This excerpt taken from the URBN 8-K filed May 30, 2006.
Item 1.01. Entry Into Material Definitive Agreement
On May 23, 2006, Urban Outfitters, Inc. (the Company) established the annual compensation for its non-employee directors for the period from May 24, 2006 through the date of the 2007 Annual Meeting of Shareholders. Each non-employee director will be paid cash compensation of $100,000, payable in two equal installments on June 1, 2006 and February 1, 2007, and will be reimbursed for their expenses incurred in connection with their activities as directors. In addition, each non-employee director was granted 20,000 non-qualified stock options that will vest on May 23, 2007. Based upon a grant date fair value of $12.21 per option, the Company will recognize $674,311 and $301,079 of stock-based compensation expense for the fiscal years ending January 31, 2007 and January 31, 2008, respectively, related to these grants.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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