Business Unit | | | | | 35.00 | | | | | | 70.00 | | | | | | 140.00 | | | | | | | 140.00 | | | | | € | 1,164,983 | | |
Steven B. Shiffman | | | Company | | | | | 11.25 | | | | | | 22.50 | | | | | | 52.50 | | | | | | | 52.50 | | | | | $ | 498,750 | | |
| Business Unit | | | | | 26.25 | | | | | | 52.50 | | | | | | 122.50 | | | | | | | 58.28 | | | | | $ | 553,660 | | |
NEO | | | Business unit(s) | | | Threshold ($ and as % of target) | | | Target ($ and as % of target) | | | Maximum ($ and as % of target) | | | Actual ($ and as % of target) | | ||||||||||||
CHERYL ABEL-HODGES | | | Calvin Klein Global and The Underwear Group | | | | $ | 520,000,000 | | | | | $ | 566,046,000 | | | | | $ | 612,000,000 | | | | | $ | 541,181,000 | | |
| | | 92% | | | | | | 100% | | | | | | 108% | | | | | | 96% | | | |||||
DANIEL GRIEDER | | | Tommy Hilfiger Global and Calvin Klein/ Heritage Brands Europe | | | | € | 712,500,000 | | | | | € | 762,556,000 | | | | | € | 812,500,000 | | | | | € | 745,076,000 | | |
| | | 93% | | | | | | 100% | | | | | | 107% | | | | | | 98% | | | |||||
STEVEN B. SHIFFMAN | | | Calvin Klein Global and The Underwear Group | | | | $ | 520,000,000 | | | | | $ | 566,046,000 | | | | | $ | 612,000,000 | | | | | $ | 541,181,000 | | |
| | | 92% | | | | | | 100% | | | | | | 108% | | | | | | 96% | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 41 | | |
| | | Earnings per share potential payouts (% of base salary) | | | Payout on earnings per share ($ and as % of base salary) | | | Business unit operating income potential payouts (% of base salary) | | | Payout on business unit operating income ($ and as % of base salary) | | | Discretionary adjustments ($ and as % of base salary) | | | Total annual bonus ($ and as % of base salary) | | ||||||||||||
NEO | | | Threshold | | | Target | | | Maximum | | | Threshold | | | Target | | | Maximum | | ||||||||||||
EMANUEL CHIRICO | | | 100.00 | | | 200.00 | | | 400.00 | | | $1,965,000 | | | | | | | | | | | | | | | $ — | | | $1,965,000 | |
| | | | | | | | | | 131% | | | | | | | | | | | | | | | | | | 131% | | ||
MICHAEL A. SHAFFER | | | 50.00 | | | 100.00 | | | 200.00 | | | $622,250 | | | | | | | | | | | | | | | $ — | | | $622,250 | |
| | | | | | | | | | 66% | | | | | | | | | | | | | | | | | | 66% | | ||
STEFAN LARSSON1 | | | 75.00 | | | 150.00 | | | 300.00 | | | $1,198,440 | | | | | | | | | | | | | | | $ — | | | $1,198,440 | |
| | | | | | | | | | 150% | | | | | | | | | | | | | | | | | | 150% | | ||
CHERYL ABEL-HODGES2 | | | 9.92 | | | 19.85 | | | 47.20 | | | $130,048 | | | 23.16 | | | 46.32 | | | 110.13 | | | $309,976 | | | $109,976 | | | $550,000 | |
| | | | | | | | | | 13% | | | | | | | | | | | | 31% | | | 11% | | | 55% | | ||
DANIEL GRIEDER3 | | | 15.00 | | | 30.00 | | | 60.00 | | | €194,891 | | | 35.00 | | | 70.00 | | | 140.00 | | | €573,069 | | | €223,852 | | | €991,812 | |
| | | | | | | | | | 20% | | | | | | | | | | | | 58% | | | 23% | | | 100% | | ||
STEVEN B. SHIFFMAN4 | | | 11.25 | | | 22.50 | | | 52.50 | | | $59,067 | | | 26.25 | | | 52.50 | | | 122.50 | | | $153,558 | | | $ — | | | $212,625 | |
| | | | | | | | | | 15% | | | | | | | | | | | | 38% | | | | | | 53% | |
| | 42 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | Threshold | | | Target | | | Maximum | | |||||||||
Compound Annual Growth in Stock Price (%) | | | | | 5 | | | | | | 10 | | | | | | 20 | | |
Relative TSR (Percentile) | | | | | 30th | | | | | | 55th | | | | | | 80th | | |
| | | Threshold* | | | Target* | | | Maximum* | |
Compound annual growth in stock price (%) | | | 5 | | | 10 | | | 20 | |
Relative TSR (percentile) | | | 30th | | | 55th | | | 80th | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 43 | | |
| | | | | | Shares (#) | | | | Award Values ($)1 | | | ||||||||||||||||||||||||||||||||||
| | Name | | | | Threshold | | | | Target | | | | Maximum | | | | Threshold | | | | Target | | | | Maximum | | | ||||||||||||||||||
| | Emanuel Chirico | | | | | | 26,778 | | | | | | | 53,555 | | | | | | | 107,109 | | | | | | | 2,754,653 | | | | | | | 5,509,203 | | | | | | | 11,018,303 | | | |
| | Michael A. Shaffer | | | | | | 2,811 | | | | | | | 5,621 | | | | | | | 11,242 | | | | | | | 289,168 | | | | | | | 578,232 | | | | | | | 1,156,465 | | | |
| | Francis K. Duane | | | | | | 1,874 | | | | | | | 3,748 | | | | | | | 7,495 | | | | | | | 192,778 | | | | | | | 385,557 | | | | | | | 771,011 | | | |
| | Daniel Grieder | | | | | | 937 | | | | | | | 1,874 | | | | | | | 3,748 | | | | | | | 96,389 | | | | | | | 192,778 | | | | | | | 385,557 | | | |
| | Steven B. Shiffman | | | | | | 1,874 | | | | | | | 3,748 | | | | | | | 7,495 | | | | | | | 192,778 | | | | | | | 385,557 | | | | | | | 771,011 | | | |
Name | | | Threshold ($)1 | | | Threshold (# shares) | | | Target ($)1 | | | Target (# shares) | | | Maximum ($)1 | | | Maximum (# shares) | | ||||||||||||||||||
EMANUEL CHIRICO | | | | | 2,564,0711 | | | | | | 19,627 | | | | | | 5,128,0121 | | | | | | 39,253 | | | | | | 10,256,0241 | | | | | | 78,506 | | |
MICHAEL A. SHAFFER | | | | | 288,7141 | | | | | | 2,210 | | | | | | 577,2981 | | | | | | 4,419 | | | | | | 1,154,5961 | | | | | | 8,838 | | |
STEFAN LARSSON | | | | | 716,7602 | | | | | | 8,171 | | | | | | 1,433,5202 | | | | | | 16,342 | | | | | | 2,867,0402 | | | | | | 32,684 | | |
CHERYL ABEL-HODGES | | | | | 167,2773 | | | | | | 1,756 | | | | | | 334,5533 | | | | | | 3,512 | | | | | | 669,0113 | | | | | | 7,023 | | |
DANIEL GRIEDER | | | | | 96,2821 | | | | | | 737 | | | | | | 192,4331 | | | | | | 1,473 | | | | | | 384,8651 | | | | | | 2,946 | | |
STEVEN B. SHIFFMAN | | | | | 192,4331 | | | | | | 1,473 | | | | | | 384,8651 | | | | | | 2,946 | | | | | | 769,7311 | | | | | | 5,892 | | |
Name | | | Threshold | | | Earnings Goals Target | | | Maximum | | | Actual | | | Threshold | | | Potential Payouts Target | | | Maximum | | | Payout ($ and as a % of Target) | | ||||||||||||||||||||||||
CHERYL ABEL-HODGES The Underwear Group and True&Co. | | | | $ | 305,000,000 | | | | | $ | 321,000,000 | | | | | $ | 353,000,000 | | | | | $ | 349,000,000 | | | | | $ | 250,000 | | | | | $ | 500,000 | | | | | $ | 1,000,000 | | | | | $ | 937,500 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 188% | | | ||
DANIEL GRIEDER Tommy Hilfiger Global and PVH Europe | | | | € | 1,760,000,000 | | | | | € | 1,853,000,000 | | | | | € | 2,038,000,000 | | | | | € | 2,136,000,000 | | | | | € | 689,000 | | | | | € | 1,378,000 | | | | | € | 4,132,000 | | | | | € | 4,132,000 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 300% | | | ||
STEVEN B. SHIFFMAN Calvin Klein Global | | | | $ | 1,597,000,000 | | | | | $ | 1,681,000,000 | | | | | $ | 1,849,000,000 | | | | | $ | 1,487,000,000 | | | | | $ | 750,000 | | | | | $ | 1,500,000 | | | | | $ | 4,500,000 | | | | | $ | — | | |
| | 44 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Company | | | Industry | | | Most Recent Fiscal Year Revenue | | | Enterprise Value (as of 2/2/20) | | | | |||||||
The Gap, Inc. | | | Apparel Retail | | | | $ | 16,383 | | | | | $ | 13,250 | | | | ||
Ross Stores, Inc. | | | Apparel Retail | | | | $ | 16,039 | | | | | $ | 42,594 | | | | ||
The Estée Lauder Companies Inc. | | | Personal Products | | | | $ | 14,863 | | | | | $ | 74,082 | | | | ||
L Brands, Inc. | | | Apparel Retail | | | | $ | 12,914 | | | | | $ | 15,210 | | | | ||
V.F. Corporation | | | Apparel, Accessories and Luxury Goods | | | | $ | 11,1591 | | | | | $ | 35,776 | | | | ||
PVH Corp. | | | Apparel, Accessories and Luxury Goods | | | | $ | 9,909 | | | | | $ | 10,858 | | | | ||
Foot Locker, Inc. | | | Apparel Retail | | | | $ | 8,005 | | | | | $ | 6,575 | | | | ||
Hanesbrands Inc. | | | Apparel, Accessories and Luxury Goods | | | | $ | 6,967 | | | | | $ | 9,001 | | | | ||
Ralph Lauren Corporation | | | Apparel, Accessories and Luxury Goods | | | | $ | 6,313 | | | | | $ | 9,706 | | | | ||
Tapestry, Inc. | | | Apparel, Accessories and Luxury Goods | | | | $ | 6,027 | | | | | $ | 10,220 | | | | ||
Levi Strauss & Co. | | | Apparel, Accessories and Luxury Goods | | | | $ | 5,763 | | | | | $ | 7,809 | | | | ||
Capri Holdings Limited | | | Apparel, Accessories and Luxury Goods | | | | $ | 5,238 | | | | | $ | 8,939 | | | | ||
Tiffany & Co. | | | Specialty Stores | | | | $ | 4,424 | | | | | $ | 17,869 | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 45 | | |
| | 46 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | | Earnings Goals | | | | Potential Payouts | | | ||||||||||||||||||||||||||||||||||
| | Name | | | | Threshold | | | | Target | | | | Maximum | | | | Threshold | | | | Target | | | | Maximum | | | ||||||||||||||||||
| | Francis K. Duane | | | | | $ | 305,000,000 | | | | | | $ | 321,000,000 | | | | | | $ | 353,000,000 | | | | | | $ | 150,000 | | | | | | $ | 300,000 | | | | | | $ | 900,000 | | | |
| | Daniel Grieder | | | | | € | 1,760,000,000 | | | | | | € | 1,853,000,000 | | | | | | € | 2,038,000,000 | | | | | | € | 689,000 | | | | | | € | 1,378,000 | | | | | | € | 4,132,000 | | | |
| | Steven B. Shiffman | | | | | $ | 1,597,000,000 | | | | | | $ | 1,681,000,000 | | | | | | $ | 1,849,000,000 | | | | | | $ | 750,000 | | | | | | $ | 1,500,000 | | | | | | $ | 4,500,000 | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 47 | | |
| | SPECIAL NOTE ABOUT BENEFITS FOR MR. GRIEDER | | |
| | Mr. Grieder is a resident of Switzerland and receives an allowance to cover housing expenses while working in Amsterdam. We believe this to be a common employment practice for key executives in Europe who work outside their home countries and return to their home countries for weekends. We also pay for Mr. Grieder’s personal travel costs between Amsterdam and Zurich, subject to an annual cap, in accordance with the practice of our Amsterdam office for all executives who commute to and from a home country. Finally, we reimburse Mr. Grieder for annual tax services, subject to an annual cap. This is another benefit we provide to senior executives in Amsterdam who live in other countries. | | |
| | 48 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| Our Chief Executive Officer is required to hold shares of our common stock with an aggregate value equal to six times his annual base salary. Our other NEOs must hold our common stock with an aggregate value equal to three times their respective annual base salaries. In addition, Mr. Chirico must hold for one year the after-tax payouts of his PSU awards. NEOs who are not in compliance with their ownership guideline must hold 50% of their after-tax shares received upon vesting or exercise of awards until they are in compliance. As of the date of this Proxy Statement, all of the NEOs, other than Mr. Larsson, who has been with us for under one year, and Ms. Abel-Hodges, who became subject to the guidelines only last June, are in compliance with our stock ownership guidelines. Executive officers are required to meet the ownership requirements within five years of becoming subject to them. | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 49 | | |
| | 50 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
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| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 51 | | |
| | 52 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name and Principal Position | | Years of Service1 | | Fiscal Year | | Salary ($) | | Bonus ($) | | Stock Awards2 ($) | | Option Awards3 ($) | | Non-Equity Incentive Plan Compensation4 ($) | | Change in Pension Value and Non-qualified Deferred Compensation Earnings5 ($) | | All Other Compensation6 ($) | | Total ($) | | | Fiscal Year | | Salary ($) | | Bonus1 ($) | | Stock Awards2 ($) | | Options Awards3 ($) | | Non-Equity Incentive Plan Compensation4 ($) | | Change in Pension Value and Non-qualified Deferred Compensation Earnings5 ($) | | All Other Compensation6 ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emanuel Chirico, age 60 Chairman and Chief Executive Officer, PVH Corp. | | | | | 24 | | | | | 2017 | | | | | 1,350,000 | | | | | 0 | | | | | 6,846,778 | | | | | 2,280,669 | | | | | 4,050,000 | | | | | 2,493,110 | | | | | 197,008 | | | | | 17,217,565 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2016 | | | | | 1,350,000 | | | | | 0 | | | | | 6,867,719 | | | | | 2,491,935 | | | | ��� | 4,050,000 | | | | | 1,184,388 | | | | | 150,488 | | | | | 16,094,530 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2015 | | | | | 1,350,000 | | | | | 0 | | | | | 5,343,812 | | | | | 2,161,688 | | | | | 2,531,250 | | | | | 107,190 | | | | | 130,226 | | | | | 11,624,166 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael A. Shaffer, age 55 Executive Vice President and Chief Operating & Financial Officer, PVH Corp. | | | | | 27 | | | | | 2017 | | | | | 900,000 | | | | | 0 | | | | | 1,350,940 | | | | | 619,565 | | | | | 1,800,000 | | | | | 797,833 | | | | | 81,563 | | | | | 5,549,901 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2016 | | | | | 891,667 | | | | | 0 | | | | | 1,251,912 | | | | | 673,785 | | | | | 1,575,000 | | | | | 349,103 | | | | | 61,320 | | | | | 4,802,787 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2015 | | | | | 866,667 | | | | | 0 | | | | | 801,380 | | | | | 662,345 | | | | | 907,813 | | | | | 0 | | | | | 50,709 | | | | | 3,288,914 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Francis K. Duane, age 61 Vice Chairman, PVH Corp. and Chief Executive Officer, Heritage Brands | | | | | 19 | | | | | 2017 | | | | | 1,116,667 | | | | | 0 | | | | | 950,696 | | | | | 452,115 | | | | | 1,968,750 | | | | | 1,427,958 | | | | | 40,861 | | | | | 5,957,047 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2016 | | | | | 1,091,667 | | | | | 0 | | | | | 1,051,384 | | | | | 584,660 | | | | | 1,925,000 | | | | | 700,633 | | | | | 72,561 | | | | | 5,425,905 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2015 | | | | | 1,066,667 | | | | | 0 | | | | | 651,127 | | | | | 613,016 | | | | | 1,082,525 | | | | | 43,939 | | | | | 60,634 | | | | | 3,517,908 