LZB » Topics » Compensation Philosophy

This excerpt taken from the LZB DEF 14A filed Jul 7, 2006.

Compensation Philosophy

     La-Z-Boy strives to create value for shareholders through superior growth and profitability. The executive compensation program supports this goal by linking the major components of base pay and short-term and long-term incentives to superior results in business performance and profitability.

     Our compensation program is intended to attract and retain highly qualified individuals by providing executives the opportunity to earn market-median compensation while creating value to the shareholders. The compensation program comprises three components: base pay, short-term incentive (bonus), and long-term incentive (equity-based) compensation. We will reward individual executives at market-median compensation levels for attaining targeted performance, with a substantial portion of the executive’s total

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compensation opportunity payable in the form of Company shares. Superior performance exceeding pre-established targets will be appropriately rewarded in both cash (bonus) and equity payouts. Sub-par performance will result in reduced bonus and equity compensation.

This excerpt taken from the LZB DEF 14A filed Jul 15, 2005.

Compensation Philosophy

          La-Z-Boy strives to create value for shareholders through superior growth and profitability. The executive compensation program supports this goal by linking the major components of base pay, and short and long-term incentives to superior results in business performance and profitability.

          Our compensation program is intended to attract and retain highly qualified individuals by providing executives the opportunity to earn market median compensation while creating value to the shareholders.  We will reward individual executives, at market median compensation levels, for attaining targeted performance, with a substantial portion of the executive’s total compensation opportunity payable in the form of Company shares.  Superior performance exceeding pre-established targets will be appropriately rewarded in both cash and equity payouts.  Sub-par performance will result in reduced cash and equity compensation.

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