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NKE » Topics » Long-Term Incentive Plans Awards in Fiscal Year Ended May 31, 2006

This excerpt taken from the NKE DEF 14A filed Aug 9, 2006.

Long-Term Incentive Plans Awards in Fiscal Year Ended May 31, 2006

 

Name

   

Performance

or Other Period

Until Maturation

or Payout (1)

   Threshold ($)    Target ($)    Maximum ($)

Mark G. Parker

    Fiscal Years 2006 to 2008   50,000    500,000    750,000

William D. Perez

    Fiscal Years 2006 (2)   28,300    283,000    424,500
   Fiscal Years 2006 to 2007 (2)   60,000    600,000    900,000
   Fiscal Years 2006 to 2008   60,000    600,000    900,000

Charles D. Denson

    Fiscal Years 2006 to 2008   50,000    500,000    750,000

Gary DeStefano

    Fiscal Years 2006 to 2008   30,000    300,000    450,000

Lindsay D. Stewart

    Fiscal Years 2006 to 2008   30,000    300,000    450,000

Donald W. Blair

    Fiscal Years 2006 to 2008   30,000    300,000    450,000
(1) In June 2005, the Compensation Committee established a series of performance targets based on fiscal 2006 through 2008 revenues and earnings per share corresponding to award payouts ranging from 10% to 150% of the target awards. Participants will receive a payout at the average of the percentage levels corresponding to the results for the two targets, subject to the Committee’s discretion to reduce or eliminate any award based on Company or individual performance. Under the terms of the awards, on August 15, 2008 the Company would issue in the name of each participant a number of shares of Class B Stock with a value equal to the award payout based on the closing price of the Class B Stock on that date on the New York Stock Exchange, or pay all or part of that value in cash, at the election of the participant. The shares or cash will be 100% vested at that time. The Company’s performance in fiscal years 2004 to 2006 corresponded to an LTIP payout of 150% of the target awards for the performance period that ended on May 31, 2006.

 

(2) Consistent with the employment agreement between the Company and Mr. Perez, the Compensation Committee also set Long-Term Incentive Plan performance targets for Mr. Perez for (a) fiscal year 2006, and (b) for the two fiscal years 2006 to 2007. Upon Mr. Perez’s termination of employment, as part of his severance agreement the Compensation Committee agreed to pay two-thirds of the target award for fiscal 2006 at 150% of the target award. No payment was made to Mr. Perez with respect to the awards for performance periods 2006 to 2007, or 2006 to 2008, which awards expired upon his termination.

 

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