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 June 13, 2020, the Compensation and Management Resources Committee (the “Compensation Committee”) of the Board of Directors of Foot Locker, Inc. (the “Company”) established the performance goals for the 2020 fiscal year under the Foot Locker Executive Incentive Cash Compensation Plan. The goals for the executives are based (a) 80% on the Company’s sales for Mr. Johnson, Ms. Peters, and Mr. Verma, and 20% for Messrs. Jacobs and Kimble, (b) 60% on division sales for Messrs. Jacobs and Kimble, and (c) 20% on a customer connected objective for each of the executives.
As previously disclosed, effective May 3, 2020, the Compensation Committee reduced executive salaries, including for each of the named executive officers, for the second quarter ended August 1, 2020 as follows:
| • | Chief Executive Officer salary reduction of 40%; |
| • | Executive Vice Presidents and Senior Vice Presidents salary reduction of 20%; and |
| • | Corporate Vice Presidents and General Manager-level roles salary reduction of 10%. |
The Compensation Committee has extended these salary reductions through the end of the third quarter ending October 31, 2020.
SIGNATURE
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.
| FOOT LOCKER, INC. | ||
| Date: June 18, 2020 | By: | /s/ Elizabeth Norberg |
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Name: Elizabeth Norberg Title: Senior Vice President and | ||