Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

June 14, 2011

(Date of Report; Date of Earliest Event Reported)

 

 

STEIN MART, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Florida   0-20052   64-0466198

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

1200 Riverplace Blvd., Jacksonville, Florida 32207

(Address of Principal Executive Offices Including Zip Code)

(904) 346-1500

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

(e) On June 14, 2011, the shareholders of Stein Mart, Inc. (the “Company”) approved the material terms of the performance goals of the Stein Mart, Inc. 2001 Omnibus Plan (the “Omnibus Plan”) and authorized an additional 3,000,000 shares for issuance under the Omnibus Plan. The purpose of the Omnibus Plan is to attract and retain individuals to serve as employees, directors and advisors who will contribute to the Company’s success, and to motivate such persons to achieve long-term objectives which will inure to the benefit of the Company’s shareholders. Awards under the Omnibus Plan may consist of stock options, stock appreciation rights, restricted stock, performance awards or other awards made under the terms of the Omnibus Plan.

After the shareholders authorized additional shares for issuance under the Omnibus Plan, the Omnibus Plan currently has 4,795,992 shares of the Company’s common stock reserved and available for issuance as new awards under the Omnibus Plan, subject to adjustment for certain corporate events.

The Omnibus Plan is filed as Exhibit 10.1 to this Form 8-K and the terms thereof are incorporated herein by reference.

ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Annual Meeting of Shareholders of the Company was held on June 14, 2011. The Company’s shareholders considered and voted upon the following five proposals:

 

(1) To elect the twelve (12) director nominees to serve as directors of the Company for the ensuing year and until their successors have been elected and qualified. Voting results were:

 

Name of Director

   For      Withheld      Broker
Non-Votes
 

Ralph Alexander

     36,604,501         229,408         4,870,639   

Alvin R. Carpenter

     36,529,422         304,487         4,870,639   

Irwin Cohen

     36,595,980         237,929         4,870,639   

Susan Falk

     36,607,614         226,295         4,870,639   

Linda M. Farthing

     35,531,202         1,302,707         4,870,639   

Mitchell W. Legler

     34,654,531         2,179,378         4,870,639   

Robert L. Mettler

     36,588,031         245,878         4,870,639   

Richard L. Sisisky

     36,603,497         230,412         4,870,639   

Jay Stein

     35,540,452         1,293,457         4,870,639   

Martin E. Stein, Jr.

     34,020,128         2,813,781         4,870,639   

David H. Stovall, Jr.

     35,579,126         1,254,783         4,870,639   

John H. Williams, Jr.

     35,535,606         1,298,303         4,870,639   

 

(2) To approve an advisory resolution on executive compensation for fiscal year 2010. Voting results were:

 

For

     34,942,778   

Against

     534,890   

Abstain

     1,356,241   


(3) To conduct an advisory vote on the frequency of future advisory votes on executive compensation. Voting results were:

 

One Year

     33,246,844   

Two Years

     45,279   

Three Years

     2,179,999   

Abstain

     1,361,787   

In accordance with these voting results, the Company will conduct an advisory vote on executive compensation every year.

 

(4) To approve the material terms of the performance goals under the Stein Mart, Inc. 2001 Omnibus Plan and to authorize three (3) million additional shares available for issuance under that plan. Voting results were:

 

For

     26,514,589   

Against

     8,968,301   

Abstain

     1,351,019   

 

(5) To ratify the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered certified public accounting firm for the fiscal year ending January 28, 2012. Voting results were:

 

For

     40,768,610   

Against

     920,801   

Abstain

     15,137   

ITEM 7.01 REGULATION FD DISCLOSURE

On June 14, 2011, the Board of Directors of the Company authorized the Company to repurchase 2.5 million shares of its common stock in addition to amounts previously authorized for repurchase.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

 

10.1    Stein Mart, Inc. 2001 Omnibus Plan as Amended and Restated Effective June 14, 2011
99.1    Press Release dated June 15, 2011


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

STEIN MART, INC.

(Registrant)

Date: June 15, 2011   By:  

/s/ Gregory W. Kleffner

    Gregory W. Kleffner
    Executive Vice President and Chief Financial Officer


EXHIBIT INDEX

 

10.1    Stein Mart, Inc. 2001 Omnibus Plan as Amended and Restated Effective June 14, 2011
99.1    Press Release dated June 15, 2011