Brennan resigns as Kohlís chief merchandising officer

Special to The Freeman

March 25, 2014

MENOMONEE FALLS Ė Kohlís Corporation Chief Merchandising Officer Donald A. Brennan has resigned, effective April 1, according to a company filing with the Securities and Exchange Commission on Tuesday.
As part of the resignation, Brennan and Kohlís entered into an agreement related to his separation from the company that includes severance benefits. Included is a one-time severance payment to be paid to him equal to the sum of 2.9 times his current annual salary plus the average of the three most recent annual incentive compensation plan payments paid to him. In addition, a bonus, payable to Brennan on or before March 15, based on the Kohlís fiscal 2014 financial performance in an amount equal to 17 percent of the bonus, if any, that he would have received had he been employed by Kohlís at the end of the fiscal year 2014.