þ | Annual Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
o | Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title | Exchanges on which Registered | |
Common Stock, $1.00 par value | New York and Chicago | |
Preferred Share Purchase Rights | New York and Chicago |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if smaller reporting company.) |
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Fiscal
Fiscal
Fiscal
Fiscal
Fiscal
2004
2005
2006
2007
2008
991
1,046
1,618
1,773
2,009
80
120
193
224
229
-0-
503
-0-
49
-0-
(25
)
(51
)
(38
)
(37
)
(63
)
1,046
1,618
1,773
2,009
2,175
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general economic, industry and weather conditions;
energy costs, which affect gasoline and home heating prices;
the level of consumer debt;
interest rates;
tax rates and policies;
war, terrorism and other hostilities; and
consumer confidence in future economic conditions.
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increased operational efficiencies of competitors;
competitive pricing strategies;
expansion by existing competitors;
entry by new competitors into markets in which we currently operate; and
adoption by existing retail competitors of innovative store formats or sales
methods.
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disruptions in the shipping and importation of imported products because of factors
such as:
raw material shortages, work stoppages, strikes and political unrest;
problems with oceanic shipping, including shipping container shortages;
increased customs inspections of import shipments or other factors causing
delays in shipments;
economic crises, international disputes and wars; and
increases in the cost of purchasing or shipping foreign merchandise resulting from:
denial by the United States of most favored nation trading status to or the
imposition of quotas or other restrictions on import from a foreign country from
which we purchase goods;
import duties, import quotas and other trade sanctions; and
increases in shipping rates.
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our ability to identify suitable markets and individual store sites within those
markets;
the competition for suitable store sites;
our ability to negotiate favorable lease terms for new stores and renewals
(including rent and other costs) with landlords;
our ability to obtain governmental and other third-party consents, permits and
licenses needed to construct and operate our stores;
the ability to build and remodel stores on schedule and at acceptable cost;
the availability of employees to staff new stores and our ability to hire, train,
motivate and retain store personnel;
the availability of adequate management and financial resources to manage an
increased number of stores;
our ability to adapt our distribution and other operational and management systems
to an expanded network of stores; and
our ability to attract customers and generate sales sufficient to operate new
stores profitably.
the timing of new store openings and renewals;
the amount of net sales contributed by new and existing stores;
the timing of certain holidays and sales events;
changes in our merchandise mix;
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general economic, industry and weather conditions that affect consumer spending;
and
actions of competitors, including promotional activity.
competition;
timing of holidays including sales tax holidays;
general regional and national economic conditions;
inclement weather;
consumer trends, such as less disposable income due the impact of higher gasoline
prices;
changes in our merchandise mix;
our ability to distribute merchandise efficiently to our stores;
timing and type of sales events, promotional activities or other advertising;
new merchandise introductions; and
our ability to execute our business strategy effectively.
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22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
High
Low
$
42.60
$
37.33
43.72
25.50
38.73
26.05
42.15
35.46
High
Low
$
51.30
$
34.57
54.15
47.09
52.06
41.00
45.67
24.98
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(c) Total
(d) Maximum
Number of
Number (or
Shares (or
Approximate
Units)
Dollar Value) of
(a) Total of
Purchased as
Shares (or Units)
Number of
(b) Average
Part of Publicly
that May Yet Be
Shares (or
Price Paid
Announced
Purchased
Units)
per Share (or
Plans or
Under the Plans
Period
Purchased
(1)
Unit)
Programs
or Programs
104
$
42.10
-0-
$
-0-
244
$
33.28
-0-
$
-0-
-0-
-0-
-0-
$
-0-
(1)
These shares represent shares withheld from vested restricted stock to satisfy the minimum
withholding requirement for federal taxes.
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Financial Summary
In Thousands except per common share data,
Fiscal Year End
financial statistics and other data
2008
2007
2006
2005
2004
$
1,502,119
$
1,460,478
$
1,283,876
$
1,112,681
$
837,379
45,114
40,306
34,622
31,266
24,607
45,161
121,045
112,827
88,064
51,649
32,735
111,118
102,470
77,102
44,360
8,488
68,247
62,626
48,460
29,025
(1,603
)
(601
)
60
(211
)
(888
)
$
6,885
$
67,646
$
62,686
$
48,249
$
28,137
$
.37
$
3.00
$
2.73
$
2.19
$
1.32
.36
2.61
2.38
1.92
1.24
(.07
)
(.02
)
.01
(.01
)
(.04
)
(.07
)
(.02
)
.00
(.01
)
(.04
)
.30
2.98
2.74
2.18
1.28
.29
2.59
2.38
1.91
1.20
$
804,556
$
729,373
$
686,118
$
635,571
$
448,313
155,220
109,250
106,250
161,250
86,250
5,338
6,602
6,695
7,474
7,580
416,077
398,624
342,056
264,591
204,665
80,662
73,287
56,946
39,480
22,540
3.0
%
8.3
%
8.8
%
7.9
%
6.2
%
$
18.25
$
17.53
$
14.71
$
11.79
$
9.42
$
238,093
$
200,330
$
184,986
$
176,245
$
197,569
2.6
2.5
2.2
2.4
3.4
26.9
%
21.2
%
23.4
%
37.2
%
28.9
%
2,175
2,009
1,773
1,618
1,046
13,950
12,750
11,100
9,600
6,200
*
Includes 49 Hat Shack stores in Fiscal 2007 acquired January 11, 2007, 486 Hat World stores in
Fiscal 2005 acquired April 1, 2004 and 17 Cap Connection stores in Fiscal 2005 acquired July
1, 2004. See Note 2 to the Consolidated Financial Statements.
**
Includes the addition of over 2,800 Hat World employees in Fiscal 2005 due to the acquisition.
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Fiscal Year Ended
%
2008
2007
Change
(dollars in thousands)
$
713,366
$
696,889
2.4
%
$
51,097
$
83,835
(39.1
)%
7.2
%
12.0
%
Fiscal Year Ended
%
2008
2007
Change
(dollars in thousands)
$
124,002
$
155,069
(20.0
)%
$
(7,710
)
$
3,844
NM
(6.2
)%
2.5
%
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Fiscal Year Ended
%
2008
2007
Change
(dollars in thousands)
$
378,913
$
342,641
10.6
%
$
31,987
$
41,359
(22.7
)%
8.4
%
12.1
%
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Fiscal Year Ended
%
2008
2007
Change
(dollars in thousands)
$
192,487
$
186,979
2.9
%
$
19,807
$
15,337
29.1
%
10.3
%
8.2
%
Fiscal Year Ended
%
2008
2007
Change
(dollars in thousands)
$
92,706
$
78,422
18.2
%
$
10,976
$
6,777
62.0
%
11.8
%
8.6
%
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Fiscal Year Ended
%
2007
2006
Change
(dollars in thousands)
$
696,889
$
593,516
17.4
%
$
83,835
$
73,346
14.3
%
12.0
%
12.4
%
Fiscal Year Ended
%
2007
2006
Change
(dollars in thousands)
$
155,069
$
164,054
(5.5
)%
$
3,844
$
10,890
(64.7
)%
2.5
%
6.6
%
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Fiscal Year Ended
%
2007
2006
Change
(dollars in thousands)
$
342,641
$
297,271
15.3
%
$
41,359
$
40,133
3.1
%
12.1
%
13.5
%
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Fiscal Year Ended
%
2007
2006
Change
(dollars in thousands)
$
186,979
$
170,015
10.0
%
$
15,337
$
10,396
47.5
%
8.2
%
6.1
%
Fiscal Year Ended
%
2007
2006
Change
(dollars in thousands)
$
78,422
$
58,730
33.5
%
$
6,777
$
4,167
62.6
%
8.6
%
7.1
%
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Feb. 2,
Feb. 3,
Jan. 28,
2008
2007
2006
(dollars in millions)
$
17.7
$
16.7
$
60.5
$
238.1
$
200.3
$
185.0
$
155.2
$
109.3
$
106.3
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Fiscal Year Ended
2008
2007
2006
(in thousands)
$
(430
)
$
(9,068
)
$
8,744
(923
)
(11,962
)
17,357
$
(1,353
)
$
(21,030
)
$
26,101
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Payments Due by Period
More
Less than 1
1-3
3-5
than 5
(in thousands)
Total
year
years
years
years
$
155,220
$
-0-
$
-0-
$
69,000
$
86,220
55,143
3,557
7,114
7,114
37,358
407
176
192
17
22
1,092,348
159,004
299,636
247,724
385,984
204,127
204,127
-0-
-0-
-0-
1,520
201
401
382
536
$
1,508,765
$
367,065
$
307,343
$
324,237
$
510,120
Amount of Commitment Expiration Per Period
More
Total Amounts
Less than 1
1-3
3-5
than 5
(in thousands)
Committed
year
years
years
years
$
9,052
$
9,052
$
-0-
$
-0-
$
-0-
$
9,052
$
9,052
$
-0-
$
-0-
$
-0-
(1)
Includes interest to maturity on the $86.2 million 4 1/8% subordinated convertible
debentures due June 2023. Excludes interest on revolver borrowings since the line of credit
is subject to almost daily repayment or borrowing activity and as such does not readily lend
itself to computing anticipated interest expense.
