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Get filing alertsSuperior Group CEO Benstock signs new contract through 2029 with $1M+ salary, $1.5M guaranteed bonuses
Filed May 29, 2026 · Period ending May 26, 2026 · ~1 min read
Key Changes
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high
CEO Michael Benstock signed employment agreement running through May 2029 with $1,044,399 base salary, replacing 2005 severance agreement. Deal includes $2.1M retention bonus payable upon retirement or resignation for Good Reason.
Item 5.02 verify on EDGAR → -
high
Agreement guarantees CEO minimum $500,000 annual bonuses for fiscal 2026-2028 regardless of company performance, with potential for higher amounts based on results. Total guaranteed bonuses: $1.5M over three years.
Item 5.02 verify on EDGAR → -
medium
Severance protection provides 2.0x highest annual compensation plus prorated guaranteed bonus if terminated without cause, resignation for Good Reason, or termination within 12 months of change in control. Potential multi-million dollar payout.
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Upon retirement, CEO receives prorated vesting acceleration of unvested restricted stock awards and ongoing office space plus 25 hours monthly administrative support for personal/professional use.
Item 5.02 verify on EDGAR →
Summary
Superior Group locked in CEO Michael Benstock through May 2029 with a compensation package featuring significant guaranteed payments. The agreement replaces a 2005 severance deal and establishes $1.04M annual base salary plus minimum $500,000 bonuses for each of the next three fiscal years—totaling $1.5M in guaranteed bonuses regardless of company performance.
A $2.1M retention bonus sweetens the deal, payable when Benstock retires or resigns for Good Reason. For shareholders, the guaranteed bonuses represent a departure from pure pay-for-performance, ensuring the CEO receives substantial compensation even if business results disappoint.
The retention bonus and generous severance terms (2x highest annual comp) provide strong financial incentives for leadership continuity but also increase potential cash obligations. The deal signals the board's commitment to retaining Benstock's leadership through 2029. Watch the company's proxy statement for details on the short-term incentive program structure and how actual bonuses above the $500K floor will be determined. Also monitor whether similar guaranteed compensation structures extend to other executives, which could indicate broader shifts in the company's pay philosophy.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On May 26, 2026, Superior Group of Companies, Inc. (the “Company”) entered into an employment agreement with its Chief Executive Officer, Michael Benstock.
The company entered into a new employment agreement with CEO Michael Benstock effective May 26, 2026, replacing his prior severance agreement from 2005. The agreement runs through May 31, 2029 and formalizes his compensation structure and severance terms.
Added in current filing · verify on EDGAR →
His annual base salary initially will be $1,044,399. Mr. Benstock is eligible to participate in the Company’s short-term incentive program applicable to the chief executive officer, as described in the Company’s proxy statement; however, for each of the Company’s 2026, 2027, and 2028 fiscal years, Mr. Benstock is entitled to a guaranteed bonus of at least $500,000 (and potentially more, depending on the Company’s performance) if he is employed on December 31 of the applicable fiscal year
The CEO's base salary is set at approximately $1.04 million annually. Additionally, he receives guaranteed minimum bonuses of $500,000 for each of fiscal years 2026, 2027, and 2028, with potential for higher amounts based on company performance. This represents significant fixed compensation regardless of performance outcomes.
Added in current filing · verify on EDGAR →
In addition, Mr. Benstock is entitled to a retention bonus of $2,100,000 to be paid within 240 days following the date he either voluntarily retires from the Company or resigns for Good Reason.
The CEO will receive a $2.1 million retention bonus upon voluntary retirement or resignation for Good Reason, payable within 240 days. This creates a substantial financial incentive for the CEO to remain with the company through the agreement term.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Upon his retirement from the Company, Mr. Benstock’s unvested restricted stock awards shall accelerate on a prorated basis based on the time elapsed from the grant date through his retirement date. In addition, Mr. Benstock will be permitted to use an office of the Company’s choosing at the Company’s headquarters and use the services of one of the Company’s administrative assistants for personal and/or professional work up to 25 hours a month.
Upon retirement, the CEO receives prorated vesting acceleration of restricted stock awards and ongoing access to office space and 25 hours monthly of administrative assistant services. These post-employment benefits extend the company's obligations beyond the CEO's active service period.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 1, 2026 · How we verify