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel Grieder7, age 56 Chief Executive Officer, Tommy Hilfiger Global and PVH Europe | | | | | 21 | | | | | 2017 | | | | | 1,014,044 | | | | | 0 | | | | | 1,400,498 | | | | | 576,028 | | | | | 1,903,249 | | | | | N/A | | | | | 142,420 | | | | | 5,036,239 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2016 | | | | | 937,209 | | | | | 0 | | | | | 900,790 | | | | | 631,005 | | | | | 1,682,014 | | | | | N/A | | | | | 148,269 | | | | | 4,299,287 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2015 | | | | | 927,585 | | | | | 0 | | | | | 500,380 | | | | | 471,861 | | | | | 1,308,704 | | | | | N/A | | | | | 159,346 | | | | | 3,367,876 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven B. Shiffman, age 60 Chief Executive Officer, Calvin Klein | | | | | 25 | | | | | 2017 | | | | | 941,667 | | | | | 0 | | | | | 1,000,831 | | | | | 495,652 | | | | | 1,172,410 | | | | | 750,317 | | | | | 87,369 | | | | | 4,448,246 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2016 | | | | | 908,333 | | | | | 0 | | | | | 1,201,661 | | | | | 538,315 | | | | | 1,081,788 | | | | | 367,852 | | | | | 72,167 | | | | | 4,170,116 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | 2015 | | | | | 866,667 | | | | | 0 | | | | | 501,099 | | | | | 282,310 | | | | | 680,050 | | | | | 94,106 | | | | | 71,472 | | | | | 2,495,704 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMANUEL CHIRICO, Chairman and Chief Executive Officer, PVH Corp. | | | | | 2019 | | | | | 1,500,000 | | | | | 0 | | | | | 8,000,329 | | | | | 2,024,580 | | | | | 1,965,000 | | | | | 3,720,516 | | | | | 253,888 | | | | | 17,464,313 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 1,450,000 | | | | | 0 | | | | | 8,008,708 | | | | | 2,054,910 | | | | | 4,736,850 | | | | | 609,305 | | | | | 205,831 | | | | | 17,065,604 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 1,350,000 | | | | | 0 | | | | | 6,846,778 | | | | | 2,280,669 | | | | | 4,050,000 | | | | | 2,493,110 | | | | | 197,008 | | | | | 17,217,565 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MICHAEL A. SHAFFER, Executive Vice President and Chief Operating & Financial Officer, PVH Corp. | | | | | 2019 | | | | | 941,667 | | | | | 0 | | | | | 6,400,307 | | | | | 810,655 | | | | | 622,250 | | | | | 1,326,467 | | | | | 89,669 | | | | | 10,191,015 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 916,667 | | | | | 0 | | | | | 1,399,812 | | | | | 809,280 | | | | | 1,460,483 | | | | | 233,719 | | | | | 89,336 | | | | | 4,909,297 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 900,000 | | | | | 0 | | | | | 1,350,940 | | | | | 619,565 | | | | | 1,800,000 | | | | | 797,833 | | | | | 81,563 | | | | | 5,549,901 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STEFAN LARSSON, President, PVH Corp. | | | | 2019 | | | | | 800,000 | | | | | 1,198,440 | | | | | 3,000,044 | | | | | 1,644,055 | | | | | 0 | | | | | N/A | | | | | 13,300 | | | | | 6,655,839 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHERYL ABEL-HODGES, Chief Executive Officer, Calvin Klein | | | | 2019 | | | | | 880,625 | | | | | 0 | | | | | 850,395 | | | | | 502,360 | | | | | 1,487,500 | | | | | 606,666 | | | | | 337,093 | | | | | 4,664,639 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DANIEL GRIEDER7, Chief Executive Officer, Tommy Hilfiger Global and PVH Europe | | | | | 2019 | | | | | 1,035,513 | | | | | 0 | | | | | 5,900,498 | | | | | 707,780 | | | | | 5,721,249 | | | | | N/A | | | | | 118,583 | | | | | 13,483,623 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 997,686 | | | | | 0 | | | | | 900,127 | | | | | 708,120 | | | | | 1,948,029 | | | | | N/A | | | | | 122,478 | | | | | 4,676,440 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 1,014,044 | | | | | 0 | | | | | 1,400,498 | | | | | 576,028 | | | | | 1,903,249 | | | | | N/A | | | | | 147,328 | | | | | 5,041,147 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STEVEN B. SHIFFMAN8, Former Chief Executive Officer, Calvin Klein | | | | | 2019 | | | | | 406,250 | | | | | 0 | | | | | 1,000,195 | | | | | 609,020 | | | | | 212,625 | | | | | 650,618 | | | | | 3,460,384 | | | | | 6,339,092 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 966,667 | | | | | 0 | | | | | 1,000,135 | | | | | 606,960 | | | | | 739,031 | | | | | 262,996 | | | | | 123,891 | | | | | 3,699,680 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 941,667 | | | | | 0 | | | | | 1,000,831 | | | | | 495,652 | | | | | 1,172,410 | | | | | 750,317 | | | | | 87,369 | | | | | 4,448,246 | | |
Name | | Fiscal Year | | Restricted Stock Units ($) | | Performance Share Unit Awards ($) | | Total Stock Awards ($) | | | Fiscal Year | | Restricted Stock Units ($) | | Performance Share Unit Awards ($) | | Total Stock Awards ($) | | ||||||||||||||||||||||||||||||||
Emanuel Chirico | | | | | 2017 | | | | | 1,850,096 | | | | | 4,996,682 | | | | | 6,846,778 | | | ||||||||||||||||||||||||||||
| | | 2016 | | | | | 1,850,244 | | | | | 5,017,475 | | | | | 6,867,719 | | | ||||||||||||||||||||||||||||||
| | | 2015 | | | | | 1,525,214 | | | | | 3,818,598 | | | | | 5,343,812 | | | ||||||||||||||||||||||||||||||
Michael A. Shaffer | | | | | 2017 | | | | | 750,392 | | | | | 600,548 | | | | | 1,350,940 | | | ||||||||||||||||||||||||||||
| | | 2016 | | | | | 750,196 | | | | | 501,716 | | | | | 1,251,912 | | | ||||||||||||||||||||||||||||||
| | | 2015 | | | | | 550,127 | | | | | 251,253 | | | | | 801,380 | | | ||||||||||||||||||||||||||||||
Francis K. Duane | | | | | 2017 | | | | | 550,260 | | | | | 400,436 | | | | | 950,696 | | | ||||||||||||||||||||||||||||
| | | 2016 | | | | | 650,011 | | | | | 401,373 | | | | | 1,051,384 | | | ||||||||||||||||||||||||||||||
| | | 2015 | | | | | 450,084 | | | | | 201,043 | | | | | 651,127 | | | ||||||||||||||||||||||||||||||
Daniel Grieder | | | | | 2017 | | | | | 1,200,280 | | | | | 200,218 | | | | | 1,400,498 | | | ||||||||||||||||||||||||||||
| | | 2016 | | | | | 700,103 | | | | | 200,687 | | | | | 900,790 | | | ||||||||||||||||||||||||||||||
| | | 2015 | | | | | 500,380 | | | | | 0 | | | | | 500,380 | | | ||||||||||||||||||||||||||||||
Steven B. Shiffman | | | | | 2017 | | | | | 600,395 | | | | | 400,436 | | | | | 1,000,831 | | | ||||||||||||||||||||||||||||
| | | 2016 | | | | | 800,288 | | | | | 401,373 | | | | | 1,201,661 | | | ||||||||||||||||||||||||||||||
| | | 2015 | | | | | 300,056 | | | | | 201,043 | | | | | 501,099 | | | ||||||||||||||||||||||||||||||
EMANUEL CHIRICO | | | | | 2019 | | | | | 3,000,282 | | | | | 5,000,047 | | | | | 8,000,329 | | | ||||||||||||||||||||||||||||
| | | 2018 | | | | | 3,000,067 | | | | | 5,008,641 | | | | | 8,008,708 | | | ||||||||||||||||||||||||||||||
| | | 2017 | | | | | 1,850,096 | | | | | 4,996,682 | | | | | 6,846,778 | | | ||||||||||||||||||||||||||||||
MICHAEL A. SHAFFER | | | | | 2019 | | | | | 5,800,251a | | | | | 600,056 | | | | | 6,400,307 | | | ||||||||||||||||||||||||||||
| | | 2018 | | | | | 800,577 | | | | | 599,235 | | | | | 1,399,812 | | | ||||||||||||||||||||||||||||||
| | | 2017 | | | | | 750,392 | | | | | 600,548 | | | | | 1,350,940 | | | ||||||||||||||||||||||||||||||
STEFAN LARSSON | | | | 2019 | | | | | 1,500,012 | | | | | 1,500,032 | | | | | 3,000,044 | | | |||||||||||||||||||||||||||||
CHERYL ABEL-HODGES | | | | 2019 | | | | | 500,319 | | | | | 350,076 | | | | | 850,395 | | | |||||||||||||||||||||||||||||
DANIEL GRIEDER | | | | | 2019 | | | | | 5,700,479a | | | | | 200,019 | | | | | 5,900,498 | | | ||||||||||||||||||||||||||||
| | | 2018 | | | | | 700,270 | | | | | 199,857 | | | | | 900,127 | | | ||||||||||||||||||||||||||||||
| | | 2017 | | | | | 1,200,280 | | | | | 200,218 | | | | | 1,400,498 | | | ||||||||||||||||||||||||||||||
STEVEN B. SHIFFMAN | | | | | 2019 | | | | | 600,158 | | | | | 400,037 | | | | | 1,000,195 | | | ||||||||||||||||||||||||||||
| | | 2018 | | | | | 600,589 | | | | | 399,546 | | | | | 1,000,135 | | | ||||||||||||||||||||||||||||||
| | | 2017 | | | | | 600,395 | | | | | 400,436 | | | | | 1,000,831 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 53 | | |
| | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||
Weighted average grant date fair value per PSU | | | $ | 96.26 | | | | $ | 86.96 | | | | $ | 101.23 | | | | | $ | 119.20 | | | | $ | 159.04 | | | | $ | 96.26 | | | ||||||
Risk-free interest rate | | | | 1.49% | | | | | 1.04% | | | | | 0.90% | | | ||||||||||||||||||||||
Weighted average risk-free interest rate | | | | 2.13% | | | | | 2.62% | | | | | 1.49% | | | ||||||||||||||||||||||
Expected annual dividends per share | | | $ | 0.15 | | | | $ | 0.15 | | | | $ | 0.15 | | | | | $ | 0.15 | | | | $ | 0.15 | | | | $ | 0.15 | | | ||||||
Expected Company volatility | | | | 31.29% | | | | | 28.33% | | | | | 29.10% | | | ||||||||||||||||||||||
Weighted average expected Company volatility | | | | 30.26% | | | | | 29.78% | | | | | 31.29% | | |
Name | | | 2017 | | | 2016 | | | 2015 | | |||||||||
Emanuel Chirico | | | | $ | 11,018,303 | | | | | $ | 11,621,984 | | | | | $ | 8,762,495 | | |
Michael A. Shaffer | | | | | 1,156,465 | | | | | | 1,010,994 | | | | | | 512,483 | | |
Francis K. Duane | | | | | 771,011 | | | | | | 808,776 | | | | | | 409,966 | | |
Daniel Grieder | | | | | 385,557 | | | | | | 404,437 | | | | | | 0 | | |
Steven B. Shiffman | | | | | 771,011 | | | | | | 808,776 | | | | | | 409,966 | | |
Name | | | 2019 | | | 2018 | | | 2017 | | |||||||||
EMANUEL CHIRICO | | | | $ | 10,256,024 | | | | | $ | 10,270,262 | | | | | $ | 11,018,303 | | |
MICHAEL A. SHAFFER | | | | | 1,154,596 | | | | | | 1,141,532 | | | | | | 1,156,465 | | |
STEFAN LARSSON | | | | | 2,867,040 | | | | | | N/A | | | | | | N/A | | |
CHERYL ABEL-HODGES | | | | | 669,011 | | | | | | N/A | | | | | | N/A | | |
DANIEL GRIEDER | | | | | 384,865 | | | | | | 380,618 | | | | | | 385,557 | | |
STEVEN B. SHIFFMAN | | | | | 769,731 | | | | | | 761,075 | | | | | | 771,011 | | |
| | | 2017 | | 2016 | | 2015 | | | 2019 | | 2018 | | 2017 | | |||||||||||||||||||||||
Weighted average grant date fair value per option | | | $ | 33.49 | | | | $ | 35.65 | | | | $ | 40.30 | | | | | $ | 37.14 | | | | $ | 51.60 | | | | $ | 33.49 | | | ||||||
Weighted average risk-free interest rate | | | | 2.10% | | | | | 1.44% | | | | | 1.53% | | | | | | 2.15% | | | | | 2.78% | | | | | 2.10% | | | ||||||
Expected annual dividends per share | | | $ | 0.15 | | | | $ | 0.15 | | | | $ | 0.15 | | | | | $ | 0.15 | | | | $ | 0.15 | | | | $ | 0.15 | | | ||||||
Weighted average Company volatility | | | | 29.46% | | | | | 34.67% | | | | | 36.31% | | | | | | 29.88% | | | | | 26.93% | | | | | 29.46% | | | ||||||
Weighted average expected option term, in years | | | | 6.25 | | | | | 6.25 | | | | | 6.25 | | | | | | 6.25 | | | | | 6.25 | | | | | 6.25 | | |
Name | | | Fiscal Year | | | Performance Incentive Bonus Plan ($) | | | Long-Term Incentive Plan ($) | | | Total Non-Equity Incentive Plan Compensation ($) | | ||||||||||||
EMANUEL CHIRICO | | | | | 2019 | | | | | | 1,965,000 | | | | | | N/A | | | | | | 1,965,000 | | |
| | | 2018 | | | | | | 4,736,850 | | | | | | N/A | | | | | | 4,736,850 | | | ||
| | | 2017 | | | | | | 4,050,000 | | | | | | N/A | | | | | | 4,050,000 | | | ||
MICHAEL A. SHAFFER | | | | | 2019 | | | | | | 622,250 | | | | | | N/A | | | | | | 622,250 | | |
| | | 2018 | | | | | | 1,460,483 | | | | | | N/A | | | | | | 1,460,483 | | | ||
| | | 2017 | | | | | | 1,800,000 | | | | | | N/A | | | | | | 1,800,000 | | | ||
STEFAN LARSSON | | | | | 2019 | | | | | | 0 | | | | | | N/A | | | | | | 0 | | |
CHERYL ABEL-HODGES | | | | | 2019 | | | | | | 550,000 | | | | | | 937,500 | | | | | | 1,487,500 | | |
DANIEL GRIEDER | | | | | 2019 | | | | | | 1,107,458 | | | | | | 4,613,791 | | | | | | 5,721,249 | | |
| | | 2018 | | | | | | 1,948,029 | | | | | | N/A | | | | | | 1,948,029 | | | ||
| | | 2017 | | | | | | 1,903,249 | | | | | | N/A | | | | | | 1,903,249 | | | ||
STEVEN B. SHIFFMAN | | | | | 2019 | | | | | | 212,625 | | | | | | 0 | | | | | | 212,625 | | |
| | | 2018 | | | | | | 739,031 | | | | | | N/A | | | | | | 739,031 | | | ||
| | | 2017 | | | | | | 1,172,410 | | | | | | N/A | | | | | | 1,172,410 | | |
| | 54 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name | | Fiscal Year | | Change in Pension Plan Value ($) | | Change in Supplemental Pension Plan Value ($) | | Change in Capital Accumulation Program Value ($) | | Change in Pension Value and Non-qualified Deferred Compensation Earnings† ($) | | | Fiscal Year | | Change in Pension Plan Value ($) | | Change in Supplemental Pension Plan Value ($) | | Change in Capital Accumulation Program Value ($) | | Change in Pension Value and Non-qualified Deferred Compensation Earnings† ($) | | ||||||||||||||||||||||||||||||||||||||||
Emanuel Chirico | | | | | 2017 | | | | | 133,366 | | | | | 2,190,995 | | | | | 168,749 | | | | | 2,493,110 | | | |||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 70,979 | | | | | 985,601 | | | | | 127,808 | | | | | 1,184,388 | | | |||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | (21,811) | | | | | 139,499 | | | | | (10,498) | | | | | 107,190 | | | |||||||||||||||||||||||||||||||||||||
Michael A. Shaffer | | | | | 2017 | | | | | 125,466 | | | | | 672,367 | | | | | N/A | | | | | 797,833 | | | |||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 60,200 | | | | | 288,903 | | | | | N/A | | | | | 349,103 | | | |||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | (39,296) | | | | | 16,095 | | | | | N/A | | | | | 0 | | | |||||||||||||||||||||||||||||||||||||
Francis K. Duane | | | | | 2017 | | | | | 120,192 | | | | | 1,151,634 | | | | | 156,132 | | | | | 1,427,958 | | | |||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 65,797 | | | | | 515,489 | | | | | 119,347 | | | | | 700,633 | | | |||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | (11,876) | | | | | 85,919 | | | | | (30,104) | | | | | 43,939 | | | |||||||||||||||||||||||||||||||||||||