(2)
Open purchase orders for inventory.
(3)
Excludes FIN 48 liabilities of $4.9 million due to their uncertain nature in timing of
payments.
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Page
50
51
52
54
55
56
57
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Genesco Inc.
March 31, 2008
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Genesco Inc.
/s/ Ernst & Young LLP
March 31, 2008
Table of Contents
and Subsidiaries
In Thousands, except share amounts
As of Fiscal Year End
2008
2007
$
17,703
$
16,739
24,275
24,084
300,548
261,037
18,702
12,940
22,439
20,266
383,667
335,066
4,861
4,861
17,165
17,445
76,700
72,404
93,703
82,542
9,120
12,005
263,184
222,493
464,733
411,750
(217,492
)
(189,416
)
247,241
222,334
2,641
-0-
107,618
107,651
51,403
51,361
1,486
2,816
10,500
10,145
$
804,556
$
729,373
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and Subsidiaries
Consolidated Balance Sheets
In Thousands, except share amounts
As of Fiscal Year End
2008
2007
$
75,302
$
65,083
13,715
21,954
10,576
9,829
4,725
7,845
35,470
25,570
5,786
4,455
145,574
134,736
155,220
109,250
6,572
14,306
74,067
64,245
1,708
1,610
383,141
324,147
5,338
6,602
23,285
23,230
117,629
107,956
309,030
306,622
(16,010
)
(21,327
)
(17,857
)
(17,857
)
421,415
405,226
$
804,556
$
729,373
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and Subsidiaries
In Thousands, except per share amounts
Fiscal Year
2008
2007
2006
$
1,502,119
$
1,460,478
$
1,283,876
750,904
729,643
631,469
696,352
608,685
537,327
9,702
1,105
2,253
45,161
121,045
112,827
12,570
10,488
11,482
(144
)
(561
)
(1,125
)
12,426
9,927
10,357
32,735
111,118
102,470
24,247
42,871
39,844
8,488
68,247
62,626
(1,603
)
(601
)
60
$
6,885
$
67,646
$
62,686
$
.37
$
3.00
$
2.73
$
(.07
)
$
(.02
)
$
.01
$
.30
$
2.98
$
2.74
$
.36
$
2.61
$
2.38
$
(.07
)
$
(.02
)
$
.00
$
.29
$
2.59
$
2.38
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and Subsidiaries
In Thousands
Fiscal Year
2008
2007
2006
$
6,885
$
67,646
$
62,686
(694
)
(2,405
)
3,850
45,114
40,306
34,622
(12,683
)
(6,129
)
(5,065
)
137
274
29
8,722
1,921
376
7,851
7,413
972
2,633
988
(98
)
2,643
1,509
5,462
(349
)
(3,080
)
(3,294
)
(39,511
)
(28,357
)
(23,452
)
(2,174
)
1,593
(2,220
)
(430
)
(9,068
)
8,744
(923
)
(11,962
)
17,357
6,722
9,917
5,032
23,943
70,566
105,001
(80,662
)
(73,287
)
(56,946
)
(34
)
(16,569
)
-0-
6
6
21
(80,690
)
(89,850
)
(56,925
)
-0-
(21,600
)
(55,000
)
(210
)
(4
)
(358
)
365,000
262,000
1,000
(319,000
)
(239,000
)
(1,000
)
694
2,405
-0-
-0-
(32,088
)
-0-
10,649
(1,477
)
(414
)
(217
)
(256
)
(273
)
795
6,779
8,352
-0-
(1,187
)
-0-
57,711
(24,428
)
(47,693
)
964
(43,712
)
383
16,739
60,451
60,068
$
17,703
$
16,739
$
60,451
$
11,448
$
9,730
$
10,368
37,560
51,053
32,510
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and Subsidiaries
Total
Accumulated
Total
Non-Redeemable
Additional
Other
Share-
Preferred
Common
Paid-In
Retained
Comprehensive
Treasury
Comprehensive
holders
Stock
Stock
Capital
Earnings
Loss
Stock
Income
Equity
$
7,474
$
22,926
$
109,005
$
176,819
$
(26,302
)
$
(17,857
)
$
272,065
-0-
-0-
-0-
62,686
-0-
-0-
$
62,686
62,686
-0-
-0-
-0-
(273
)
-0-
-0-
-0-
(273
)
-0-
547
8,297
-0-
-0-
-0-
-0-
8,844
-0-
229
400
-0-
-0-
-0-
-0-
629
-0-
25
483
-0-
-0-
-0-
-0-
508
-0-
-0-
3,850
-0-
-0-
-0-
-0-
3,850
(723
)
11
712
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
(1,047
)
-0-
(1,047
)
(1,047
)
-0-
-0-
-0-
-0-
61
-0-
61
61
-0-
-0-
-0-
-0-
1,084
-0-
1,084
1,084
(56
)
10
390
-0-
-0-
-0-
-0-
344
$
62,784
6,695
23,748
123,137
239,232
(26,204
)
(17,857
)
348,751
-0-
-0-
-0-
67,646
-0-
-0-
$
67,646
67,646
-0-
-0-
-0-
(256
)
-0-
-0-
-0-
(256
)
-0-
357
6,101
-0-
-0-
-0-
-0-
6,458
-0-
10
311
-0-
-0-
-0-
-0-
321
-0-
(1,062
)
(31,026
)
-0-
-0-
-0-
-0-
(32,088
)
-0-
182
3,164
-0-
-0-
-0-
-0-
3,346
-0-
-0-
4,067
-0-
-0-
-0-
-0-
4,067
-0-
-0-
2,405
-0-
-0-
-0-
-0-
2,405
-0-
-0-
-0-
-0-
848
-0-
848
848
-0-
-0-
-0-
-0-
(218
)
-0-
(218
)
(218
)
-0-
-0-
-0-
-0-
5,094
-0-
5,094
5,094
-0-
-0-
-0-
-0-
(802
)
-0-
-0-
(802
)
-0-
-0-
-0-
-0-
(45
)
-0-
(45
)
(45
)
(93
)
(5
)
(203
)
-0-
-0-
-0-
-0-
(301
)
$
73,325
6,602
23,230
107,956
306,622
(21,327
)
(17,857
)
405,226
-0-
-0-
-0-
(4,260
)
-0-
-0-
$
-0-
(4,260
)
-0-
-0-
-0-
6,885
-0-
-0-
6,885
6,885
-0-
-0-
-0-
(217
)
-0-
-0-
-0-
(217
)
-0-
33
551
-0-
-0-
-0-
-0-
584
-0-
5
206
-0-
-0-
-0-
-0-
211
-0-
-0-
4,621
-0-
-0-
-0-
-0-
4,621
-0-
-0-
3,230
-0-
-0-
-0-
-0-
3,230
-0-
(19
)
(887
)
-0-
-0-
-0-
-0-
(906
)
-0-
-0-
694
-0-
-0-
-0-
-0-
694
(533
)
11
522
-0-
-0-
-0-
-0-
-0-
(561
)
9
552
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
-0-
37
-0-
37
37
-0-
-0-
-0-
-0-
4,131
-0-
4,131
4,131
-0-
-0-
-0-
-0-
644
-0-
644
644
-0-
-0-
-0-
-0-
505
-0-
505
505
(170
)
16
184
-0-
-0-
-0-
-0-
30
$
12,202
$
5,338
$
23,285
$
117,629
$
309,030
$
(16,010
)
$
(17,857
)
$
421,415
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Table of Contents
and Subsidiaries
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
20-45 years
3-10 years
10 years
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Fair Values
In thousands
2008
2007
Carrying
Fair
Carrying
Fair
Amount
Value
Amount
Value
$
86,220
$
115,489
$
86,250
$
163,634
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Summary of Significant Accounting Policies, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Acquisition
Restructuring and Other Charges and Discontinued Operations
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Restructuring and Other Charges and Discontinued Operations, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Restructuring and Other Charges and Discontinued Operations, Continued
Facility
Shutdown
In thousands
Costs
Other
Total
$
5,710
$
3
$
5,713
988
-0-
988
(633
)
(3
)
(636
)
6,065
-0-
6,065
2,633
-0-
2,633
(1,204
)
-0-
(1,204
)
7,494
-0-
7,494
5,786
-0-
5,786
$
1,708
$
-0-
$
1,708
*
Includes a $7.8 million environmental provision, including $5.7 million in current provision, for
discontinued operations.
