NEW
YORK, Aug. 19, 2022 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL) (the "Company"), the New
York-based specialty athletic retailer, today announced
that, in accordance with New York Stock Exchange rules,
Mary N. Dillon will be granted an
employment inducement award in reliance on NYSE Listed Company
Manual Rule 303A.08. As previously announced, the Company and
Ms. Dillon have entered into an employment agreement, dated as of
August 16, 2022, for her employment
with the Company commencing on August 19,
2022 in connection with her appointment as President and
Chief Executive Officer of the Company by the Board of Directors,
effective as of September 1,
2022. The employment inducement award will consist of (i) a
restricted stock unit (RSU) award with a grant date fair value
equal to $2,000,000 (which will vest
on the third anniversary of her commencement date), (ii) a
transformation grant of performance stock units (PSUs) with a grant
date fair value equal to $5,000,000
(which will vest based on three years of continued employment and
the achievement of performance metrics as determined by the Human
Capital and Compensation Committee of the Board of Directors (the
"Compensation Committee")), and (iii) an annual grant with a grant
date value of $8,000,000, pro-rated
in respect of the Company's current fiscal year, consisting of PSUs
(60%), RSUs (20%), and non-qualified stock options (20%) consistent
with the terms of Ms. Dillon's employment agreement with the
Company. These awards were approved by the Compensation
Committee to be granted on August 24,
2022, without shareholder approval as "employment inducement
awards" under the NYSE Listed Company Manual Rule 303A.08, which
requires public announcement of inducement awards.
Foot Locker, Inc. leads the celebration of sneaker and youth
culture around the globe through a portfolio of brands, including
Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS,
and Sidestep. With approximately 2,800 retail stores in 28
countries across North America,
Europe, Asia, Australia, and New
Zealand as well as websites and mobile apps, the Company's
purpose is to inspire and empower youth culture around the world,
by fueling a shared passion for self-expression and creating
unrivaled experiences at the heart of the global sneaker community.
Foot Locker, Inc. has its corporate headquarters in New York. For additional information please
visit footlocker-inc.com.
Disclosure Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. Other than statements
of historical facts, all statements which address activities,
events, or developments that Foot Locker, Inc. anticipates will or
may occur in the future, including, but not limited to, such things
as future capital expenditures, expansion, strategic plans,
financial objectives, dividend payments, stock repurchases, growth
of Foot Locker, Inc.'s business and operations, including future
cash flows, revenues, and earnings, and other such matters, are
forward-looking statements. These forward-looking statements are
based on many assumptions and factors which are detailed in Foot
Locker, Inc.'s filings with the U.S. Securities and Exchange
Commission.
These forward-looking statements are based largely on our
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our
control. For additional discussion on risks and uncertainties that
may affect forward-looking statements, see "Risk Factors" disclosed
in Foot Locker, Inc.'s Annual Report on Form 10-K for the year
ended January 29, 2022, filed on
March 24, 2022. Any changes in such
assumptions or factors could produce significantly different
results. Foot Locker, Inc. undertakes no obligation to update
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Investor Contact:
Robert Higginbotham
Vice President, Investor Relations
robert.higginbotham@footlocker.com
(212) 720-4600
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SOURCE Foot Locker IR