Steven B. Shiffman | | | | | 2017 | | | | | 132,231 | | | | | 618,086 | | | | | N/A | | | | | 750,317 | | | |||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 70,372 | | | | | 297,480 | | | | | N/A | | | | | 367,852 | | | |||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | (21,459) | | | | | 115,565 | | | | | N/A | | | | | 94,106 | | | |||||||||||||||||||||||||||||||||||||
EMANUEL CHIRICO | | | | | 2019 | | | | | 217,911 | | | | | 3,330,178 | | | | | 172,427 | | | | | 3,720,516 | | | |||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 21,923 | | | | | 555,942 | | | | | 31,440 | | | | | 609,305 | | | |||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 133,366 | | | | | 2,190,995 | | | | | 168,749 | | | | | 2,493,110 | | | |||||||||||||||||||||||||||||||||||||
MICHAEL A. SHAFFER | | | | | 2019 | | | | | 234,020 | | | | | 1,092,447 | | | | | N/A | | | | | 1,326,467 | | | |||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 8,248 | | | | | 225,471 | | | | | N/A | | | | | 233,719 | | | |||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 125,466 | | | | | 672,367 | | | | | N/A | | | | | 797,833 | | | |||||||||||||||||||||||||||||||||||||
STEFAN LARSSON | | | | 2019 | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | ||||||||||||||||||||||||||||||||||||
CHERYL ABEL-HODGES | | | | 2019 | | | | | 139,021 | | | | | 467,645 | | | | | N/A | | | | | 606,666 | | | ||||||||||||||||||||||||||||||||||||
STEVEN B. SHIFFMAN | | | | | 2019 | | | | | 183,057 | | | | | 467,561 | | | | | N/A | | | | | 650,618 | | | |||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 21,873 | | | | | 241,123 | | | | | N/A | | | | | 262,996 | | | |||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 132,231 | | | | | 618,086 | | | | | N/A | | | | | 750,317 | | |
| | Perquisites | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | | Perquisites | | | Contributions to Defined Contribution Plansc ($) | | Executive Medical Premiums ($) | | Other Pension- Related Paymentsd ($) | | Total ($) | | | Fiscal Year | | Clothing Allowancea ($) | | Personal Travelb ($) | | Housing ($) | | Otherc ($) | | Contributions to Defined Contribution Plansd ($) | | Executive Medical Premiums ($) | | Other Pension-Related Paymentse ($) | | Severancef ($) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fiscal Year | | Clothing Allowance ($) | | Personal Travela ($) | | Housing ($) | | Otherb ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Emanuel Chirico | | | | | 2017 | | | | | 0 | | | | | 27,658 | | | | | 0 | | | | | 0 | | | | | 163,350 | | | | | 6,000 | | | | | 0 | | | | | 197,008 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 0 | | | | | 26,725 | | | | | 0 | | | | | 0 | | | | | 117,763 | | | | | 6,000 | | | | | 0 | | | | | 150,488 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | 0 | | | | | 28,607 | | | | | 0 | | | | | 0 | | | | | 94,981 | | | | | 6,638 | | | | | 0 | | | | | 130,226 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael A. Shaffer | | | | | 2017 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 75,563 | | | | | 6,000 | | | | | 0 | | | | | 81,563 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | — | | | | | 55,320 | | | | | 6,000 | | | | | 0 | | | | | 61,320 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | — | | | | | 44,071 | | | | | 6,638 | | | | | 0 | | | | | 50,709 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Francis K. Duane | | | | | 2017 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 34,861 | | | | | 6,000 | | | | | 0 | | | | | 40,861 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | — | | | | | 66,561 | | | | | 6,000 | | | | | 0 | | | | | 72,561 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | — | | | | | 53,996 | | | | | 6,638 | | | | | 0 | | | | | 60,634 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Daniel Grieder | | | | | 2017 | | | | | 0 | | | | | 35,375 | | | | | 54,893 | | | | | 3,431 | | | | | 13,513 | | | | | 0 | | | | | 35,208 | | | | | 142,420 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 0 | | | | | 36,240 | | | | | 53,035 | | | | | 2,762 | | | | | 10,552 | | | | | 0 | | | | | 45,680 | | | | | 148,269 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | 0 | | | | | 36,178 | | | | | 52,958 | | | | | 2,985 | | | | | 9,966 | | | | | 0 | | | | | 57,259 | | | | | 159,346 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven B. Shiffman | | | | | 2017 | | | | | 15,634 | | | | | 0 | | | | | 0 | | | | | 3,672 | | | | | 62,063 | | | | | 6,000 | | | | | 0 | | | | | 87,369 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2016 | | | | | 17,152 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 49,015 | | | | | 6,000 | | | | | 0 | | | | | 72,167 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2015 | | | | | 18,032 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 46,802 | | | | | 6,638 | | | | | 0 | | | | | 71,472 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMANUEL CHIRICO | | | | | 2019 | | | | | 0 | | | | | 30,151 | | | | | 0 | | | | | 0 | | | | | 217,152 | | | | | 6,585 | | | | | 0 | | | | | 0 | | | | | 253,888 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 0 | | | | | 32,943 | | | | | 0 | | | | | 0 | | | | | 166,438 | | | | | 6,450 | | | | | 0 | | | | | 0 | | | | | 205,831 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 0 | | | | | 27,658 | | | | | 0 | | | | | 0 | | | | | 163,350 | | | | | 6,000 | | | | | 0 | | | | | 0 | | | | | 197,008 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MICHAEL A. SHAFFER | | | | | 2019 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 83,084 | | | | | 6,585 | | | | | 0 | | | | | 0 | | | | | 89,669 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 82,886 | | | | | 6,450 | | | | | 0 | | | | | 0 | | | | | 89,336 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 75,563 | | | | | 6,000 | | | | | 0 | | | | | 0 | | | | | 81,563 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STEFAN LARSSON | | | | 2019 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 13,300 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 13,300 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CHERYL ABEL-HODGES | | | | 2019 | | | | | — | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 330,508 | | | | | 6,585 | | | | | 0 | | | | | 0 | | | | | 337,093 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DANIEL GRIEDER | | | | | 2019 | | | | | 0 | | | | | 32,736 | | | | | 53,597 | | | | | 1,957 | | | | | 19,489 | | | | | 0 | | | | | 10,804 | | | | | 0 | | | | | 118,583 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 0 | | | | | 27,649 | | | | | 56,328 | | | | | 654 | | | | | 14,105 | | | | | 0 | | | | | 23,742 | | | | | 0 | | | | | 122,478 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 0 | | | | | 40,283 | | | | | 54,893 | | | | | 3,431 | | | | | 13,513 | | | | | 0 | | | | | 35,208 | | | | | 0 | | | | | 147,328 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STEVEN B. SHIFFMAN | | | | | 2019 | | | | | — | | | | | 0 | | | | | 0 | | | | | — | | | | | 33,129 | | | | | 9,535 | | | | | 0 | | | | | 3,417,720 | | | | | 3,460,384 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2018 | | | | | 47,941 | | | | | 0 | | | | | 0 | | | | | 3,942 | | | | | 65,558 | | | | | 6,450 | | | | | 0 | | | | | 0 | | | | | 123,891 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2017 | | | | | 15,634 | | | | | 0 | | | | | 0 | | | | | 3,672 | | | | | 62,063 | | | | | 6,000 | | | | | 0 | | | | | 0 | | | | | 87,369 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 55 | | |
| | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards1 | | | All Other Stock Awards: Number of Shares of Stock or Units2 (#) | | | All Other Option Awards: Number of Securities Underlying Options3 (#) | | | Exercise or Base Price of Option Awards ($/sh) | | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||
EMANUEL CHIRICO | | | | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 49,200 | | | | | | 127.26 | | | | | | 2,024,580 | | |
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 23,576 | | | | | | | | | | | | | | | | | | 3,000,282 | | | ||
| | | 4/29/2019 | | | | | | | | | | | | | | | | | | | | | | | | 19,627 | | | | | | 39,253 | | | | | | 78,506 | | | | | | | | | | | | | | | | | | | | | | | | 5,000,047 | | | ||
| | | 4/29/20194 | | | | | | 1,500,000 | | | | | | 3,000,000 | | | | | | 6,000,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
MICHAEL A. SHAFFER | | | | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,700 | | | | | | 127.26 | | | | | | 810,655 | | |
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,288 | | | | | | | | | | | | | | | | | | 800,211 | | | ||
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 57,000 | | | | | | | | | | | | | | | | | | 5,000,040 | | | ||
| | | 4/29/2019 | | | | | | | | | | | | | | | | | | | | | | | | 2,210 | | | | | | 4,419 | | | | | | 8,838 | | | | | | | | | | | | | | | | | | | | | | | | 600,056 | | | ||
| | | 4/29/20194 | | | | | | 475,000 | | | | | | 950,000 | | | | | | 1,900,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
STEFAN LARSSON | | | | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 53,500 | | | | | | 87.72 | | | | | | 1,644,055 | | |
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,100 | | | | | | | | | | | | | | | | | | 1,500,012 | | | ||
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | 8,171 | | | | | | 16,342 | | | | | | 32,684 | | | | | | | | | | | | | | | | | | | | | | | | 1,500,032 | | | ||
| | | 6/3/20194 | | | | | | 599,220 | | | | | | 1,198,440 | | | | | | 2,396,880 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
CHERYL ABEL-HODGES | | | | | 7/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 15,200 | | | | | | 95.26 | | | | | | 502,360 | | |
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,144 | | | | | | | | | | | | | | | | | | 400,105 | | | ||
| | | 7/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,052 | | | | | | | | | | | | | | | | | | 100,214 | | | ||
| | | 7/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | 1,756 | | | | | | 3,512 | | | | | | 7,023 | | | | | | | | | | | | | | | | | | | | | | | | 350,076 | | | ||
| | | 4/29/20194,5 | | | | | | 88,350 | | | | | | 176,700 | | | | | | 441,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 6/20/20194,5 | | | | | | 242,475 | | | | | | 484,950 | | | | | | 1,131,550 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
DANIEL GRIEDER | | | | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,200 | | | | | | 127.26 | | | | | | 707,780 | | |
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,504 | | | | | | | | | | | | | | | | | | 700,439 | | | ||
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 57,000 | | | | | | | | | | | | | | | | | | 5,000,040 | | | ||
| | | 4/29/2019 | | | | | | | | | | | | | | | | | | | | | | | | 737 | | | | | | 1,473 | | | | | | 2,946 | | | | | | | | | | | | | | | | | | | | | | | | 200,019 | | | ||
| | | 4/29/20194,6 | | | | | | 553,729 | | | | | | 1,107,458 | | | | | | 2,214,915 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
STEVEN B. SHIFFMAN | | | | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,800 | | | | | | 127.26 | | | | | | 609,020 | | |
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,716 | | | | | | | | | | | | | | | | | | 600,158 | | | ||
| | | 4/29/2019 | | | | | | | | | | | | | | | | | | | | | | | | 1,473 | | | | | | 2,946 | | | | | | 5,892 | | | | | | | | | | | | | | | | | | | | | | | | 400,037 | | | ||
| | | 4/29/20194 | | | | | | 365,625 | | | | | | 731,250 | | | | | | 1,706,250 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards1 | | | All Other Stock Awards: Number of Shares of Stock or Units2 (#) | | | All Other Option Awards: Number of Securities Underlying Options3 (#) | | | Exercise or Base Price of Option Awards ($/sh) | | | Grant Date Fair Value of Stock and Option Awards ($) | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Threshold ($) | | | Target ($) | | | Maximum ($) | | | Threshold (#) | | | Target (#) | | | Maximum (#) | | |||||||||||||||||||||||||||||||||||||||||||||
Emanuel Chirico | | | | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 68,100 | | | | | | 101.90 | | | | | | 2,280,669 | | |
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,156 | | | | | | | | | | | | | | | | | | 1,850,096 | | | ||
| | | 4/25/2017 | | | | | | | | | | | | | | | | | | | | | | | | 26,778 | | | | | | 53,555 | | | | | | 107,109 | | | | | | | | | | | | | | | | | | | | | | | | 4,996,682 | | | ||
| | | 4/25/20174 | | | | | | 1,012,500 | | | | | | 2,025,000 | | | | | | 4,050,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Michael A. Shaffer | | | | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,500 | | | | | | 101.90 | | | | | | 619,565 | | |
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,364 | | | | | | | | | | | | | | | | | | 750,392 | | | ||
| | | 4/25/2017 | | | | | | | | | | | | | | | | | | | | | | | | 2,811 | | | | | | 5,621 | | | | | | 11,242 | | | | | | | | | | | | | | | | | | | | | | | | 600,548 | | | ||
| | | 4/25/20174 | | | | | | 450,000 | | | | | | 900,000 | | | | | | 1,800,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Francis K. Duane | | | | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,500 | | | | | | 101.90 | | | | | | 452,115 | | |
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,400 | | | | | | | | | | | | | | | | | | 550,260 | | | ||
| | | 4/25/2017 | | | | | | | | | | | | | | | | | | | | | | | | 1,874 | | | | | | 3,748 | | | | | | 7,495 | | | | | | | | | | | | | | | | | | | | | | | | 400,436 | | | ||
| | | 4/25/20174 | | | | | | 421,875 | | | | | | 843,750 | | | | | | 1,968,750 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/25/20175 | | | | | | 150,000 | | | | | | 300,000 | | | | | | 900,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Daniel Grieder | | | | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,200 | | | | | | 101.90 | | | | | | 576,028 | | |