Inventories
February 2,
February 3,
In thousands
2008
2007
$
204
$
212
31,081
29,272
269,263
231,553
$
300,548
$
261,037
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Derivative Instruments and Hedging Activities
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Long-Term Debt
In thousands
2008
2007
$
86,220
$
86,250
69,000
23,000
155,220
109,250
-0-
-0-
$
155,220
$
109,250
On December 1, 2006, the Company entered into an Amended and Restated Credit Agreement (the
Credit Facility) by and among the Company, certain subsidiaries of the Company party thereto,
as other borrowers, the lenders party thereto and Bank of America, N.A., as administrative agent.
The Credit Facility replaced the Companys $105.0 million revolving credit facility.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Long-Term Debt, Continued
a base rate generally defined as the sum of the prime rate of Bank of America, N.A. and an
applicable margin.
a LIBO rate generally defined as the sum of LIBOR (as quoted on the British Banking
Association Telerate Page 3750) and an applicable margin.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Long-Term Debt, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Long-Term Debt, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Commitments Under Long-Term Leases
In thousands
2008
2007
2006
$
145,763
$
126,833
$
110,028
4,221
5,320
4,668
(806
)
(744
)
(768
)
$
149,178
$
131,409
$
113,928
Fiscal Years
In Thousands
$
159,004
155,317
144,319
130,019
117,705
385,984
$
1,092,348
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Shareholders Equity
Non-Redeemable Preferred Stock
Common
Shares
Number of Shares
Amounts in Thousands
Convertible
No. of
Class (In order of preference)*
Authorized
2008
2007
2006
2008
2007
2006
Ratio
Votes
(Cumulative)
3,000,000
**
N/A
N/A
64,368
33,658
36,045
36,295
$
1,346
$
1,442
$
1,452
.83
1
40,449
12,326
17,660
17,660
1,233
1,766
1,766
2.11
2
53,764
3,579
9,184
9,184
358
918
918
1.52
1
800,000
-0-
-0-
-0-
-0-
-0-
-0-
100
Cumulative Preferred
5,000,000
30,017
30,017
30,017
900
900
901
1
79,580
92,906
93,156
3,837
5,026
5,037
5,000,000
54,825
58,328
61,403
1,645
1,750
1,842
1.00
***
1
Stated Value of Issued Shares
5,482
6,776
6,879
(144
)
(174
)
(184
)
$
5,338
$
6,602
$
6,695
*
In order of preference for liquidation and dividends.
**
The Companys charter permits the board of directors to issue Subordinated Serial
Preferred Stock in as many series, each with as many shares and such rights and
preferences as the board may designate.
***
Also convertible into one share of $1.50 Subordinated Cumulative Preferred Stock.
Employees
Non-Redeemable
Preferred
Total
Non-Redeemable
Employees
Stock
Non-Redeemable
Preferred
Preferred
Purchase
Preferred
In thousands
Stock
Stock
Accounts
Stock
$
5,772
$
1,891
$
(189
)
$
7,474
(723
)
-0-
-0-
(723
)
(12
)
(49
)
5
(56
)
5,037
1,842
(184
)
6,695
(11
)
(92
)
10
(93
)
5,026
1,750
(174
)
6,602
(533
)
-0-
-0-
(533
)
(561
)
-0-
-0-
(561
)
(95
)
(105
)
30
(170
)
$
3,837
$
1,645
$
(144
)
$
5,338
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Shareholders Equity, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Shareholders Equity, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Non-
Redeemable
Employees
Common
Preferred
Preferred
Stock
Stock
Stock
22,925,857
100,709
63,031
547,350
-0-
-0-
228,594
-0-
-0-
24,978
-0-
-0-
10,985
(7,228
)
-0-
10,370
(325
)
(1,628
)
23,748,134
93,156
61,403
357,423
-0-
-0-
166,769
-0-
-0-
9,787
-0-
-0-
(1,062,400
)
-0-
-0-
10,745
(250
)
(3,075
)
23,230,458
92,906
58,328
32,751
-0-
-0-
3,547
-0-
-0-
4,813
-0-
-0-
11,251
(5,334
)
-0-
8,519
(5,605
)
-0-
(6,598
)
(2,387
)
(3,503
)
23,284,741
79,580
54,825
488,464
-0-
-0-
22,796,277
79,580
54,825
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
In thousands
2008
$
8,175
(3,370
)
414
(247
)
(73
)
$
4,899
Unrecognized tax benefits were approximately $4.9 million and $8.2 million as of
February 2, 2008 and February 4, 2007, respectively. Included in the unrecognized tax
benefit balance was $4.9 million of tax positions on both
February 2, 2008 and February 4,
2007 which if recognized would impact the annual effective tax rate.
The decrease in the
unrecognized tax benefit balance from February 4, 2007 to February 2, 2008, was due to
the resolution of a state audit and the IRS approving of the
Companys filing of an application for change in accounting
method. Upon approval, the Company reclassified approximately $3.4
million between unrecognized tax benefits and deferred taxes. The Company believes that it is reasonably possible that an
increase of up to $0.4 million in unrecognized tax benefits related to state exposures may
be necessary within the coming year. In addition, the Company believes that it is
reasonably possible that approximately $0.3 million of its currently remaining unrecognized
tax positions, each of which are individually insignificant, may be recognized by the end
of Fiscal 2009 as a result of a lapse of the statute of limitations.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
The Company recognizes interest expense and penalties related to the above unrecognized
tax benefits within income tax expense on the Consolidated Statements of Earnings. Related
to the uncertain tax benefits noted above, the Company accrued interest and penalties of
approximately $0.5 million and $4,000, respectively, during Fiscal 2008. The Company
recognized a liability for accrued interest and penalities of $1.3 million and $0.7
million, respectively, as of February 2, 2008 included in deferred rent and other long-term
liabilities on the Consolidated Balance Sheets.
The Company and its subsidiaries file income tax returns in federal and in many state
and local jurisdictions as well as foreign jurisdictions. With a few exceptions, the
Companys U.S. federal and state and local income tax returns for tax years 2004 and beyond
remain subject to examination. In addition, the Company has subsidiaries in various
foreign jurisdictions that have statutes of limitation generally ranging from 3 to 6 years.
