San Francisco, Wet Seal Inc. announced yesterday that it would pay consultant Michael Gold a total of $4 million for assisting with the company’s increased sales and return to profit. Gold will be paid $2.8 million for fiscal 2006 and $1.2 million for the fiscal year ending Feb. 3, 2007.
In addition to this pay, Wet Seal also will provide Gold with 2 million shares of restricted stock, two tranches of performance shares and incentives for his future work. Gold will continue consulting with Wet Seal until Jan. 31, 2007. The company initially entered the agreement with Gold on July 7, 2005.