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,907 | | | | | | | | | | | | | | | | | | 500,023 | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,872 | | | | | | | | | | | | | | | | | | 700,257 | | | ||
| | | 4/25/2017 | | | | | | | | | | | | | | | | | | | | | | | | 937 | | | | | | 1,874 | | | | | | 3,748 | | | | | | | | | | | | | | | | | | | | | | | | 200,218 | | | ||
| | | 4/25/20174,6 | | | | | | 475,812 | | | | | | 951,625 | | | | | | 1,903,249 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/25/20175,6 | | | | | | 787,940 | | | | | | 1,575,881 | | | | | | 4,725,355 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Steven B. Shiffman | | | | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 14,800 | | | | | | 101.90 | | | | | | 495,652 | | |
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,892 | | | | | | | | | | | | | | | | | | 600,395 | | | ||
| | | 4/25/2017 | | | | | | | | | | | | | | | | | | | | | | | | 1,874 | | | | | | 3,748 | | | | | | 7,495 | | | | | | | | | | | | | | | | | | | | | | | | 400,436 | | | ||
| | | 4/25/20174 | | | | | | 356,250 | | | | | | 712,500 | | | | | | 1,662,500 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/25/20175 | | | | | | 750,000 | | | | | | 1,500,000 | | | | | | 4,500,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 56 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 57 | | |
| | 58 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 59 | | |
| | 60 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 61 | | |
| DEATH | | | Unvested stock options become exercisable and, together with already exercisable options, expire three months after the qualification of the representative of the participant’s estate (or such earlier date on which they are scheduled to expire). | |
| CHANGE IN CONTROL | | | Unvested stock options that are assumed by the acquirer continue on the same terms. Unvested stock options that are not assumed by the acquirer become immediately exercisable. | |
| DISABILITY | | | Unvested stock options become immediately exercisable and, together with already exercisable options, expire three months after the termination of employment (or such earlier date on which they are scheduled to expire). | |
| RETIREMENT1 | | | Unvested stock options become immediately exercisable, except that awards granted in the year of retirement are forfeited if the participant retires prior to the last day of the calendar year of the grant. Stock options that vest, together with already exercisable options, expire three years after the retirement (or such earlier date on which they are scheduled to expire). | |
| VOLUNTARY TERMINATION/TERMINATION WITHOUT CAUSE/TERMINATION FOR “GOOD REASON”2 | | | Unvested stock options are forfeited. Vested stock options expire three months after the termination of employment (or such earlier date on which they are scheduled to expire). | |
| | 62 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | ||
| | | Awards assumed by the acquirer upon a change in control will be deemed to have satisfied the performance level achieved (if calculable at the | ||
The participant will receive the target level payout, prorated to reflect the portion of the performance cycle worked by the participant, for awards not assumed by the acquirer upon a change in control. | | ||||
| | | The participant will receive the payout, if any, that would have been payable | | |
| | | The participant will receive the full payout, if any, that would have been payable for the performance cycle if the participant retires on or after the last day of the fiscal year during which the award was granted. A participant who retires before the last day of such fiscal year will not receive a payout. | | |
| TERMINATION WITHOUT CAUSE/TERMINATION FOR “GOOD REASON”1 | | | The participant will receive the payout, if any, that would have been payable | |
|
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 63 | | |
| | | The participant’s estate will receive the target level bonus, prorated to reflect the portion of the performance cycle worked by the participant. | | |
| | | The participant will receive the target level bonus, prorated to reflect the portion of the performance cycle worked by the participant. | | |
| TERMINATION WITHOUT CAUSE/TERMINATION FOR “GOOD REASON”1 | | | The participant will receive the payout, if any, that would have been payable | |
| | | The participant’s estate will receive the target level payout, prorated to reflect the portion of the performance cycle worked by the participant. | | |
| | | The | | |
| | | The participant will receive the payout, if any, that would have been payable | | |
| TERMINATION WITHOUT CAUSE/TERMINATION FOR “GOOD REASON”1 | | | |
| | 64 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | | | | | Option Awards1 | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Date of Grant | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested2 (#) | | | Market Value of Shares or Units of Stock That Have Not Vested3 ($) | | | Equity Incentive Plans Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plans Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested3 ($) | | |||||||||||||||||||||||||||
EMANUEL CHIRICO | | | | | 4/5/2012 | | | | | | 46,300 | | | | | | 0 | | | | | | 91.88 | | | | | | 4/5/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5/1/2013 | | | | | | 50,000 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | 46,200 | | | | | | 0 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 53,600 | | | | | | 0 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 52,425 | | | | | | 17,475 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 34,050 | | | | | | 34,050 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/23/2018 | | | | | | 9,750 | | | | | | 29,250 | | | | | | 160.26 | | | | | | 4/23/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | 0 | | | | | | 49,200 | | | | | | 127.26 | | | | | | 4/5/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,450 | | | | | | 387,907 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,679 | | | | | | 756,548 | | | | | | | | | | | | | | | ||
| | | 4/23/2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,422 | | | | | | 1,169,996 | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 22,539 | | | | | | 1,964,725 | | | | | | | | | | | | | | | ||
| | | 4/25/20174 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 26,778 | | | | | | 2,334,238 | | | ||
| | | 4/23/20185 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ��� | 16,022 | | | | | | 1,396,638 | | | ||
| | | 4/29/20196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 19,627 | | | | | | 1,710,886 | | | ||
MICHAEL A. SHAFFER | | | | | 4/2/2015 | | | | | | 3,500 | | | | | | 0 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4/30/2015 | | | | | | 1,250 | | | | | | 0 | | | | | | 103.35 | | | | | | 4/30/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 4,725 | | | | | | 4,725 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 9,250 | | | | | | 9,250 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | 4,000 | | | | | | 12,000 | | | | | | 156.73 | | | | | | 4/6/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | 0 | | | | | | 19,700 | | | | | | 127.26 | | | | | | 4/5/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,887 | | | | | | 164,490 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,682 | | | | | | 320,960 | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,831 | | | | | | 333,948 | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,288 | | | | | | 548,125 | | | | | | | | | | | | | | | ||
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 57,000 | | | | | | 4,968,690 | | | | | | | | | | | | | | | ||
| | | 4/25/20174 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,811 | | | | | | 245,035 | | | ||
| | | 4/23/20185 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,781 | | | | | | 155,250 | | | ||
| | | 4/29/20196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,210 | | | | | | 192,646 | | | ||
STEFAN LARSSON | | | | | 6/3/2019 | | | | | | 0 | | | | | | 53,500 | | | | | | 87.72 | | | | | | 6/3/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 17,100 | | | | | | 1,490,607 | | | | | | | | | | | | | | | ||
| | | 6/3/20197 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 32,684 | | | | | | 2,849,064 | | | ||
CHERYL ABEL-HODGES | | | | | 4/1/2016 | | | | | | 0 | | | | | | 950 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 7/1/2019 | | | | | | 0 | | | | | | 15,200 | | | | | | 95.26 | | | | | | 7/1/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 378 | | | | | | 32,950 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,474 | | | | | | 128,489 | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,917 | | | | | | 167,105 | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,144 | | | | | | 274,062 | | | | | | | | | | | | | | | ||
| | | 7/1/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,052 | | | | | | 91,703 | | | | | | | | | | | | | | | ||
| | | 7/1/20197 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,512 | | | | | | 306,141 | | |
| | | | | | | | | OPTION AWARDS1 | | | STOCK AWARDS1 | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Date of Grant | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested2 (#) | | | Market Value of Shares or Units of Stock That Have Not Vested3 ($) | | | Equity Incentive Plans Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plans Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested3 ($) | | |||||||||||||||||||||||||||
Emanuel Chirico | | | | | 4/5/2012 | | | | | | 46,300 | | | | | | 0 | | | | | | 91.88 | | | | | | 4/5/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5/1/2013 | | | | | | 50,000 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | 34,650 | | | | | | 11,550 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 26,800 | | | | | | 26,800 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 17,475 | | | | | | 52,425 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 0 | | | | | | 68,100 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,124 | | | | | | 925,153 | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,644 | | | | | | 1,607,989 | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 13,962 | | | | | | 2,109,239 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 18,156 | | | | | | 2,742,827 | | | | | | | | | | | | | | | ||
| | | 4/28/20154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 84,875 | | | | | | 12,822,066 | | | ||
| | | 4/26/20165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 118,968 | | | | | | 17,972,496 | | | ||
| | | 4/25/20176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 107,109 | | | | | | 16,180,957 | | | ||
Michael A. Shaffer | | | | | 5/1/2013 | | | | | | 13,100 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4/3/2014 | | | | | | 9,075 | | | | | | 3,025 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 7,000 | | | | | | 7,000 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/30/2015 | | | | | | 1,250 | | | | | | 1,250 | | | | | | 103.35 | | | | | | 4/30/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 4,725 | | | | | | 14,175 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 0 | | | | | | 18,500 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,808 | | | | | | 273,135 | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,141 | | | | | | 474,511 | | | | | | | | | | | | | | | ||
| | | 4/30/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 726 | | | | | | 109,677 | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,661 | | | | | | 855,207 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,364 | | | | | | 1,112,479 | | | | | | | | | | | | | | | ||
| | | 4/28/20154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,964 | | | | | | 749,911 | | | ||
| | | 4/26/20165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 10,349 | | | | | | 1,563,423 | | | ||
| | | 4/25/20176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,242 | | | | | | 1,698,329 | | | ||
Francis K. Duane | | | | | 5/1/2013 | | | | | | 14,200 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4/3/2014 | | | | | | 9,825 | | | | | | 3,275 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 0 | | | | | | 7,600 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 0 | | | | | | 12,300 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 0 | | | | | | 13,500 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,808 | | | | | | 273,135 | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,141 | | | | | | 474,511 | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,905 | | | | | | 740,998 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,400 | | | | | | 815,778 | | | | | | | | | | | | | | | ||
| | | 4/28/20154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,971 | | | | | | 599,899 | | | ||
| | | 4/26/20165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,279 | | | | | | 1,250,709 | | | ||
| | | 4/25/20176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,495 | | | | | | 1,132,270 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 65 | | |
| | | | | | | | | OPTION AWARDS1 | | | STOCK AWARDS1 | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Date of Grant | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested2 (#) | | | Market Value of Shares or Units of Stock That Have Not Vested3 ($) | | | Equity Incentive Plans Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plans Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested3 ($) | | |||||||||||||||||||||||||||
Daniel Grieder | | | | | 5/1/2013 | | | | | | 8,700 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4/3/2014 | | | | | | 6,075 | | | | | | 2,025 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 7/1/2014 | | | | | | 1,650 | | | | | | 550 | | | | | | 117.71 | | | | | | 7/1/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 5,850 | | | | | | 5,850 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 4,425 | | | | | | 13,275 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 0 | | | | | | 17,200 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,608 | | | | | | 242,921 | | | | | | | | | | | | | | | ||