In thousands
2008
2007
2006
$
30,625
$
41,455
$
38,486
1,351
1,110
231
4,954
6,435
6,192
36,930
49,000
44,909
(10,732
)
(4,865
)
(4,429
)
(230
)
(116
)
(57
)
(1,721
)
(1,148
)
(579
)
(12,683
)
(6,129
)
(5,065
)
$
24,247
$
42,871
$
39,844
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
February 2,
February 3,
In thousands
2008
2007
$
(20,575
)
$
(21,064
)
(7,854
)
(5,841
)
(28,429
)
(26,905
)
1,568
821
6,739
7,656
1,078
4,545
6,758
6,409
4,006
2,819
14,296
6,090
401
636
5,969
2,114
1,446
1,010
303
198
7,208
4,566
49,772
36,864
$
21,343
$
9,959
2008
2007
$
18,702
$
12,940
2,641
(2,981
)
$
21,343
$
9,959
* Included in Deferred rent and other long-term liabilities on the Consolidated Balance Sheets
for Fiscal 2007.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
2008
2007
2006
35.00
%
35.00
%
35.00
%
6.05
3.09
3.56
29.74
.00
.00
3.28
.49
.32
74.07
%
38.58
%
38.88
%
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Table of Contents
Notes to Consolidated Financial Statements
Pension Benefits
Other Benefits
In thousands
2008
2007
2008
2007
$
117,279
$
121,943
$
3,951
$
3,927
250
250
123
216
6,451
6,423
159
200
-0-
51
-0-
-0-
-0-
-0-
144
158
(8,792
)
(9,246
)
(339
)
(351
)
(1,198
)
(2,142
)
(965
)
(199
)
$
113,990
$
117,279
$
3,073
$
3,951
Pension Benefits
Other Benefits
In thousands
2008
2007
2008
2007
$
102,973
$
98,721
$
-0-
$
-0-
9,237
9,498
-0-
-0-
4,000
4,000
195
193
-0-
-0-
144
158
(8,792
)
(9,246
)
(339
)
(351
)
$
107,418
$
102,973
-0-
$
-0-
$
6,572
$
14,306
$
3,073
$
3,951
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Pension Benefits
Other Benefits
In thousands
2008
2007
2008
2007
$
-0-
$
-0-
$
-0-
$
-0-
-0-
-0-
291
280
6,572
14,306
2,782
3,671
$
6,572
$
14,306
$
3,073
$
3,951
Pension Benefits
Other Benefits
In thousands
2008
2007
2008
2007
$
42
$
51
$
-0-
$
-0-
27,549
34,377
259
1,317
$
27,591
$
34,428
$
259
$
1,317
December 31
Pension Benefits
2007
2006
$
113,990
$
117,279
113,990
117,279
107,418
102,973
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Pension Benefits
Other Benefits
In thousands
2008
2007
2006
2008
2007
2006
$
250
$
250
$
250
$
123
$
216
$
205
6,451
6,423
6,639
159
200
197
(8,024
)
(7,779
)
(7,702
)
-0-
-0-
-0-
8
-0-
-0-
-0-
-0-
-0-
4,418
4,480
4,502
93
87
83
4,426
4,480
4,502
93
87
83
$
3,103
$
3,374
$
3,689
$
375
$
503
$
485
Pension Benefits
Other Benefits
In thousands
2008
2008
$
(2,411
)
$
(93
)
(8
)
-0-
(4,418
)
(965
)
$
(6,837
)
$
(1,058
)
$
(3,734
)
$
(683
)
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Pension Benefits
Other Benefits
2008
2007
2008
2007
5.875
%
5.75
%
5.875
%
5.75
%
NA
NA
12-31-2007
12-31-2006
2-2-2008
2-3-2007
Pension Benefits
Other Benefits
2008
2007
2006
2008
2007
2006
5.75
%
5.50
%
5.75
%
5.75
%
5.50
%
5.75
%
8.25
%
8.25
%
8.25
%
NA
NA
NA
2008
2007
9
%
9
%
5
%
5
%
2012
2011
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued
1% Increase
1% Decrease
(In thousands)
in Rates
in Rates
$
48
$
31
$
298
$
251
Plan Assets
at December 31
2007
2006
63
%
65
%
36
%
34
%
1
%
1
%
100
%
100
%
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued
Pension
Other
Benefits
benefits
Estimated future payments
($in millions)
($in millions)
$
10.0
$
0.3
9.6
0.3
9.2
0.3
9.1
0.3
8.8
0.2
41.6
1.0
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Defined Benefit Pension Plans and Other Postretirement Benefit Plans, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Earnings Per Share
For the Year Ended
For the Year Ended
For the Year Ended
February 2, 2008
February 3, 2007
January 28, 2006
(In thousands, except
Income
Shares
Per-Share
Income
Shares
Per-Share
Income
Shares
Per-Share
per share amounts)
(Numerator)
(Denominator)
Amount
(Numerator)
(Denominator)
Amount
(Numerator)
(Denominator)
Amount
$
8,488
$
68,247
$
62,626
(217
)
(256
)
(273
)
8,271
22,441
$
0.37
67,991
22,646
$
3.00
62,353
22,804
$
2.73
486
396
463
-0-
-0-
167
67
84
37
-0-
-0-
2,415
3,899
2,467
3,899
57
60
62
$
8,271
22,984
$
0.36
$
70,573
27,068
$
2.61
$
64,904
27,265
$
2.38
(1)
The amount of the dividend on the convertible preferred stock per common share obtainable
on conversion of the convertible preferred stock is higher than basic earnings per share
for Series 4 for all periods presented, Series 3 for Fiscal 2008 and Series 1 for Fiscal
2006 and 2008. Therefore, conversion of Series 4 convertible preferred stock is not
reflected in diluted earnings per share for all periods presented, Series 3 in Fiscal 2008
and Series 1 in Fiscal 2006 and 2008, because it would have been antidilutive. The amount
of the dividend on Series 3 convertible preferred stock per common share obtainable on
conversion of the convertible preferred stock was less than basic earnings per share for
Fiscal 2006 and 2007. Therefore, conversion of Series 3 preferred shares were included in
diluted earnings per share for Fiscal 2006 and 2007. The amount of the dividend on Series
1 convertible preferred stock per common share obtainable on conversion of the convertible
preferred stock was less than basic earnings per share for Fiscal 2007. Therefore,
conversion of Series 1 preferred shares were included in diluted earnings per share for
Fiscal 2007. The shares convertible to common stock for Series 1, 3 and 4 preferred stock
would have been 28,047 and 25,949 and 5,423, respectively, as of February 2, 2008.
(2)
The amount of the interest on the convertible subordinated debentures for Fiscal 2008 per
common share obtainable on conversion is higher than basic earnings per share, therefore
the convertible debentures are not reflected in diluted earnings per share because it is
antidilutive.
