HSN Tuesday appointed Greg Henchel its executive vice president, general counsel and secretary, effective Feb. 15th. His annual base salary will be $350,000, according to a securities filing.
Henchel will manage the company’s corporate legal strategy and oversee the legal department, reporting directly to HSN CEO Mindy Grossman.
“Greg’s appointment underscores our company’s commitment to ensuring that our ongoing innovations and new corporate partnerships are supported by a robust infrastructure and seasoned executive team,” Grossman said in a prepared statement.
“With over 15 years of broad legal experience, counseling diverse service, manufacturing and retail businesses, and a long history of success in helping public companies grow, Greg brings the skill set required to strengthen our legal team and oversee all legal matters for the company,” she said.
Henchel will be paid an annual base salary of $350,000, and be eligible to participate in HSN’s short-term incentive plan with a target bonus of 60 percent of base salary, and long-term incentive plan with a target bonus of 100 percent of base salary, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Awards under the plans will be based on measures of both corporate financial performance and individual goals and objectives, HSN said.
Effective in March, Henchel will be granted an award of restricted stock units, or RSUs, equal to 100 percent of his base salary based on fair value of the company’s common stock on the grant date, not to exceed 40,000 RSUs. The RSUs will vest in five equal annual installments, with 20 percent vesting on each of the following anniversaries of his date of hire.
Henchel will also be eligible for relocation assistance to move him and his family from New Albany, Ohio, to St. Petersburg, Fla., where HSN is headquartered, including temporary living allowance to assist with duplicate housing costs for up to the first six months of his employment.
He will also be eligible to participate in the HSN’s named executive officer severance plan, which provides for severance benefits in the event of a termination by the Company without Cause or by the Executive for Good Reason .
Henchel joins HSN from Tween Brands, where he served as senior vice president and general counsel from 2005 through the beginning of this year.
Henchel also served as secretary of TWB Brands from 2008 through 2010. While at TWB, he managed all non-real estate legal matters related to the $1 billion public retailer, including litigation, securities regulation, employment, corporate governance and intellectual property.
Previously, Henchel served as the assistant general counsel for Cardinal Health and as a litigation associate at Jones Day.
Henchel received his law degree from the University of Michigan Law School in 1993, where he graduated Cum Laude, and his Bachelor of Arts from the University of Michigan in 1989. He is a member of the bar in Ohio and Illinois.
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