| | | 7/1/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 426 | | | | | | 64,356 | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,492 | | | | | | 527,536 | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,283 | | | | | | 798,103 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,907 | | | | | | 741,300 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,872 | | | | | | 1,038,153 | | | | | | | | | | | | | | | ||
| | | 4/26/20165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 4,140 | | | | | | 625,430 | | | ||
| | | 4/25/20176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,748 | | | | | | 566,210 | | | ||
Steven B. Shiffman | | | | | 4/6/2010 | | | | | | 3,500 | | | | | | 0 | | | | | | 60.08 | | | | | | 4/6/2020 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 4/7/2011 | | | | | | 3,200 | | | | | | 0 | | | | | | 64.97 | | | | | | 4/7/2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/5/2012 | | | | | | 3,100 | | | | | | 0 | | | | | | 91.88 | | | | | | 4/5/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 5/1/2013 | | | | | | 3,300 | | | | | | 0 | | | | | | 115.05 | | | | | | 5/1/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | 2,325 | | | | | | 775 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 7/1/2014 | | | | | | 2,400 | | | | | | 800 | | | | | | 117.71 | | | | | | 7/1/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 3,500 | | | | | | 3,500 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 3,775 | | | | | | 11,325 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 0 | | | | | | 14,800 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 604 | | | | | | 91,246 | | | | | | | | | | | | | | | ||
| | | 7/1/2014 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 638 | | | | | | 96,383 | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2,094 | | | | | | 316,341 | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,039 | | | | | | 912,312 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,892 | | | | | | 890,104 | | | | | | | | | | | | | | | ||
| | | 4/28/20154 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,971 | | | | | | 599,899 | | | ||
| | | 4/26/20165 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,279 | | | | | | 1,250,709 | | | ||
| | | 4/25/20176 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,495 | | | | | | 1,132,270 | | |
| | | | | | | | | Option Awards1 | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
Name | | | Date of Grant | | | Number of Securities Underlying Unexercised Options Exercisable (#) | | | Number of Securities Underlying Unexercised Options Unexercisable (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested2 (#) | | | Market Value of Shares or Units of Stock That Have Not Vested3 ($) | | | Equity Incentive Plans Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plans Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested3 ($) | | |||||||||||||||||||||||||||
DANIEL GRIEDER | | | | | 4/3/2014 | | | | | | 6,146 | | | | | | 0 | | | | | | 124.53 | | | | | | 4/3/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 7/1/2014 | | | | | | 550 | | | | | | 0 | | | | | | 117.71 | | | | | | 7/1/2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 2,925 | | | | | | 0 | | | | | | 107.47 | | | | | | 4/2/2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 4,425 | | | | | | 4,425 | | | | | | 99.39 | | | | | | 4/1/2026 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 4,300 | | | | | | 8,600 | | | | | | 101.90 | | | | | | 4/7/2027 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | 3,500 | | | | | | 10,500 | | | | | | 156.73 | | | | | | 4/6/2028 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | 0 | | | | | | 17,200 | | | | | | 127.26 | | | | | | 4/5/2029 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,761 | | | | | | 153,506 | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,436 | | | | | | 299,516 | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 3,351 | | | | | | 292,107 | | | | | | | | | | | | | | | ||
| | | 4/5/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,504 | | | | | | 479,784 | | | | | | | | | | | | | | | ||
| | | 6/3/2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 57,000 | | | | | | 4,968,690 | | | | | | | | | | | | | | | ||
| | | 4/25/20174 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 937 | | | | | | 81,678 | | | ||
| | | 4/23/20185 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 594 | | | | | | 51,779 | | | ||
| | | 4/29/20196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 737 | | | | | | 64,244 | | | ||
STEVEN B. SHIFFMAN | | | | | 4/5/2012 | | | | | | 3,100 | | | | | | 0 | | | | | | 91.88 | | | | | | 4/5/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 5/1/2013 | | | | | | 3,300 | | | | | | 0 | | | | | | 115.05 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/3/2014 | | | | | | 3,100 | | | | | | 0 | | | | | | 124.53 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 7/1/2014 | | | | | | 3,200 | | | | | | 0 | | | | | | 117.71 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/2/2015 | | | | | | 7,000 | | | | | | 0 | | | | | | 107.47 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/1/2016 | | | | | | 15,100 | | | | | | 0 | | | | | | 99.39 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/7/2017 | | | | | | 14,800 | | | | | | 0 | | | | | | 101.90 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/6/2018 | | | | | | 12,000 | | | | | | 0 | | | | | | 156.73 | | | | | | 6/30/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| | | 4/25/20174 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,874 | | | | | | 163,357 | | | ||
| | | 4/23/20185 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1,188 | | | | | | 103,558 | | |
| | 66 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | Option Awards | | | Stock Awards | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise1 ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting2 ($) | | ||||||||||||
EMANUEL CHIRICO | | | | | 0 | | | | | | 0 | | | | | | 75,228 | | | | | | 9,690,151 | | |
MICHAEL A. SHAFFER | | | | | 0 | | | | | | 0 | | | | | | 12,107 | | | | | | 1,546,250 | | |
STEFAN LARSSON | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
CHERYL ABEL-HODGES | | | | | 1,550 | | | | | | 39,537 | | | | | | 2,220 | | | | | | 280,248 | | |
DANIEL GRIEDER | | | | | 0 | | | | | | 0 | | | | | | 8,734 | | | | | | 1,106,556 | | |
STEVEN B. SHIFFMAN | | | | | 6,700 | | | | | | 317,141 | | | | | | 17,292 | | | | | | 1,948,539 | | |
| | | OPTION AWARDS | | | STOCK AWARDS | | ||||||||||||||||||
Name | | | Number of Shares Acquired on Exercise (#) | | | Value Realized on Exercise1 ($) | | | Number of Shares Acquired on Vesting (#) | | | Value Realized on Vesting2 ($) | | ||||||||||||
Emanuel Chirico | | | | | 458,000 | | | | | | 48,046,218 | | | | | | 17,892 | | | | | | 1,839,991 | | |
Michael A. Shaffer | | | | | 45,525 | | | | | | 1,725,732 | | | | | | 6,036 | | | | | | 620,621 | | |
Francis K. Duane | | | | | 24,000 | | | | | | 690,154 | | | | | | 5,542 | | | | | | 570,098 | | |
Daniel Grieder | | | | | 11,250 | | | | | | 298,551 | | | | | | 5,682 | | | | | | 587,301 | | |
Steven B. Shiffman | | | | | 6,200 | | | | | | 706,553 | | | | | | 3,984 | | | | | | 414,632 | | |
Name | | | Plan name | | | Number of Years Credited Service (#) | | | Present Value of Accumulated Benefit1 ($) | | | Payments During Last Fiscal Year ($) | | |||||||||
EMANUEL CHIRICO | | | Pension Plan2 | | | | | 25.1667 | | | | | | 1,021,961 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 25.1667 | | | | | | 13,560,939 | | | | | | 0 | | | ||
| Capital Accumulation Program3 | | | | | 10.0000 | | | | | | 1,963,610 | | | | | | 0 | | | ||
MICHAEL A. SHAFFER | | | Pension Plan2 | | | | | 28.5833 | | | | | | 889,107 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 28.5833 | | | | | | 3,639,770 | | | | | | 0 | | | ||
STEFAN LARSSON4 | | | | | | | | N/A | | | | | | N/A | | | | | | 0 | | |
CHERYL ABEL-HODGES | | | Pension Plan2 | | | | | 12.1667 | | | | | | 477,826 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 12.1667 | | | | | | 1,429,041 | | | | | | 0 | | | ||
DANIEL GRIEDER | | | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
STEVEN B. SHIFFMAN | | | Pension Plan2 | | | | | 25.5000 | | | | | | 976,506 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 25.5000 | | | | | | 0 | | | | | | 3,049,527 | | |
Name | | | Plan name | | | Number of Years Credited Service (#) | | | Present Value of Accumulated Benefit1 ($) | | | Payments During Last Fiscal Year ($) | | |||||||||
Emanuel Chirico | | | Pension Plan2 | | | | | 23.1666 | | | | | | 782,127 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 23.1666 | | | | | | 9,674,819 | | | | | | 0 | | | ||
| Capital Accumulation Program3 | | | | | 10.0000 | | | | | | 1,759,742 | | | | | | 0 | | | ||
Michael A. Shaffer | | | Pension Plan2 | | | | | 26.5833 | | | | | | 646,839 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 26.5833 | | | | | | 2,321,852 | | | | | | 0 | | | ||
Francis K. Duane | | | Pension Plan2 | | | | | 18.6666 | | | | | | 674,779 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 18.6666 | | | | | | 4,983,474 | | | | | | 0 | | | ||
| Capital Accumulation Program3 | | | | | 10.0000 | | | | | | 1,658,857 | | | | | | 0 | | | ||
Daniel Grieder | | | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Steven B. Shiffman | | | Pension Plan2 | | | | | 24.1666 | | | | | | 771,576 | | | | | | 0 | | |
| Supplemental Pension Plan2 | | | | | 24.1666 | | | | | | 2,340,843 | | | | | | 0 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 67 | | |
| Age at Commencement | | | Early Retirement Factor | | |||
| 55 | | | | | 40.00% | | |
| 56 | | | | | 43.00% | | |
| 57 | | | | | 46.00% | | |
| 58 | | | | | 50.00% | | |
| 59 | | | | | 55.00% | | |
| 60 | | | | | 60.00% | | |
| 61 | | | | | 66.00% | | |
| 62 | | | | | 73.00% | | |
| 63 | | | | | 81.00% | | |
| 64 | | | | | 90.00% | | |
| 65 | | | | | 100.00% | | |
Age at Commencement | | | Early Retirement Factor | | |||
55 | | | | | 40.00% | | |
56 | | | | | 43.00% | | |
57 | | | | | 46.00% | | |
58 | | | | | 50.00% | | |
59 | | | | | 55.00% | | |
60 | | | | | 60.00% | | |
61 | | | | | 66.00% | | |
62 | | | | | 73.00% | | |
63 | | | | | 81.00% | | |
64 | | | | | 90.00% | | |
65 | | | | | 100.00% | | |
| | 68 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Age At Commencement | | | Years of Service | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10 | | | 11 | | | 12 | | | 13 | | | 14 | | | 15 | | | 16 | | | 17 | | | 18 | | | 19 | | | 20 | | |||||||||||||||||||||||||||||||||||
64 | | | | | 95.00% | | | | | | 95.15% | | | | | | 95.30% | | | | | | 95.45% | | | | | | 95.60% | | | | | | 95.75% | | | | | | 95.90% | | | | | | 96.05% | | | | | | 96.20% | | | | | | 96.35% | | | | | | 96.50% | | |
63 | | | | | 90.00% | | | | | | 90.30% | | | | | | 90.60% | | | | | | 90.90% | | | | | | 91.20% | | | | | | 91.50% | | | | | | 91.80% | | | | | | 92.10% | | | | | | 92.40% | | | | | | 92.70% | | | | | | 93.00% | | |
62 | | | | | 85.00% | | | | | | 85.45% | | | | | | 85.90% | | | | | | 86.35% | | | | | | 86.80% | | | | | | 87.25% | | | | | | 87.70% | | | | | | 88.15% | | | | | | 88.60% | | | | | | 89.05% | | | | | | 89.50% | | |
61 | | | | | 80.00% | | | | | | 80.60% | | | | | | 81.20% | | | | | | 81.80% | | | | | | 82.40% | | | | | | 83.00% | | | | | | 83.60% | | | | | | 84.20% | | | | | | 84.80% | | | | | | 85.40% | | | | | | 86.00% | | |
60 | | | | | 75.00% | | | | | | 75.75% | | | | | | 76.50% | | | | | | 77.25% | | | | | | 78.00% | | | | | | 78.75% | | | | | | 79.50% | | | | | | 80.25% | | | | | | 81.00% | | | | | | 81.75% | | | | | | 82.50% | | |
59 | | | | | 70.00% | | | | | | 70.90% | | | | | | 71.80% | | | | | | 72.70% | | | | | | 73.60% | | | | | | 74.50% | | | | | | 75.40% | | | | | | 76.30% | | | | | | 77.20% | | | | | | 78.10% | | | | | | 79.00% | | |
58 | | | | | 65.00% | | | | | | 66.05% | | | | | | 67.10% | | | | | | 68.15% | | | | | | 69.20% | | | | | | 70.25% | | | | | | 71.30% | | | | | | 72.35% | | | | | | 73.40% | | | | | | 74.45% | | | | | | 75.50% | | |
57 | | | | | 60.00% | | | | | | 61.20% | | | | | | 62.40% | | | | | | 63.60% | | | | | | 64.80% | | | | | | 66.00% | | | | | | 67.20% | | | | | | 68.40% | | | | | | 69.60% | | | | | | 70.80% | | | | | | 72.00% | | |
56 | | | | | 55.00% | | | | | | 56.35% | | | | | | 57.70% | | | | | | 59.05% | | | | | | 60.40% | | | | | | 61.75% | | | | | | 63.10% | | | | | | 64.45% | | | | | | 65.80% | | | | | | 67.15% | | | | | | 68.50% | | |
55 | | | | | 50.00% | | | | | | 51.50% | | | | | | 53.00% | | | | | | 54.50% | | | | | | 56.00% | | | | | | 57.50% | | | | | | 59.00% | | | | | | 60.50% | | | | | | 62.00% | | | | | | 63.50% | | | | | | 65.00% | | |
| | | Early Retirement Factor | |
Age At Commencement | | | Years of Service | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 21 | | | 22 | | | 23 | | | 24 | | | 25 | | | 26 | | | 27 | | | 28 | | | 29 | | | 30 | | ||||||||||||||||||||||||||||||||
64 | | | | | 96.65% | | | | | | 96.80% | | | | | | 96.95% | | | | | | 97.10% | | | | | | 97.25% | | | | | | 97.40% | | | | | | 97.55% | | | | | | 97.70% | | | | | | 97.85% | | | | | | 98.00% | | |
63 | | | | | 93.30% | | | | | | 93.60% | | | | | | 93.90% | | | | | | 94.20% | | | | | | 94.50% | | | | | | 94.80% | | | | | | 95.10% | | | | | | 95.40% | | | | | | 95.70% | | | | | | 96.00% | | |
62 | | | | | 89.95% | | | | | | 90.40% | | | | | | 90.85% | | | | | | 91.30% | | | | | | 91.75% | | | | | | 92.20% | | | | | | 92.65% | | | | | | 93.10% | | | | | | 93.55% | | | | | | 94.00% | | |
61 | | | | | 86.60% | | | | | | 87.20% | | | | | | 87.80% | | | | | | 88.40% | | | | | | 89.00% | | | | | | 89.60% | | | | | | 90.20% | | | | | | 90.80% | | | | | | 91.40% | | | | | | 92.00% | | |