(3)
The Companys Employees Subordinated Convertible Preferred Stock is convertible one for
one to the Companys common stock. Because there are no dividends paid on this stock,
these shares are assumed to be converted.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Earnings Per Share, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Fiscal Year
(In thousands, except per share amounts)
2006
$
62,686
648
(3,699
)
$
59,635
$
2.74
$
2.60
$
2.38
$
2.27
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Fiscal Years
2008
2007
2006
35.3
%
42.4
%
41.5
%
4.7
%
4.6
%
4.4
%
4.7
4.8
5.2
0.0
%
0.0
%
0.0
%
Weighted-Average
Aggregate Intrinsic
Weighted-Average
Remaining
Value (in
Shares
Exercise Price
Contractual Term
thousands)
(1)
1,894,099
$
18.70
80,973
36.51
(510,586
)
15.36
-0-
1,464,486
$
20.84
110,632
38.13
(357,423
)
18.07
(56,909
)
22.68
1,160,786
$
23.25
2,351
42.82
(32,751
)
17.83
(712
)
38.14
1,129,674
$
23.44
6.09
$
12,104
880,425
$
21.26
5.67
$
11,001
(1)
Based upon the difference between the closing market price of the Companys common stock on
the last trading day of the year and the grant price of in-the-money options.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Weighted-Average
Grant-Date
Nonvested Shares
Shares
Fair Value
520,474
$
14.38
2,351
16.28
(272,864
)
13.41
(712
)
13.69
249,249
$
15.45
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Weighted-Average
Grant-Date
Nonvested Shares
Shares
Fair Value
228,594
$
36.46
228,594
36.46
166,769
38.13
(21,607
)
36.51
(7,948
)
36.51
(4,011
)
36.40
361,797
37.23
3,547
42.82
(51,720
)
37.46
(19,397
)
37.47
(976
)
38.14
293,251
$
37.23
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Share-Based Compensation Plans, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Terminated Merger Agreement
Legal Proceedings
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
UBS Securities LLC and UBS Loan Finance LLC v. Genesco Inc., et al.
On June 18, 2007, the Company announced that the boards of directors of Genesco and The Finish Line
had unanimously approved a definitive merger agreement under which The Finish Line would acquire
all of the outstanding common shares of Genesco at $54.50 per share in cash. On September 21,
2007, the Company filed suit against The Finish Line, Inc. in Chancery Court in Nashville,
Tennessee seeking a court order requiring The Finish Line to consummate the merger with the Company
(the Tennessee Action). On September 28, 2007, The Finish Line filed an answer and counterclaim
seeking a declaratory judgment as to whether a Company Material Adverse Effect had occurred under
the merger agreement. The Finish Line also filed a third-party claim against UBS Securities LLC and
UBS Finance LLC (collectively, UBS), who provided The Finish Line with a commitment letter with
respect to the financing for the merger transaction. On October 10, 2007, The Finish Line
voluntarily dismissed its claims against UBS, and UBS filed a Motion to Intervene as a defendant in
the case and an answer to the Companys complaint. On November 13, 2007, the Company amended its
complaint to add an alternative claim for damages. On November 15, 2007, The Finish Line filed an
answer to the amended complaint asserting that a Company Material
Adverse Effect had occurred under
the merger agreement and asserting a counterclaim against the Company for intentional or negligent
misrepresentation in connection with the merger agreement.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
On November 21, 2007, the Company received a grand jury subpoena from the Office of the U.S.
Attorney for the Southern District of New York for documents relating to the Companys negotiations
and merger agreement with The Finish Line. The subpoena states that the documents are sought in
connection with alleged violations of federal fraud statutes. The Company is cooperating fully with
the U.S. Attorneys Office and producing documents pursuant to the subpoena.
On December 5, 2007, a class action complaint alleging violations of the federal securities laws on
behalf of all purchasers of the Companys common stock between April 20, 2007 and November 26, 2007
was filed against the Company and four of its officers in the U.S. District Court for the Middle
District of Tennessee. The complaint alleges that the defendants violated federal securities laws
by making false and misleading statements about the Companys business during that period. It seeks
unspecified damages and interest, costs and attorneys fees and other relief. The Company does not
believe there is any merit to the allegations and intends to defend these claims vigorously.
On December 13, 2007, a second class action complaint alleging violations of the federal securities
laws on behalf of all purchasers of the Companys common stock between April 20, 2007 and November
26, 2007 was filed against the Company and three of its officers in the U.S. District Court for the
Middle District of Tennessee. The Complaint alleges that the defendants violated federal
securities laws by failing to disclose material adverse facts about the Companys financial well
being and prospects during the class period. The complaint seeks unspecified damages and interest,
costs and attorneys fees and other relief. The Company does not believe there is any merit to the
allegations and intends to defend these claims vigorously. On January 22, 2008, the U.S. District
Court entered a stipulation and Order consolidating the
Koshti
case with the
Roeglin
case.
On December 11, 2007, a class action complaint alleging violations of the federal securities laws
on behalf of all purchasers of the Companys common stock between May 31, 2007 and November 16,
2007 was filed against the Company and one of its officers in the U.S. District Court for the
Southern District of New York. The complaint alleged that the defendants violated federal
securities laws by making false and misleading statements about the Companys business during that
period. It sought unspecified damages and interest, costs and attorneys fees and other relief. On
February 5, 2008, the plaintiff filed a Stipulation and Order of Discontinuance Without Prejudice
dismissing the case in light of the earlier filed cases in Tennessee.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
On April 24, 2007, a putative class action, Maxine Phillips, on Behalf of Herself and All Others
Similarly Situated vs. Genesco Inc., et al., was filed in the Tennessee Chancery Court in
Nashville. The original complaint alleged, among other things, that the individual defendants
(officers and directors of the Company) refused to consider properly the proposal by Foot Locker,
Inc. to acquire the Company. The complaint sought class certification, a declaration that
defendants have breached their fiduciary and other duties, an order requiring defendants to
implement a process to obtain the highest possible price for shareholders shares, and an award of
costs and attorneys fees. The defendants have not filed a response to the complaint as of the date
of this report. Following the execution of the merger agreement with The Finish Line, Inc., the
plaintiff filed an amended complaint alleging breach of fiduciary duties by the individual
defendants in connection with the board of directors approval of the merger agreement and the
disclosures made in the preliminary proxy statement related to the merger and seeking injunctive
relief. The Company and the individual defendants reached an agreement with plaintiff under which
the Company agreed to include certain additional disclosures in its definitive proxy statement
related to the merger that was filed on August 13, 2007. The parties executed a Memorandum of
Understanding to formalize the settlement on September 10, 2007. Under the terms of the Memorandum,
the Company agreed to pay $450,000 in attorneys fees and expenses if the settlement and payment of
fees were approved by the Court and certain other conditions, including the consummation of the
merger with The Finish Line, were to occur.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Legal Proceedings, Continued
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Business Segment Information
Underground
Johnston
Journeys
Station
Hat World
& Murphy
Licensed
Corporate
In thousands
Group
Group
Group
Group
Brands
& Other
Consolidated
$
713,366
$
124,002
$
378,913
$
192,487
$
93,064
$
645
$
1,502,477
-0-
-0-
-0-
-0-
(358
)
-0-
(358
)
$
713,366
$
124,002
$
378,913
$
192,487
$
92,706
$
645
$
1,502,119
$
51,097
$
(7,710
)
$
31,987
$
19,807
$
10,976
$
(51,294
)
$
54,863
-0-
-0-
-0-
-0-
-0-
(9,702
)
(9,702
)
51,097
(7,710
)
31,987
19,807
10,976
(60,996
)
45,161
-0-
-0-
-0-
-0-
-0-
(12,570
)
(12,570
)
-0-
-0-
-0-
-0-
-0-
144
144
$
51,097
$
(7,710
)
$
31,987
$
19,807
$
10,976
$
(73,422
)
$
32,735
$
257,327
$
45,734
$
299,820
$
71,574
$
24,774
$
105,327
$
804,556
18,985
4,017
13,277
3,270
80
5,485
45,114
41,635
1,701
27,121
6,376
106
3,723
80,662
*
Total assets for Hat World Group include $107.6 million goodwill.
