UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 14, 2023, The Container Store Group, Inc. (the “Company”) entered into a letter agreement with the Company’s Chief Executive Officer and President, Satish Malhotra (the “Letter Agreement”) providing for a temporary 10% reduction to Mr. Malhotra’s annual base salary, from $925,000 to $832,500, for a period of six months, effective as of October 1, 2023 through March 31, 2024 (the “Salary Reduction”). Pursuant to the Letter Agreement, Mr. Malhotra also provided a waiver of any right to resign for “good reason” under his current employment agreement as a result of the Salary Reduction.
The foregoing description of the Letter Agreement does not purport to be complete and is qualified in its entirety by reference to the Letter Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
Exhibit | Description | |
10.1 | ||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline Instance XBRL document. | |
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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.
THE CONTAINER STORE GROUP, INC. | ||
Date: September 19, 2023 | By: | /s/ Jeffrey A. Miller |
Jeffrey A. Miller | ||
Chief Financial Officer |
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