60 | | | | | 83.25% | | | | | | 84.00% | | | | | | 84.75% | | | | | | 85.50% | | | | | | 86.25% | | | | | | 87.00% | | | | | | 87.75% | | | | | | 88.50% | | | | | | 89.25% | | | | | | 90.00% | | |
59 | | | | | 79.90% | | | | | | 80.80% | | | | | | 81.70% | | | | | | 82.60% | | | | | | 83.50% | | | | | | 84.40% | | | | | | 85.30% | | | | | | 86.20% | | | | | | 87.10% | | | | | | 88.00% | | |
58 | | | | | 76.55% | | | | | | 77.60% | | | | | | 78.65% | | | | | | 79.70% | | | | | | 80.75% | | | | | | 81.80% | | | | | | 82.85% | | | | | | 83.90% | | | | | | 84.95% | | | | | | 86.00% | | |
57 | | | | | 73.20% | | | | | | 74.40% | | | | | | 75.60% | | | | | | 76.80% | | | | | | 78.00% | | | | | | 79.20% | | | | | | 80.40% | | | | | | 81.60% | | | | | | 82.80% | | | | | | 84.00% | | |
56 | | | | | 69.85% | | | | | | 71.20% | | | | | | 72.55% | | | | | | 73.90% | | | | | | 75.25% | | | | | | 76.60% | | | | | | 77.95% | | | | | | 79.30% | | | | | | 80.65% | | | | | | 82.00% | | |
55 | | | | | 66.50% | | | | | | 68.00% | | | | | | 69.50% | | | | | | 71.00% | | | | | | 72.50% | | | | | | 74.00% | | | | | | 75.50% | | | | | | 77.00% | | | | | | 78.50% | | | | | | 80.00% | | |
| | | Early Retirement Factor | |
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Age at Commencement | | | Years of Service | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 10 | | | 11 | | | 12 | | | 13 | | | 14 | | | 15 | | | 16 | | | 17 | | | 18 | | | 19 | | | 20 | | |||||||||||||||||||||||||||||||||||
64 | | | | | 95.00% | | | | | | 95.15% | | | | | | 95.30% | | | | | | 95.45% | | | | | | 95.60% | | | | | | 95.75% | | | | | | 95.90% | | | | | | 96.05% | | | | | | 96.20% | | | | | | 96.35% | | | | | | 96.50% | | |
63 | | | | | 90.00% | | | | | | 90.30% | | | | | | 90.60% | | | | | | 90.90% | | | | | | 91.20% | | | | | | 91.50% | | | | | | 91.80% | | | | | | 92.10% | | | | | | 92.40% | | | | | | 92.70% | | | | | | 93.00% | | |
62 | | | | | 85.00% | | | | | | 85.45% | | | | | | 85.90% | | | | | | 86.35% | | | | | | 86.80% | | | | | | 87.25% | | | | | | 87.70% | | | | | | 88.15% | | | | | | 88.60% | | | | | | 89.05% | | | | | | 89.50% | | |
61 | | | | | 80.00% | | | | | | 80.60% | | | | | | 81.20% | | | | | | 81.80% | | | | | | 82.40% | | | | | | 83.00% | | | | | | 83.60% | | | | | | 84.20% | | | | | | 84.80% | | | | | | 85.40% | | | | | | 86.00% | | |
60 | | | | | 75.00% | | | | | | 75.75% | | | | | | 76.50% | | | | | | 77.25% | | | | | | 78.00% | | | | | | 78.75% | | | | | | 79.50% | | | | | | 80.25% | | | | | | 81.00% | | | | | | 81.75% | | | | | | 82.50% | | |
59 | | | | | 70.00% | | | | | | 70.90% | | | | | | 71.80% | | | | | | 72.70% | | | | | | 73.60% | | | | | | 74.50% | | | | | | 75.40% | | | | | | 76.30% | | | | | | 77.20% | | | | | | 78.10% | | | | | | 79.00% | | |
58 | | | | | 65.00% | | | | | | 66.05% | | | | | | 67.10% | | | | | | 68.15% | | | | | | 69.20% | | | | | | 70.25% | | | | | | 71.30% | | | | | | 72.35% | | | | | | 73.40% | | | | | | 74.45% | | | | | | 75.50% | | |
57 | | | | | 60.00% | | | | | | 61.20% | | | | | | 62.40% | | | | | | 63.60% | | | | | | 64.80% | | | | | | 66.00% | | | | | | 67.20% | | | | | | 68.40% | | | | | | 69.60% | | | | | | 70.80% | | | | | | 72.00% | | |
56 | | | | | 55.00% | | | | | | 56.35% | | | | | | 57.70% | | | | | | 59.05% | | | | | | 60.40% | | | | | | 61.75% | | | | | | 63.10% | | | | | | 64.45% | | | | | | 65.80% | | | | | | 67.15% | | | | | | 68.50% | | |
55 | | | | | 50.00% | | | | | | 51.50% | | | | | | 53.00% | | | | | | 54.50% | | | | | | 56.00% | | | | | | 57.50% | | | | | | 59.00% | | | | | | 60.50% | | | | | | 62.00% | | | | | | 63.50% | | | | | | 65.00% | | |
| | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||
Age at Commencement | | | Years of Service | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 21 | | | 22 | | | 23 | | | 24 | | | 25 | | | 26 | | | 27 | | | 28 | | | 29 | | | 30 | | ||||||||||||||||||||||||||||||||
64 | | | | | 96.65% | | | | | | 96.80% | | | | | | 96.95% | | | | | | 97.10% | | | | | | 97.25% | | | | | | 97.40% | | | | | | 97.55% | | | | | | 97.70% | | | | | | 97.85% | | | | | | 98.00% | | |
63 | | | | | 93.30% | | | | | | 93.60% | | | | | | 93.90% | | | | | | 94.20% | | | | | | 94.50% | | | | | | 94.80% | | | | | | 95.10% | | | | | | 95.40% | | | | | | 95.70% | | | | | | 96.00% | | |
62 | | | | | 89.95% | | | | | | 90.40% | | | | | | 90.85% | | | | | | 91.30% | | | | | | 91.75% | | | | | | 92.20% | | | | | | 92.65% | | | | | | 93.10% | | | | | | 93.55% | | | | | | 94.00% | | |
61 | | | | | 86.60% | | | | | | 87.20% | | | | | | 87.80% | | | | | | 88.40% | | | | | | 89.00% | | | | | | 89.60% | | | | | | 90.20% | | | | | | 90.80% | | | | | | 91.40% | | | | | | 92.00% | | |
60 | | | | | 83.25% | | | | | | 84.00% | | | | | | 84.75% | | | | | | 85.50% | | | | | | 86.25% | | | | | | 87.00% | | | | | | 87.75% | | | | | | 88.50% | | | | | | 89.25% | | | | | | 90.00% | | |
59 | | | | | 79.90% | | | | | | 80.80% | | | | | | 81.70% | | | | | | 82.60% | | | | | | 83.50% | | | | | | 84.40% | | | | | | 85.30% | | | | | | 86.20% | | | | | | 87.10% | | | | | | 88.00% | | |
58 | | | | | 76.55% | | | | | | 77.60% | | | | | | 78.65% | | | | | | 79.70% | | | | | | 80.75% | | | | | | 81.80% | | | | | | 82.85% | | | | | | 83.90% | | | | | | 84.95% | | | | | | 86.00% | | |
57 | | | | | 73.20% | | | | | | 74.40% | | | | | | 75.60% | | | | | | 76.80% | | | | | | 78.00% | | | | | | 79.20% | | | | | | 80.40% | | | | | | 81.60% | | | | | | 82.80% | | | | | | 84.00% | | |
56 | | | | | 69.85% | | | | | | 71.20% | | | | | | 72.55% | | | | | | 73.90% | | | | | | 75.25% | | | | | | 76.60% | | | | | | 77.95% | | | | | | 79.30% | | | | | | 80.65% | | | | | | 82.00% | | |
55 | | | | | 66.50% | | | | | | 68.00% | | | | | | 69.50% | | | | | | 71.00% | | | | | | 72.50% | | | | | | 74.00% | | | | | | 75.50% | | | | | | 77.00% | | | | | | 78.50% | | | | | | 80.00% | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 69 | | |
| | 70 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name | | | Executive Contributions in Last Fiscal Year2 ($) | | | Registrant Contributions in Last Fiscal Year2 ($) | | | Aggregate Earnings in Last Fiscal Year3 ($) | | | Aggregate Withdrawals/ Distributions ($) | | | Aggregate Balance at Last Fiscal Year4 ($) | | |||||||||||||||
Emanuel Chirico | | | | | 360,000 | | | | | | 153,900 | | | | | | 297,708 | | | | | | — | | | | | | 6,461,210 | | |
Michael A. Shaffer | | | | | 202,500 | | | | | | 66,375 | | | | | | 108,142 | | | | | | — | | | | | | 1,946,202 | | |
Francis K. Duane | | | | | 93,521 | | | | | | 25,338 | | | | | | 148,704 | | | | | | — | | | | | | 4,742,564 | | |
Daniel Grieder | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Steven B. Shiffman | | | | | 440,634 | | | | | | 52,547 | | | | | | 80,015 | | | | | | 1,657,804 | | | | | | 2,661,351 | | |
Name | | | Executive Contributions in Last Fiscal Year1 ($) | | | Registrant Contributions in Last Fiscal Year1 ($) | | | Aggregate Earnings in Last Fiscal Year2 ($) | | | Aggregate Withdrawals/ Distributions ($) | | | Aggregate Balance at Last Fiscal Year3 ($) | | |||||||||||||||
EMANUEL CHIRICO | | | | | 414,705 | | | | | | 207,352 | | | | | | 196,523 | | | | | | — | | | | | | 7,964,205 | | |
MICHAEL A. SHAFFER | | | | | 202,861 | | | | | | 73,211 | | | | | | 64,250 | | | | | | — | | | | | | 2,635,794 | | |
STEFAN LARSSON | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CHERYL ABEL-HODGES | | | | | 319,920 | | | | | | 36,339 | | | | | | 17,027 | | | | | | — | | | | | | 1,921,717 | | |
DANIEL GRIEDER | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
STEVEN B. SHIFFMAN | | | | | 239,212 | | | | | | 33,129 | | | | | | 88,416 | | | | | | 711,114 | | | | | | 2,898,883 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 71 | | |
| | 72 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | Voluntary Termination at February 4, 2018 | | | Retirement at February 4, 2018 | | | Death at February 4, 2018 | | | Disability at February 4, 2018 | | | Termination Without Cause or for Good Reason at February 4, 2018 | | | Termination for Cause at February 4, 2018 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 4, 20181 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 6,750,000 | | | | | $ | 0 | | | | | $ | 10,125,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 7,532,818 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 7,532,818 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 7,385,208 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 7,385,208 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 14,218,016 | | | | | | 20,336,452 | | | | | | 20,336,452 | | | | | | 0 | | | | | | 12,488,390 | | |
Capital accumulation program8 | | | | | 1,759,742 | | | | | | 1,759,742 | | | | | | 2,034,716 | | | | | | 1,759,742 | | | | | | 1,759,742 | | | | | | 0 | | | | | | 2,259,974 | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 42,160 | | | | | | 0 | | | | | | 76,932 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 1,759,742 | | | | | $ | 1,759,742 | | | | | $ | 31,170,758 | | | | | $ | 22,096,194 | | | | | $ | 28,888,354 | | | | | $ | 0 | | | | | $ | 39,868,322 | | |
| | | Voluntary Termination at February 4, 2018 | | | Retirement at February 4, 2018 | | | Death at February 4, 2018 | | | Disability at February 4, 2018 | | | Termination Without Cause or for Good Reason at February 4, 2018 | | | Termination for Cause at February 4, 2018 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 4, 20181 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,700,000 | | | | | $ | 0 | | | | | $ | 3,600,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 2,087,343 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 2,087,343 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 2,825,009 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 2,825,009 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 1,103,025 | | | | | | 1,671,690 | | | | | | 1,671,690 | | | | | | 0 | | | | | | 1,012,043 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 38,466 | | | | | | 0 | | | | | | 51,288 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 6,015,377 | | | | | $ | 1,671,690 | | | | | $ | 4,410,156 | | | | | $ | 0 | | | | | $ | 9,575,683 | | |
| | | Voluntary Termination at February 4, 2018 | | | Retirement at February 4, 2018 | | | Death at February 4, 2018 | | | Disability at February 4, 2018 | | | Termination Without Cause or for Good Reason at February 4, 2018 | | | Termination for Cause at February 4, 2018 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 4, 20181 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,953,125 | | | | | $ | 0 | | | | | $ | 3,937,500 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | 0 | | | | | | 0 | | | | | | 100,000 | | | | | | 100,000 | | | | | | 100,000 | | | | | | 0 | | | | | | 100,000 | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 1,717,738 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 1,717,738 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 2,304,422 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 2,304,422 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 854,250 | | | | | | 1,280,847 | | | | | | 1,280,847 | | | | | | 0 | | | | | | 781,410 | | |
Capital accumulation program8 | | | | | 1,658,857 | | | | | | 1,658,857 | | | | | | 1,900,720 | | | | | | 1,658,857 | | | | | | 1,658,857 | | | | | | 0 | | | | | | 2,123,071 | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 38,466 | | | | | | 0 | | | | | | 51,288 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 1,658,857 | | | | | $ | 1,658,857 | | | | | $ | 6,877,130 | | | | | $ | 3,039,704 | | | | | $ | 6,031,295 | | | | | $ | 0 | | | | | $ | 11,015,429 | | |
Emanuel Chirico | | | Voluntary Termination at February 2, 2020 | | | Retirement at February 2, 2020 | | | Death at February 2, 2020 | | | Disability at February 2, 2020 | | | Termination Without Cause or for Good Reason at February 2, 2020 | | | Termination for Cause at February 2, 2020 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 2, 20201 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 9,000,000 | | | | | $ | 0 | | | | | $ | 13,500,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of unvested restricted stock units6 | | | | | 4,279,175 | | | | | | 4,279,175 | | | | | | 4,279,175 | | | | | | 4,279,175 | | | | | | 4,279,175 | | | | | | 0 | | | | | | 4,279,175 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 6,764,138 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 6,764,138 | | |
Capital accumulation program8 | | | | | 1,963,610 | | | | | | 1,963,610 | | | | | | 2,139,809 | | | | | | 1,963,610 | | | | | | 1,963,610 | | | | | | 0 | | | | | | 2,371,182 | ��� | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 43,234 | | | | | | 0 | | | | | | 64,851 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 6,242,785 | | | | | $ | 6,242,785 | | | | | $ | 13,183,122 | | | | | $ | 6,242,785 | | | | | $ | 15,286,019 | | | | | $ | 0 | | | | | $ | 26,979,346 | | |
Michael A. Shaffer | | | Voluntary Termination at February 2, 2020 | | | Retirement at February 2, 2020 | | | Death at February 2, 2020 | | | Disability at February 2, 2020 | | | Termination Without Cause or for Good Reason at February 2, 2020 | | | Termination for Cause at February 2, 2020 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 2, 20201 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 2,850,000 | | | | | $ | 0 | | | | | $ | 3,800,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 6,336,213 | | | | | | 6,336,213 | | | | | | 0 | | | | | | 0 | | | | | | 6,336,213 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 726,576 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 726,576 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 32,426 | | | | | | 0 | | | | | | 43,234 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 7,062,789 | | | | | $ | 6,336,213 | | | | | $ | 2,882,426 | | | | | $ | 0 | | | | | $ | 10,906,023 | | |