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Business Segment Information, Continued
Underground
Johnston
Journeys
Station
Hat World
& Murphy
Licensed
Corporate
In thousands
Group
Group
Group
Group
Brands
& Other
Consolidated
$
696,889
$
155,069
$
342,641
$
186,979
$
79,158
$
478
$
1,461,214
-0-
-0-
-0-
-0-
(736
)
-0-
(736
)
$
696,889
$
155,069
$
342,641
$
186,979
$
78,422
$
478
$
1,460,478
$
83,835
$
3,844
$
41,359
$
15,337
$
6,777
$
(29,002
)
$
122,150
-0-
-0-
-0-
-0-
-0-
(1,105
)
(1,105
)
83,835
3,844
41,359
15,337
6,777
(30,107
)
121,045
-0-
-0-
-0-
-0-
-0-
(10,488
)
(10,488
)
-0-
-0-
-0-
-0-
-0-
561
561
$
83,835
$
3,844
$
41,359
$
15,337
$
6,777
$
(40,034
)
$
111,118
$
204,218
$
56,385
$
282,989
$
67,732
$
22,290
$
95,759
$
729,373
16,294
4,604
10,705
2,957
62
5,684
40,306
33,250
4,723
23,722
6,255
85
5,252
73,287
Underground
Johnston
Journeys
Station
Hat World
& Murphy
Licensed
Corporate
In thousands
Group
Group
Group
Group
Brands
& Other
Consolidated
$
593,516
$
164,054
$
297,271
$
170,015
$
59,194
$
290
$
1,284,340
-0-
-0-
-0-
-0-
(464
)
-0-
(464
)
$
593,516
$
164,054
$
297,271
$
170,015
$
58,730
$
290
$
1,283,876
$
73,346
$
10,890
$
40,133
$
10,396
$
4,167
$
(23,852
)
$
115,080
-0-
-0-
-0-
-0-
-0-
(2,253
)
(2,253
)
73,346
10,890
40,133
10,396
4,167
(26,105
)
112,827
-0-
-0-
-0-
-0-
-0-
(11,482
)
(11,482
)
-0-
-0-
-0-
-0-
-0-
1,125
1,125
$
73,346
$
10,890
$
40,133
$
10,396
$
4,167
$
(36,462
)
$
102,470
$
166,890
$
57,180
$
244,186
$
60,978
$
23,207
$
133,677
$
686,118
13,213
4,057
9,173
2,833
47
5,299
34,622
24,292
6,913
21,126
2,443
132
2,040
56,946
Table of Contents
and Subsidiaries
Notes to Consolidated Financial Statements
Quarterly Financial Information (Unaudited)
(In thousands, except
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Fiscal Year
per share amounts)
2008
2007
2008
2007
2008
2007
2008
2007
(a)
2008
2007
(b)
$
334,651
$
315,018
$
327,977
$
304,301
$
372,496
$
364,298
$
466,995
$
476,861
$
1,502,119
$
1,460,478
171,844
161,369
163,619
153,390
188,051
181,454
227,701
234,622
751,215
730,835
3,774
(1)
17,480
(2)
(5,598)
(4)
10,131
(6)
10,297
(7)
26,431
(8)
24,262
(10)
57,076
(12)
32,735
111,118
2,203
10,666
(2,940
)
5,944
5,610
15,975
3,615
35,662
8,488
68,247
2,203
10,477
(3)
(4,165)
(5)
5,944
5,600
15,877
(9)
3,247
(11)
35,348
(13)
6,885
67,646
.10
.41
(.13
)
.24
.23
.62
.16
1.36
.36
2.61
.10
.40
(.19
)
.24
.23
.62
.14
1.35
.29
2.59
(1)
Includes a net restructuring and other charge of $6.6 million (see Note 3) and a
$0.1 million charge for merger-related expenses (see Notes 13 and 14).
(2)
Includes a net restructuring and other charge of $0.1 million (see Note 3).
(3)
Includes a loss of $0.2 million, net of tax, from discontinued operations (see
Note 3).
(4)
Includes a net restructuring and other charge of $0.2 million (see Note 3) and a
$5.4 million
charge for merger-related expenses (see Notes 13 and 14).
(5)
Includes a loss of $1.2 million, net of tax, from discontinued operations (see
Note 3).
(6)
Includes a net restructuring and other charge of $0.5 million (see Note 3).
(7)
Includes a net restructuring and other charge of $0.1 million (see Note 3) and a $6.1
million
charge for merger-related expenses (see Notes 13 and 14).
(8)
Includes a net restructuring and other charge of $1.1 million (see Note 3).
(9)
Includes a loss of $0.1 million, net of tax, from discontinued operations (see Note
3).
(10)
Includes a net restructuring and other charge of $2.9 million (see Note 3) and a $16.0
million charge for merger-related expenses (see Notes 13 and 14).
(11)
Includes a loss of $0.4 million, net of tax, from discontinued operations (see Note 3).
(12)
Includes a net restructuring and other credit of $0.6 million (see Note 3).
(13)
Includes a loss of $0.3 million, net of tax, from discontinued operations (see Note 3).
(a)
14 week period in Fiscal 2007 and 13 week period in Fiscal 2008.
(b)
53 week period in Fiscal 2007 and 52 week period in Fiscal 2008.
Table of Contents
Table of Contents
Table of Contents
(a)
(b)
(c)
Number of
Number of securities
securities
Weighted-average
remaining available for
to be issued
exercise price of
future issuance under equity
upon exercise of
outstanding
compensation plans
outstanding options,
options, warrants
(excluding securities
warrants and rights
and rights
reflected in column (a))
(1)
1,422,925
$
23.44
1,367,866
1,422,925
$
23.44
1,367,866
(1)
Such shares may be issued as restricted shares or other forms of stock-based compensation
pursuant to our stock incentive plans.
*
For additional information concerning our equity compensation plans, see the discussion in Note
1 in the Notes to Consolidated Financial Statements Summary of Significant Accounting Policies
Share-Based Compensation and Note 12 Share-Based Compensation Plans.
Table of Contents
a.
Agreement and Plan of Merger, dated as of February 5, 2004, by and among Genesco
Inc., HWC Merger Sub, Inc. and Hat World Corporation. Incorporated by reference to
Exhibit (2)a to the current report on Form 8-K filed April 9, 2004 (File No. 1 3083).
b.
Stock Purchase Agreement, dated December 9, 2006, by and among Hat
World, Inc., Hat Shack, Inc. and all the shareholders of Hat Shack, Inc.
Incorporated by reference to Exhibit 10.1 to the current report on Form 8-K filed
December 12, 2006 (File No. 1-3083).
c.
Agreement and Plan of Merger, dated as of June 17, 2007, by and among
the Company, The Finish Line, Inc. and Headwind, Inc. Incorporated by reference
to Exhibit 2.1 to the current report on Form 8-K filed June 18, 2007 (File No.
1-3083).
a.
Amended and Restated Bylaws of Genesco Inc. Incorporated by reference to Exhibit
3.1 to the current report on Form 8-K filed December 19, 2007 (File No. 1-3083).
b.
Restated Charter of Genesco Inc., as amended. Incorporated by reference
to Exhibit 1 to the Companys Registration Statement on Form 8-A/A filed with the
SEC on May 1, 2003.
a.
Amended and Restated Shareholders Rights Agreement dated as of August 28,
Table of Contents
2000.
Incorporated by reference to Exhibit 4 to the current report on Form 8-K filed August 30,
2000 (File No. 1-3083).
b.
Indenture, dated as of June 24, 2003, between Genesco Inc. and Bank of
New York (including Form of 4.125% Convertible Subordinated Debenture due 2023).
Incorporated by reference to the Companys Quarterly Report on Form 10-Q for the
quarter ended August 2, 2003.
c.
Registration Rights Agreement, dated as of June 24, 2003, by and among
Genesco Inc., Banc of America Securities, LLC, Banc One Capital Markets, Inc., JP
Morgan Securities Inc. and Wells Fargo Securities, LLC. Incorporated by reference
to the Companys Quarterly Report on Form 10-Q for the quarter ended August 2,
2003.
d.
Form of Certificate for the Common Stock. Incorporated by reference to
Exhibit 3 to the Companys Registration Statement on Form 8-A/A filed with the SEC
on May 1, 2003.
a.
Amended and Restated Credit agreement, dated as of December 1, 2006, by and among
the Company, certain subsidiaries of the Company party thereto, as other borrowers, the
lenders party thereto and Bank of America, N.A., as administrative agent. Incorporated
by reference to Exhibit 10.1 to the current report on Form 8-K filed December 5, 2006
(File No. 1-3083).
b.
