Abercrombie & Fitch has signed its chairman and CEO Michael Jeffries to a new long-term contract, which includes a $12 million bonus if he remains in his positions through 2008.
The contract took effect Jan. 30, but was disclosed in a filing with the U.S. Securities and Exchange Commission on Wednesday, according to Reuters.
Jeffries was named CEO in 1992 and chairman in 1998.
The deal also calls for Jeffries to be paid an annual base salary of $1 million, plus bonuses of up to 240% of the base salary if certain performance targets are met, the report said.
In addition, he will receive 1 million shares worth close to $29 million, which will vest on Dec. 31, 2008.
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