Walgreen Company 8-K 2009
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 23, 2009
(Exact name of registrant as specified in its charter)
Registrant’s telephone number, including area code:(847) 940-2500
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On December 23, 2009, the Board of Directors of Walgreen Co. (the “Company”) approved an amendment (the “Amendment”) to the Walgreen Co. Profit-Sharing Restoration Plan (the “Plan”). The Amendment is effective January 1, 2010 and eliminates the provisions of the Plan that provide for tax gross-up payments, which prior to the Amendment applied in certain limited circumstances.
In fiscal years 2008 and 2009, the following tax-gross up payments were made to named executive officers under the Plan (all of them under provisions being eliminated by the Amendment): Jeffrey A. Rein received a payment of $4,068 in fiscal year 2009; and George J. Riedl received a payment of $2,859 in fiscal year 2008.
For a general description of the Plan, please see page 23 of the Company’s 2009 proxy statement under the heading “Elements of Compensation—Retirement Plans and Programs.”
The aggregate payments under the Plan in fiscal years 2008 and 2009 by the Company to the current named executive officers were:
The Compensation Committee of the Company’s Board of Directors conducts a regular review of the Company’s executive compensation programs to ensure that the programs are designed to reward the achievement of annual and long-term Company performance goals and align executive interest with those of shareholders. Such regular reviews have and will continue to include an evaluation of the Company’s retirement programs and plans offered to the Company’s executives.
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.