Form of Split-Dollar Insurance Agreement with Executive Officers.
Incorporated by reference to Exhibit (10)a to the Companys Annual Report on Form
10-K for the fiscal year ended February 1, 1997.
c.
1996 Stock Incentive Plan Amended and Restated as of October 24, 2007.
Form of Option Agreement, incorporated by reference to Exhibit (10)c to the
Companys Annual Report on Form 10-K for the fiscal year ended February 3, 2007.
d.
Genesco Inc. 2005 Equity Incentive Plan Amended and Restated as of
October 24, 2007.
e.
2009 EVA Incentive Compensation Plan.
f.
Amended and Restated EVA Incentive Compensation Plan.
g.
Form of Incentive Stock Option Agreement. Incorporated by reference to
Exhibit (10)c to the Companys Quarterly Report on Form 10-Q for the quarter ended
October 29, 2005.
h.
Form of Non-Qualified Stock Option Agreement. Incorporated by reference
to Exhibit (10)d to the Companys Quarterly Report on Form 10-Q for the quarter
ended October 29, 2005.
i.
Form of Restricted Share Award Agreement for Executive Officers.
Incorporated by reference to Exhibit (10)e to the Companys Quarterly Report on
Form 10-Q for the quarter ended October 29, 2005.
j.
Form of Restricted Share Award Agreement for Officers and Employees.
Incorporated by reference to Exhibit (10)f to the Companys Quarterly Report on
Form 10-Q for the quarter ended October 29, 2005.
k.
Form of Indemnification Agreement For Directors. Incorporated by
reference to Exhibit (10)m to the Companys Annual Report on Form 10-K for the
fiscal year ended January 31, 1993.
l.
Supplemental Pension Agreement dated as of October 18, 1988 between the
Company and William S. Wire II, as amended January 9, 1993. Incorporated by
reference to Exhibit (10)p to the Companys Annual Report on Form 10-K for the
fiscal year ended January 31, 1993.
Table of Contents
Table of Contents
*
Certain information has been omitted and filed separately with the Securities and Exchange
Commission. Confidential treatment has been requested with respect to the omitted portion.
A copy of any of the above described exhibits will be furnished to the shareholders upon
written request, addressed to Director, Corporate Relations, Genesco Inc., Genesco Park, Room
498,
P.O. Box 731, Nashville, Tennessee 37202-0731, accompanied by a check in the amount of $15.00
payable to Genesco Inc.
Table of Contents
/s/ Ernst & Young LLP
March 31, 2008
Table of Contents
GENESCO INC.
By:
/s/James S. Gulmi
James S. Gulmi
Senior Vice President Finance
and Chief Financial Officer
/s/Roger G. Sisson
Attorney-In-Fact
Table of Contents
Genesco Inc.
and Subsidiaries
Financial Statement Schedule
February 2, 2008
Table of Contents
and Subsidiaries
Valuation and Qualifying Accounts
Charged
Beginning
to Profit
Increases
Ending
In Thousands
Balance
and Loss
(Decreases)
Balance
$
490
$
354
$
(696
)
(1)
$
148
5
-0-
-0-
(2)
5
816
-0-
(40
)
(3)
776
84
-0-
(21
)
(4)
63
515
-0-
260
(5)
775
$
1,910
$
354
$
(497
)
$
1,767
Charged
Beginning
to Profit
Increases
Ending
In Thousands
Balance
and Loss
(Decreases)
Balance
$
290
$
274
$
(74
)
(1)
$
490
9
-0-
(4
)
(2)
5
754
-0-
62
(3)
816
76
-0-
8
(4)
84
310
-0-
205
(5)
515
$
1,439
$
274
$
197
$
1,910
Charged
Beginning
to Profit
Increases
Ending
In Thousands
Balance
and Loss
(Decreases)
Balance
$
357
$
29
$
(96
)
(1)
$
290
5
-0-
4
(2)
9
1,144
-0-
(390
)
(3)
754
123
-0-
(47
)
(4)
76
537
-0-
(227
)
(5)
310
$
2,166
$
29
$
(756
)
$
1,439
Note:
Most subsidiaries and branches charge credit and collection expense directly to profit
and loss. Adding such charges of $518 in 2008, $1,000 in 2007 and $4,000 in 2006 to the
addition above, the total bad debt expense amounted to $0.4 million in 2008, $0.3 million
in 2007 and $33,000 in 2006.
(1)
Bad debt charged to reserve.
(2)
Adjustment of allowance for estimated discounts to be allowed subsequent to period end on
receivables at same date.
(3)
Adjustment of allowance for sales returns to be allowed subsequent to period end on
receivables at same date.
(4)
Adjustment of allowance for customer deductions to be allowed subsequent to period end on
receivables at same date.
(5)
Adjustment of allowance for estimated co-op advertising to be allowed subsequent to
period end on receivables at same date.
- 2 -
- 3 -
- 4 -
- 5 -
- 6 -
- 7 -
- 8 -
- 9 -
- 10 -
- 11 -
- 12 -
- 13 -
- 14 -
- 15 -
- 16 -
- 17 -
(h) | Grantees holding Outside Director Restricted Stock or Retainer Stock that has vested in accordance with Section 9(c) or (d) hereof shall be entitled to receive all dividends and other distributions paid with respect to such shares of Stock while they are so held. If any such dividends, or distributions are paid in Stock, such shares of Stock shall be subject to the same restrictions on transferability as the shares of Outside Director Restricted Stock or Retainer Stock with respect to which they were paid. |
- 18 -
- 19 -
- 20 -
- 21 -
- 22 -
- 23 -
- 24 -
Section 1. |
Purpose
|
1 | ||||
Section 2. |
Definitions
|
1 | ||||
Section 3. |
Administration
|
5 | ||||
Section 4. |
Shares Available for Awards
|
7 | ||||
Section 5. |
Eligibility
|
8 | ||||
Section 6. |
Stock Options and Stock Appreciation Rights
|
8 | ||||
Section 7. |
Restricted Shares and Restricted Share Units
|
10 | ||||
Section 8. |
Performance Awards
|
12 | ||||
Section 9. |
Other Stock-Based Awards
|
13 | ||||
Section 10. |
Non-Employee Director and Outside Director Awards
|
13 | ||||
Section 11. |
Provisions Applicable to Covered Officers and Performance Awards
|
13 | ||||
Section 12. |
Termination of Employment
|
15 | ||||
Section 13. |
Change in Control and Potential Change in Control
|
15 | ||||
Section 14. |
Amendment and Termination
|
15 | ||||
Section 15. |
General Provisions
|
16 | ||||
Section 16. |
Term of the Plan
|
19 |
2
3
4
5
6
7
8
9
10
11
12
(a) | earnings before interest, taxes, depreciation and/or amortization; | ||
(b) | operating income or profit; | ||
(c) | operating efficiencies; |
13
(d) | return on equity, assets, capital, capital employed, or investment; | ||
(e) | after-tax operating income; | ||
(f) | net income; | ||
(g) | earnings or book value per Share; | ||
(h) | cash flow(s); | ||
(i) | total sales or revenues or sales or revenues per employee; | ||
(j) | production (separate work units or SWUs); | ||
(k) | stock price or total shareholder return; | ||
(l) | dividends; or |
14
15
16
17
18
19
1
2
3
4
5
6
1. | Purpose . |
2. | Authorization . |
3. | Selection of Participants . |
4. | Participants Added During Plan Year . |
5. | Disqualification for Unsatisfactory Performance . |
6. | Termination of Employment . |
2
7. | Economic Value Added (EVA) Calculation |
8. | Amount of Awards . |
3
9. | Specification of Payment Date for Performance Awards . |
4
10. | Plan Administration . |
11. | Non-assignability . |
12. | Miscellaneous . |
5
13. | Binding on Successors . |
14. | Definitions . |
6
1.1 | Account Balances shall mean as of any given date called for under the Plan, the balances of the Participants Deferral Contribution Account and Company Contribution Account as such accounts have been adjusted to reflect all applicable Investment Adjustments and all prior withdrawals and distributions, in accordance with Article 3 of the Plan. | |
1.2 | Beneficiary shall mean one or more persons, trusts, estates or other entities, designated by the Participant in accordance with Article 10, to receive the Participants undistributed Account Balance, in the event of the Participants death. | |
1.3 | Beneficiary Designation Form shall mean the document which shall be used by the Participant to designate his Beneficiary for the Plan. | |
1.4 | Benefit Distribution Date shall mean the date distribution of the Participants Account Balance is triggered and it shall be deemed to occur on the last day of the month coinciding with or next following of the Participants Termination of Employment for any reason whatsoever, including but not limited to death. For purposes of Section 5.2, it shall mean the last day of the month in which the Committee approves the request. The Participant may elect an irrevocable Benefit Distribution Date that is prior to Termination of Employment (see Section 5.1) on a deferral made pursuant to Section 3.1 at the time such deferral election is made. |
1.5 | Board shall mean the board of directors of the Company. | |
1.6 | Change in Control shall mean the earliest to occur of the following events: |
