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FL » Topics » Reapproval of Performance Goals

This excerpt taken from the FL DEF 14A filed Apr 10, 2006.

Reapproval of Performance Goals

      The Long-Term Plan provides that the Compensation and Management Resources Committee generally has the authority to determine the performance goals that will be in effect for a Performance Period. The Committee also has the authority to the extent permitted by Section 162(m) of the Internal Revenue Code (if applicable) to incorporate provisions in the performance goals allowing for adjustments in recognition of unusual or non-recurring events affecting the Company or our financial statements or in response to changes in applicable laws, regulations or accounting principles.

      The performance goals for the Covered Employees will be determined by the Compensation and Management Resources Committee based on one or more of the following criteria:

• the attainment of certain target levels of, or percentage increase in, Consolidated Net Income, or
 
• the attainment of certain target levels of, or a specified increase in, return on invested capital.

      We are seeking shareholder approval of these performance goals originally approved by shareholders in 1996 and reapproved by shareholders in 2001.

      

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