Stefan Larsson | | | Voluntary Termination at February 2, 2020 | | | Retirement at February 2, 2020 | | | Death at February 2, 2020 | | | Disability at February 2, 2020 | | | Termination Without Cause or for Good Reason at February 2, 2020 | | | Termination for Cause at February 2, 2020 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 2, 20201 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 6,000,000 | | | | | $ | 0 | | | | | $ | 6,000,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 1,490,607 | | | | | | 1,490,607 | | | | | | 1,490,607 | | | | | | 0 | | | | | | 1,490,607 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 356,133 | | | | | | 456,422 | | | | | | 456,422 | | | | | | 0 | | | | | | 356,133 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 38,206 | | | | | | 0 | | | | | | 38,206 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,846,740 | | | | | $ | 1,947,029 | | | | | $ | 7,985,235 | | | | | $ | 0 | | | | | $ | 7,884,946 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 73 | | |
| | | Voluntary Termination at February 4, 2018 | | | Retirement at February 4, 2018 | | | Death at February 4, 2018 | | | Disability at February 4, 2018 | | | Termination Without Cause or for Good Reason at February 4, 2018 | | | Termination for Cause at February 4, 2018 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 4, 20181 | | |||||||||||||||||||||
Severance value2,12 | | | | $ | 525,188 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,470,525 | | | | | $ | 3,151,125 | | | | | $ | 0 | | | | | $ | 3,151,125 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4,12 | | | | | 0 | | | | | | 0 | | | | | | 573,799 | | | | | | 573,799 | | | | | | 573,799 | | | | | | 0 | | | | | | 573,799 | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 1,858,928 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 1,858,928 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 3,412,369 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 3,412,369 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 253,193 | | | | | | 466,466 | | | | | | 466,466 | | | | | | 0 | | | | | | 253,193 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Payout adjustment10 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total | | | | $ | 525,188 | | | | | $ | 0 | | | | | $ | 6,098,289 | | | | | $ | 2,510,790 | | | | | $ | 4,191,390 | | | | | $ | 0 | | | | | $ | 9,249,414 | | |
| | | Voluntary Termination at February 4, 2018 | | | Retirement at February 4, 2018 | | | Death at February 4, 2018 | | | Disability at February 4, 2018 | | | Termination Without Cause or for Good Reason at February 4, 2018 | | | Termination for Cause at February 4, 2018 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 4, 20181 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 3,325,000 | | | | | $ | 0 | | | | | $ | 3,325,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | 0 | | | | | | 0 | | | | | | 500,000 | | | | | | 500,000 | | | | | | 500,000 | | | | | | 0 | | | | | | 500,000 | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 1,512,849 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 1,512,849 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 2,306,386 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 2,306,386 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 854,250 | | | | | | 1,280,847 | | | | | | 1,280,847 | | | | | | 0 | | | | | | 781,410 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 25,644 | | | | | | 0 | | | | | | 51,288 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Total | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 5,173,485 | | | | | $ | 1,780,847 | | | | | $ | 5,131,491 | | | | | $ | 0 | | | | | $ | 8,476,933 | | |
Cheryl Abel-Hodges | | | Voluntary Termination at February 2, 2020 | | | Retirement at February 2, 2020 | | | Death at February 2, 2020 | | | Disability at February 2, 2020 | | | Termination Without Cause or for Good Reason at February 2, 2020 | | | Termination for Cause at February 2, 2020 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 2, 20201 | | |||||||||||||||||||||
Severance value2 | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,750,000 | | | | | $ | 0 | | | | | $ | 3,500,000 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 694,309 | | | | | | 694,309 | | | | | | 0 | | | | | | 0 | | | | | | 694,309 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 76,535 | | | | | | 42,125 | | | | | | 42,125 | | | | | | 0 | | | | | | 76,535 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 26,183 | | | | | | 0 | | | | | | 52,366 | | |
Payout adjustment10 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | (483,871) | | |
Total | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 770,844 | | | | | $ | 736,434 | | | | | $ | 1,818,308 | | | | | $ | 0 | | | | | $ | 3,839,339 | | |
Daniel Grieder | | | Voluntary Termination at February 2, 2020 | | | Retirement at February 2, 2020 | | | Death at February 2, 2020 | | | Disability at February 2, 2020 | | | Termination Without Cause or for Good Reason at February 2, 2020 | | | Termination for Cause at February 2, 2020 | | | Termination Without Cause or for Good Reason Upon Change in Control at February 2, 20201 | | |||||||||||||||||||||
Severance value2,11 | | | | $ | 542,575 | | | | | $ | 0 | | | | | $ | 0 | | | | | $ | 1,519,211 | | | | | $ | 2,170,301 | | | | | $ | 0 | | | | | $ | 2,170,301 | | |
Performance Incentive Bonus Plan3 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Long-Term Incentive Plan4 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of “in the money” unexercisable stock options5 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Value of unvested restricted stock units6 | | | | | 0 | | | | | | 0 | | | | | | 6,193,603 | | | | | | 6,193,603 | | | | | | 0 | | | | | | 0 | | | | | | 6,193,603 | | |
Value of unvested performance share units7 | | | | | 0 | | | | | | 0 | | | | | | 242,253 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 242,253 | | |
Capital accumulation program8 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Welfare benefits value9 | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | | | | | 0 | | |
Payout adjustment10 | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total | | | | $ | 542,575 | | | | | $ | 0 | | | | | $ | 6,435,856 | | | | | $ | 7,712,814 | | | | | $ | 2,170,301 | | | | | $ | 0 | | | | | $ | 8,606,157 | | |
| | 74 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 75 | | |
| | 76 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | |
| The Board of Directors recommends a vote FOR the amendments to the Stock Incentive Plan. | |
Fiscal Year | | | Stock Options Granted (A) | | | Total Number of Time-Based Full Value Awards (FVA) Granted (B) | | | Total Number of Performance-Based FVA Granted at Target (C) | | | Weighted-Average Basic Shares of Common Stock Outstanding (D) | | | One-Year Burn Rate (A+B+C)/(D) | | |||||||||||||||
2019 | | | | | 169,600 | | | | | | 611,885 | | | | | | 71,996 | | | | | | 74,188,688 | | | | | | 1.2% | | |
2018 | | | | | 85,900 | | | | | | 339,194 | | | �� | | | 43,918 | | | | | | 76,520,950 | | | | | | 0.6% | | |
2017 | | | | | 141,900 | | | | | | 445,334 | | | | | | 72,295 | | | | | | 77,623,621 | | | | | | 0.8% | | |
Three-Year Average Burn Rate | | | | | 0.9% | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 77 | | |
| | 78 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 79 | | |
| | 80 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 81 | | |
| | 82 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 83 | | |
| | 84 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 85 | | |
Name | | | Fees Earned or Paid in Cash1 ($) | | | Stock Awards2,3 ($) | | | Option Awards3 ($) | | | All Other Compensation ($) | | | Total ($) | | |||||||||||||||
Mary Baglivo | | | | | 110,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 255,071 | | |
Brent Callinicos | | | | | 95,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 240,071 | | |
Juan R. Figuereo | | | | | 125,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 270,071 | | |
Joseph B. Fuller | | | | | 110,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 255,071 | | |
V. James Marino | | | | | 105,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 250,071 | | |
G. Penny McIntyre | | | | | 110,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 255,071 | | |
Amy McPherson | | | | | 71,458 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 216,529 | | |
Henry Nasella | | | | | 160,000 | | �� | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 305,071 | | |
Edward R. Rosenfeld | | | | | 105,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 250,071 | | |
Craig Rydin | | | | | 110,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 255,071 | | |
Amanda Sourry | | | | | 100,000 | | | | | | 145,071 | | | | | | N/A | | | | | | N/A | | | | | | 245,071 | | |
Name | | | Annual Director Fees ($) | | | Committee Chair Fees ($) | | | Committee Member Fees ($) | | | Presiding Director Fee ($) | | | Total ($) | | |||||||||||||||
Mary Baglivo | | | | | 85,000 | | | | | | N/A | | | | | | 25,000 | | | | | | N/A | | | | | | 110,000 | | |
Brent Callinicos | | | | | 85,000 | | | | | | N/A | | | | | | 10,000 | | | | | | N/A | | | | | | 95,000 | | |
Juan R. Figuereo | | | | | 85,000 | | | | | | 40,000 | | | | | | N/A | | | | | | N/A | | | | | | 125,000 | | |
Joseph B. Fuller | | | | | 85,000 | | | | | | 25,000 | | | | | | N/A | | | | | | N/A | | | | | | 110,000 | | |
V. James Marino | | | | | 85,000 | | | | | | N/A | | | | | | 20,000 | | | | | | N/A | | | | | | 105,000 | | |
G. Penny McIntyre | | | | | 85,000 | | | | | | 25,000 | | | | | | N/A | | | | | | N/A | | | | | | 110,000 | | |
Amy McPherson | | | | | 57,847 | | | | | | N/A | | | | | | 13,611 | | | | | | N/A | | | | | | 71,458 | | |
Henry Nasella | | | | | 85,000 | | | | | | 35,000 | | | | | | 10,000 | | | | | | 30,000 | | | | | | 160,000 | | |
Edward R. Rosenfeld | | | | | 85,000 | | | | | | N/A | | | | | | 20,000 | | | | | | N/A | | | | | | 105,000 | | |
Craig Rydin | | | | | 85,000 | | | | | | N/A | | | | | | 25,000 | | | | | | N/A | | | | | | 110,000 | | |
Amanda Sourry | | | | | 85,000 | | | | | | N/A | | | | | | 15,000 | | | | | | N/A | | | | | | 100,000 | | |
Plan category | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) | | Weighted average exercise price of outstanding options, warrants and rights (b) | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in Column (a)) (c) | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights (a) | | Weighted average exercise price of outstanding options, warrants and rights (b) | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in Column (a)) (c) | | ||||||||||||||||||||||||
Equity compensation plans approved by security holders | | | | 2,241,2771 | | | | $ | 51.192 | | | | | 5,824,114 | | | | | | 2,261,0641 | | | | $ | 51.912 | | | | | 3,887,484 | | | ||||||
Equity compensation plans not approved by security holders | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Total | | | | 2,241,277 | | | | $ | 51.19 | | | | | 5,824,114 | | | | | | 2,261,064 | | | | $ | 51.91 | | | | | 3,887,484 | | |
| | 86 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | |
| The Board of Directors recommends a vote FOR the ratification of the appointment of the auditors. | |
| | | 2017 | | 2016 | | | 2019 | | 2018 | | |||||||||||||||
Audit Fees1 | | | $ | 5,970,000 | | | | $ | 5,944,000 | | | | | $ | 7,007,000 | | | | $ | 6,340,000 | | | ||||
Audit-Related Fees2 | | | $ | 96,400 | | | | $ | 72,400 | | | | | $ | 148,000 | | | | $ | 108,000 | | | ||||
Tax Fees3 | | | $ | 2,232,000 | | | | $ | 1,903,000 | | | | | $ | 2,982,000 | | | | $ | 2,260,000 | | | ||||
All Other Fees4 | | | $ | — | | | | $ | 121,300 | | | |||||||||||||||
All Other Fees | | | $ | — | | | | $ | — | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 87 | | |
| | 88 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Name and Address of Beneficial Owner | | | Amount Beneficially Owned | | | Percent of Class | | ||||||
FMR LLC1 245 Summer Street Boston, MA 02210 | | | | | 8,505,374 | | | | | | 12.0 | | |
The Vanguard Group, Inc.2 100 Vanguard Blvd. Malvern, PA 19355 | | | | | 8,192,073 | | | | | | 11.5 | | |
BlackRock, Inc.3 55 East 52nd Street New York, NY 10055 | | | | | 5,290,708 | | | | | | 7.5 | | |
Pzena Investment Management, LLC4 320 Park Avenue, 8th Floor New York, NY 10022 | | | | | 4,977,739 | | | | | | 7.0 | | |
Wellington Management Group LLP5 280 Congress Street Boston, MA 02210 | | | | | 3,803,330 | | | | | | 5.4 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 89 | | |
| | 90 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | Amount Beneficially Owned1 | | | Percent of Class | | ||||||
CHERYL ABEL-HODGES | | | | | 2,249 | | | | | | * | | |
MARY BAGLIVO | | | | | 12,613 | | | | | | * | | |
BRENT CALLINICOS | | | | | 7,940 | | | | | | * | | |
EMANUEL CHIRICO | | | | | 741,548 | | | | | | 1.0 | | |
JUAN R. FIGUEREO | | | | | 11,552 | | | | | | * | | |
JOSEPH B. FULLER | | | | | 46,790 | | | | | | * | | |
DANIEL GRIEDER | | | | | 62,478 | | | | | | * | | |
STEFAN LARSSON | | | | | 17,650 | | | | | | * | | |
V. JAMES MARINO | | | | | 23,850 | | | | | | * | | |
G. PENNY MCINTYRE | | | | | 7,776 | | | | | | * | | |
AMY McPHERSON | | | | | 4,083 | | | | | | * | | |
HENRY NASELLA | | | | | 25,050 | | | | | | * | | |
EDWARD R. ROSENFELD | | | | | 8,940 | | | | | | * | | |
CRAIG RYDIN | | | | | 24,900 | | | | | | * | | |
MICHAEL A. SHAFFER | | | | | 79,638 | | | | | | * | | |
STEVEN B. SHIFFMAN | | | | | 61,600 | | | | | | * | | |
AMANDA SOURRY | | | | | 4,083 | | | | | | * | | |
All directors, nominees for director and executive officers as a group (20 people) | | | | | 1,238,149 | | | | | | 1.7 | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 91 | | |
| | 92 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 93 | | |
