Foot Locker, Inc. Non-Employee Director Compensation Changes Effective January 1, 2005
Foot Locker, Inc. has updated the compensation for its non-employee Board members, effective January 1, 2005. Directors will receive an annual retainer of $80,000, with additional fees for committee chairs and a $1,500 fee for each meeting attended. Half of the retainer, including committee chair fees, is paid in cash and half in company stock. The annual stock option grant for non-employee directors remains unchanged, with the number of shares determined by dividing $50,000 by the average share price on the grant date.
EXHIBIT 10.1
The following changes to the compensation of the non-employee members of the Board of Directors of Foot Locker, Inc. are effective as of January 1, 2005:
| • | Annual retainer fee of $80,000; |
| • | Additional retainer fee of $10,000 for the Audit Committee Chair; |
| • | Additional retainer fee of $7,500 for the Chairs of each of the Compensation and Management Resources Committee, the Nominating and Corporate Governance Committee, the Finance and Strategic Planning Committee, and the Retirement Plan Committee; and |
| • | Meeting fee of $1,500 for each Board and committee meeting attended. |
As provided under the Foot Locker 2002 Directors Stock Plan, one-half of the directors’ annual retainer fee, including committee chair retainer fees, is payable in cash and one-half is payable in shares of the Company’s Common Stock.
The annual stock option grant for non-employee directors under the Foot Locker 2002 Directors Stock Plan was not changed. Each non-employee director receives a stock option grant on the first business day of the fiscal year, and the number of shares is calculated by dividing $50,000 by the average of the high and low prices of a share of the Company’s Common Stock on the date of grant.
