KR » Topics » 2005 Long-Term Incentive Plan

This excerpt taken from the KR 8-K filed Jun 23, 2005.

2005 Long-Term Incentive Plan

 

On June 23, 2005, Kroger’s shareholders approved the 2005 Long-Term Incentive Plan that was adopted by the Company’s Board of Directors on April 8, 2005, subject to shareholder approval.

 

The Kroger Co. 2005 Long-Term Incentive Plan is comprised of two separate programs under which grants and awards are made available to (i) employees of the Company not subject to Section 16(a) of the Securities Exchange Act of 1934 (the “Act”), and (ii) employees of the Company and members of the board of directors, who are subject to Section 16(a) of the Act. These programs are referred to as the Non-Insider Program and the Insider Program, respectively.

 

The Non-Insider Program will be administered by a committee of three officers of the Company selected by the Chief Executive Officer. The Insider Program will be administered by a committee of the Board of Directors meeting the disinterested administration standards of Rule 16b-3(d)(i) under the Act, which committee initially will be the Compensation Committee of the Board.

 

Awards and grants under the Non-Insider Program and the Insider Program are discretionary on the part of the committee. All employees of the Company, exclusive of those subject to Section 16(a) of the Act, may participate in the Non-Insider Program. All employees of the Company and members of the board of directors, who are subject to Section 16(a) of the Act, may participate in the Insider Program.

 

The Plan provides for five types of grants and awards; Nonstatutory Stock Options, Rights, Performance Units, Restricted Stock and Incentive Shares.

 

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