| | 94 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
Matter | | | Required Vote | | | Broker Discretionary Vote Allowed | |
Election of directors | | | Majority of votes cast | | | No | |
Advisory vote on executive compensation | | | Majority of shares present and entitled to vote on this matter | | | No | |
Approval of amendments to the Stock Incentive Plan | | | Majority of shares present and entitled to vote on this matter | | | No | |
Ratification of Ernst & Young LLP as our independent auditor for fiscal year 2020 | | | Majority of shares present and entitled to vote on this matter | | | Yes | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | 95 | | |
| | | 2017 | | | | 2019 | | ||||||||||||||||||||||||||||||||||||||||||
| | | GAAP | | Adjustments1 | | Non-GAAP | | | GAAP | | Adjustments1 | | Non-GAAP | | Foreign Exchange Impact | | Constant Currency | | |||||||||||||||||||||||||||||||
Revenue — Consolidated | | | $ | 9,909 | | | | | | | | | | | | | | | (215) | | | | $ | 10,124 | | | ||||||||||||||||||||||||
Tommy Hilfiger | | | | 4,712 | | | | | | | | | | | | | | | (128) | | | | | 4,840 | | | ||||||||||||||||||||||||
Calvin Klein | | | | 3,668 | | | | | | | | | | | | | | | (84) | | | | | 3,752 | | | ||||||||||||||||||||||||
Heritage Brands | | | | 1,529 | | | | | | | | | | | | | | | (3) | | | | | 1,532 | | | ||||||||||||||||||||||||
Earnings Before Interest and Taxes | | | $ | 632 | | | | $ | (232) | | | | $ | 864 | | | | | $ | 559 | | | | $ | (372) | | | | $ | 931 | | | | | | | | | | | | | ||||||||
Net Income per Common Share Calculation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Net Income (Loss) Attributable to PVH Corp. | | | $ | 538 | | | | $ | (86) | | | | $ | 624 | | | ||||||||||||||||||||||||||||||||||
Net Income Attributable to PVH Corp. | | | $ | 417 | | | | $ | (294) | | | | $ | 711 | | | | | | | | | | | | | ||||||||||||||||||||||||
Total Shares for Diluted Net Income per Common Share | | | | 79 | | | | | | | | | | 79 | | | | | | 75 | | | | | | | | | | 75 | | | | | | | | | | | | | ||||||||
Diluted Net Income per Common Share Attributable to PVH Corp. | | | $ | 6.84 | | | | | | | | | $ | 7.94 | | | | | $ | 5.60 | | | | | | | | | $ | 9.54 | | | | | | | | | | | | |
| | | | ||||||||||||||||
| | GAAP | | | Adjustments2 | | | Non-GAAP | |||||||||||
| |||||||||||||||||||
Diluted Net Income per Common Share Attributable to PVH Corp. | | | | $ | | | | | $ | ( | | | | | $ | | |
| | | 2016 | | |||||||||||||||
| | | GAAP | | | Adjustments3 | | | Non-GAAP | | |||||||||
Earnings Before Interest and Taxes | | | | $ | 789 | | | | | $ | (5) | | | | | $ | 794 | | |
Net Income per Common Share Calculation | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to PVH Corp. | | | | $ | 549 | | | | | $ | (1) | | | | | $ | 550 | | |
Total Shares for Diluted Net Income per Common Share | | | | | 81 | | | | | | | | | | | | 81 | | |
Diluted Net Income per Common Share Attributable to PVH Corp. | | | | $ | 6.79 | | | | | | | | | | | $ | 6.80 | | |
| | | 2015 | | |||||||||||||||
| | | GAAP | | | Adjustments4 | | | Non-GAAP | | |||||||||
Earnings Before Interest and Taxes | | | | $ | 761 | | | | | $ | (81) | | | | | $ | 842 | | |
Net Income per Common Share Calculation | | | | | | | | | | | | | | | | | | | |
Net Income (Loss) Attributable to PVH Corp. | | | | $ | 572 | | | | | $ | (14) | | | | | $ | 586 | | |
Total Shares for Diluted Net Income per Common Share | | | | | 83 | | | | | | | | | | | | 83 | | |
Diluted Net Income per Common Share Attributable to PVH Corp. | | | | $ | 6.89 | | | | | | | | | | | $ | 7.05 | | |
| | | 2018 | | |||||||||||||||
| | | GAAP | | | Adjustments3 | | | Non-GAAP | | |||||||||
Revenue — Consolidated | | | | $ | 9,657 | | | | | | | | | | | | | | |
Tommy Hilfiger | | | | | 4,345 | | | | | | | | | | | | | | |
Calvin Klein | | | | | 3,731 | | | | | | | | | | | | | | |
Heritage Brands | | | | | 1,581 | | | | | | | | | | | | | | |
Earnings Before Interest and Taxes | | | | $ | 892 | | | | | $ | (79) | | | | | $ | 971 | | |
Net Income per Common Share Calculation | | | | | | | | | | | | | | | | | | | |
Net Income Attributable to PVH Corp. | | | | $ | 746 | | | | | $ | 4 | | | | | $ | 742 | | |
Total Shares for Diluted Net Income per Common Share | | | | | 77 | | | | | | | | | | | | 77 | | |
Diluted Net Income per Common Share Attributable to PVH Corp. | | | | $ | 9.65 | | | | | | | | | | | $ | 9.60 | | |
| | | 2017 | | |||||||||||||||
| | | GAAP | | | Adjustments4 | | | Non-GAAP | | |||||||||
Revenue — Consolidated | | | | $ | 8,915 | | | | | | | | | | | | | | |
Tommy Hilfiger | | | | | 3,893 | | | | | | | | | | | | | | |
Calvin Klein | | | | | 3,462 | | | | | | | | | | | | | | |
Heritage Brands | | | | | 1,560 | | | | | | | | | | | | | | |
Earnings Before Interest and Taxes | | | | $ | 632 | | | | | $ | (232) | | | | | $ | 864 | | |
Net Income per Common Share Calculation | | | | | | | | | | | | | | | | | | | |
Net Income Attributable to PVH Corp. | | | | $ | 538 | | | | | $ | (86) | | | | | $ | 624 | | |
Total Shares for Diluted Net Income per Common Share | | | | | 79 | | | | | | | | | | | | 79 | | |
Diluted Net Income per Common Share Attributable to PVH Corp. | | | | $ | 6.84 | | | | | | | | | | | $ | 7.94 | | |
| | A-1 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | A-2 | | |
| | | 2017 | | | 2016 | | | 2015 | | |||||||||
Earnings before interest and taxes | | | | $ | 632 | | | | | $ | 789 | | | | | $ | 761 | | |
% change over prior year | | | | | -20% | | | | | | 4% | | | | | | | | |
Items excluded: | | | | | | | | | | | | | | | | | | | |
Gross profit charges associated with the TH China acquisition (short-lived noncash inventory valuation adjustments) | | | | | | | | | | | 7 | | | | | | | | |
Gross profit associated with the operation of and exit from the Izod retail business | | | | | | | | | | | | | | | | | (28) | | |
Gross profit charges principally associated with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business | | | | | | | | | | | | | | | | | 9 | | |
Actuarial loss (gain) on retirement plans (recorded in selling, general and administrative (“SG&A”) expenses) | | | | | 3 | | | | | | (39) | | | | | | (20) | | |
SG&A expenses associated with the Mr. Hilfiger amendment | | | | | 83 | | | | | | | | | | | | | | |
SG&A expenses associated with the Li & Fung termination | | | | | 54 | | | | | | | | | | | | | | |
SG&A expenses associated with the TH China acquisition (primarily consisting of noncash amortization of short-lived assets) | | | | | 27 | | | | | | 70 | | | | | | | | |
SG&A expenses associated with the relocation of the Tommy Hilfiger office in New York (including noncash depreciation expense) | | | | | 19 | | | | | | | | | | | | | | |
SG&A expenses associated with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants | | | | | 9 | | | | | | | | | | | | | | |
SG&A expenses associated with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center | | | | | 8 | | | | | | | | | | | | | | |
SG&A expenses associated with the issuance of our €600 million 31∕8% senior notes | | | | | 4 | | | | | | | | | | | | | | |
SG&A expenses associated with integration of Warnaco and related restructuring | | | | | | | | | | | 10 | | | | | | 73 | | |
SG&A expenses associated with the G-III license | | | | | | | | | | | 4 | | | | | | 3 | | |
SG&A expenses associated with the global creative strategy for CALVIN KLEIN and related restructuring | | | | | | | | | | | 6 | | | | | | | | |
SG&A expenses associated with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business | | | | | | | | | | | 3 | | | | | | 8 | | |
Gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe (recorded in SG&A) | | | | | | | | | | | (18) | | | | | | | | |
SG&A expenses associated with the TH men’s tailored license termination | | | | | | | | | | | 11 | | | | | | | | |
SG&A expenses associated with the operation of and exit from the Izod retail business | | | | | | | | | | | | | | | | | 39 | | |
Gain to write-up our equity investment in TH China to fair value (recorded in other noncash gain, net) | | | | | | | | | | | (153) | | | | | | | | |
Loss recorded in connection with the Mexico deconsolidation (recorded in other noncash gain, net) | | | | | | | | | | | 82 | | | | | | | | |
Noncash amortization of short-lived assets recorded on our equity investment in PVH Mexico (recorded in equity in net income of unconsolidated | | | | | | | | | | | 2 | | | | | | | | |
One-time expenses recorded on our equity investment in TH China (recorded in equity in net income of unconsolidated affiliates) | | | | | | | | | | | 6 | | | | | | | | |
Gain recorded on our equity investment in Karl Lagerfeld (recorded in equity in net income of unconsolidated affiliates) | | | | | | | | | | | | | | | | | (2) | | |
Debt modification and extinguishment costs | | | | | 24 | | | | | | 16 | | | | | | | | |
Non-GAAP earnings before interest and taxes | | | | $ | 864 | | | | | $ | 794 | | | | | $ | 842 | | |
% change over prior year | | | | | 9% | | | | | | -6% | | | | | | | | |
| | | 2019 | | | 2018 | | | 2017 | | |||||||||
Earnings before interest and taxes | | | | $ | 559 | | | | | $ | 892 | | | | | $ | 632 | | |
% change over prior year | | | | | -37% | | | | | | 41% | | | | | | | | |
Items excluded: | | | | | | | | | | | | | | | | | | | |
Gross profit charges associated with the Calvin Klein restructuring (inventory markdowns) | | | | | 13 | | | | | | 2 | | | | | | | | |
Gross profit charges associated with the Australia and TH CSAP acquisitions (short-lived noncash inventory valuation adjustments) | | | | | 17 | | | | | | | | | | | | | | |
SG&A expenses associated with the Calvin Klein restructuring | | | | | 90 | | | | | | 39 | | | | | | | | |
SG&A expenses associated with the Socks and Hosiery transaction | | | | | 60 | | | | | | | | | | | | | | |
SG&A expenses associated with the TH U.S. store closures | | | | | 55 | | | | | | | | | | | | | | |
SG&A expenses associated with the Australia and TH CSAP acquisitions | | | | | 3 | | | | | | | | | | | | | | |
SG&A expenses associated with the refinancing of our senior credit facilities | | | | | 1 | | | | | | | | | | | | | | |
SG&A expenses associated with the Mr. Hilfiger amendment | | | | | | | | | | | | | | | | | 83 | | |
SG&A expenses associated with the Li & Fung termination | | | | | | | | | | | | | | | | | 54 | | |
SG&A expenses associated with the TH China acquisition | | | | | | | | | | | 24 | | | | | | 27 | | |
SG&A expenses associated with the relocation of the Tommy Hilfiger office in New York (including noncash depreciation expense) | | | | | | | | | | | | | | | | | 19 | | |
SG&A expenses associated with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center | | | | | | | | | | | | | | | | | 8 | | |
SG&A expenses associated with the issuance of our €600 million 3 1/8% senior notes | | | | | | | | | | | | | | | | | 4 | | |
Expenses associated with the noncash settlement of certain of our retirement plan benefit obligations (recorded in non-service related pension and postretirement cost) | | | | | | | | | | | | | | | | | 9 | | |
Actuarial loss on retirement plans (recorded in non-service related pension and postretirement cost) | | | | | 98 | | | | | | 15 | | | | | | 3 | | |
Debt modification and extinguishment costs | | | | | 5 | | | | | | | | | | | | 24 | | |
Noncash loss related to the Speedo transaction (recorded in other noncash loss, net) | | | | | 142 | | | | | | | | | | | | | | |
Noncash gain to write up our equity investments in Gazal and PVH Australia to fair value (recorded in other noncash loss, net) | | | | | (113) | | | | | | | | | | | | | | |
One-time expenses recorded on our equity investments in Gazal and PVH Australia (recorded in equity in net income of unconsolidated affiliates) | | | | | 2 | | | | | | | | | | | | | | |
Earnings before interest and taxes on a non-GAAP basis | | | | $ | 931 | | | | | $ | 971 | | | | | $ | 864 | | |
% change over prior year | | | | | -4% | | | | | | 12% | | | | | | | | |
| | A-3 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| Name | | | Description | | | SEC Filing | |
| EMANUEL CHIRICO | | | Third Amended and Restated Employment Agreement | | | ▪ Current Report on Form 8-K filed on May 22, 2019, Exhibit 10.2 | |
| MICHAEL SHAFFER | | | Second Amended and Restated Employment Agreement First Amendment to Second Amended and Restated Employment Agreement | | | ▪ Annual Report on Form 10-K for the fiscal year ended February 1, 2009, Exhibit 10.30 ▪ Current Report on Form 8-K filed January 28, 2011, Exhibit 10.2 | |
| STEFAN LARSSON | | | Employment Agreement | | | ▪ Current Report on Form 8-K filed on May 22, 2019, Exhibit 10.1 | |
| CHERYL ABEL-HODGES | | | Employment Agreement | | | ▪ Current Report on Form 8-K filed on February 14, 2020, Exhibit 10.1 | |
| DANIEL GRIEDER | | | Employment Agreement | | | ▪ Quarterly Report on Form 10-Q for the quarter ended April 30, 2017, Exhibit 10.1 | |
| STEVEN B. SHIFFMAN | | | Second Amended and Restated Employment Agreement First Amendment to Second Amended and Restated Employment Agreement Second Amendment to Second Amended and Restated Employment Agreement | | | ▪ Annual Report on Form 10-K for the fiscal year ended February 1, 2015, Exhibits 10.25, 10.26 and 10.27 | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | B-1 | | |
| | C-1 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-2 | | |
| | C-3 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-4 | | |
| | C-5 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-6 | | |
| | C-7 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-8 | | |
| | C-9 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-10 | | |
| | C-11 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-12 | | |
| | C-13 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |
| | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | | | C-14 | | |
| | C-15 | | | | | | | PVH CORP. 2020 PROXY STATEMENT | | | | | |