(a) | The consummation of any transaction or series of transactions as a result of which any Person (as the term person is used for purposes of Section 13(d) or 14(d) of the Securities Exchange Act of 1934, as amended (the Exchange Act)) other than an Excluded Person (as hereinafter defined) has or obtains ownership or control, directly or indirectly, of fifty percent (50%) or more of the combined voting power of all securities of the Company or any successor or surviving corporation of any merger, consolidation or reorganization involving the Company (the Voting Securities). The term Excluded Person means any one or more of the following: (i) the Company or any majority-owned subsidiary of the Company, (ii) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or (B) any majority-owned subsidiary of the Company, (iii) any Person who as of the initial effective date of this Plan owned or controlled, directly or indirectly, ten percent (10%) or more of the then outstanding Voting Securities, or any individual, entity or group that was part of such a Person; | ||
(b) | A merger, consolidation or reorganization involving the Company as a result of which the holders of Voting securities immediately before such merger, consolidation or reorganization do not immediately following such merger, consolidation or reorganization own or control, directly or indirectly, at least fifty percent (50%) of the Voting Securities in substantially the same proportion as their ownership or control of the Voting Securities immediately before such merger, consolidation or reorganization; or | ||
(c) | The sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a majority-owned subsidiary of the Company). |
1.7 | Compensation with respect to any Participant shall mean such Participants wages as defined in Code Section 3401(a) and all other payments of compensation by the Employer for a Plan Year for which the Employer is required to furnish the Participant a written statement under Code Sections 6041(d), 6051(2)(3) and 6052. | |
1.8 | Claimant shall mean the person or persons described in Section 14.1 who apply for benefits or amounts that may be payable under the Plan. | |
1.9 | Code shall mean the Internal Revenue Code of 1986, as amended, and the regulations and other authority issued thereunder by the appropriate governmental authority. References to the Code shall include references to any successor section or provision of the Code. | |
1.10 | Committee shall mean the committee described in Article 12 which shall administer the Plan. |
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can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan sponsored by the Company and which covers the Executive. | ||
1.19 | Deferral Agreement shall mean the document required by the Committee to be submitted by a Participant which specifies (1) the percent of Director Fees or Compensation the Participant has elected to defer as provided in Section 3.1, (2) the Benefit Distribution Date described in section 1.4 and (3) for purposes of article 7 and 8 the form of distribution. A deferral election (or modification of an earlier election) may not be made with respect to Director Fees or Compensation which is currently available on or before the date the Participant executed such election. Changes in the amount of the deferral, the benefit distribution date and/or the form of the distribution can be effective no earlier than as of the beginning of the first Plan Year following the date on which such changes are received by the Committee or its designee. | |
1.20 | Effective Date shall mean the effective date of this Plan which shall be July 1, 2000. | |
1.21 | Employee shall mean an employee of the Company. | |
1.22 | Employer shall mean the Company and/or any of its subsidiaries (now in existence or hereafter formed or acquired) that (i) have been selected by the Board to participate in the Plan and (ii) have affirmatively adopted the Plan. | |
1.23 | Enrollment Forms shall mean the Participation Agreement, the Deferral Agreement, and any other forms or documents which may be required of a Participant by the Committee, in its sole discretion, prior to and as a condition of participating in the Plan. | |
1.24 | ERISA shall mean the Employee Retirement Income Security Act of 1974, as amended, and the regulations and other authority issued thereunder by the appropriate governmental authority. Reference herein to any section of ERISA shall include references to any successor section or provision of ERISA. | |
1.25 | Financial Emergency means an event which results (or will result) in severe financial hardship to the Participant as a consequence of an illness or accident of the Participant, the Participants spouse, the Participants Beneficiary or the Participants dependent (as determined under Section 152 of the Code, without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B)) or loss of the Participants property due to casualty or other similar extraordinary and unforeseen circumstances beyond the control of the Participant. Examples of events that are not considered to be a Financial Emergency include the need to send a Participants child to college and the desire to purchase a house. | |
1.26 | Hour of Service means (1) each hour for which a Participant is directly or indirectly compensated or entitled to compensation by the Company for the performance of duties (these hours will be credited to the Employee for the computation period in which the duties are performed); (2) each hour for which a Participant is directly or indirectly |
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compensated or entitled to compensation by the Company (irrespective of whether the employment relationship has terminated) for reasons other than performance of duties (such as vacation, holidays, sickness, jury duty, disability, lay-off, military duty or leave of absence) during the applicable computation period (these hours will be calculated and credited pursuant to Department of Labor regulation 2530.200b-2 which is incorporated herein by reference); (3) each hour for which back pay is awarded or agreed to by the Company without regard to mitigation of damages (these hours will be credited to the Participant for the computation period or periods to which the award or agreement pertains rather than the computation period in which the award, agreement or payment is made). The same Hours of Service shall not be credited both under (1) or (2), as the case may be, and under (3). | ||
Notwithstanding the above, (i) no more than 501 Hours of Service are required to be credited to a Participant on account of any single continuous period during which the Employee performs no duties (whether or not such period occurs in a single computation period); (ii) an hour for which a Participant is directly or indirectly paid, or entitled to payment, on account of a period during which no duties are performed is not required to be credited to the Participant if such payment is made or due under a plan maintained solely for the purpose of complying with applicable workers compensation, or unemployment compensation or disability insurance laws; and (iii) Hours of Service are not required to be credited for a payment which solely reimburses a Participant for medical or medically related expenses incurred by the Participant. | ||
For purposes of this Section, a payment shall be deemed to be made by or due from the Company regardless of whether such payment is made by or due from the Company directly, or the Company contributes or pays premiums and regardless of whether contributions made or due to the trust fund, insurer, or other entity are for the benefit of a particular employee or are on behalf of a group of employees in the aggregate. | ||
For purposes of this Section, Hours of Service will be credited for employment with other Affiliated Employers. The provisions of Department of Labor regulations 2530.200B-2(b) and (c) are incorporated herein by reference. | ||
1.27 | Hypothetical Investment shall mean an investment fund or benchmark made available to Participants by the Committee for purposes of valuing amounts contributed to the Plan. | |
1.28 | Investment Allocation Form (i) shall apply with respect to those Deferral and Company Contributions credited to the Plan after the effective date of the Investment Allocation Form but prior to the timely filing of a subsequent Investment Allocation Form and (ii) shall determine the manner in which such Deferral Contributions and Company Contributions, shall be initially allocated by the Participant among the various Hypothetical Investments within the Plan. | |
1.29 | Investment Re-allocation form shall re-direct the manner in which earlier Deferral and Company Contributions, as well as any appreciation (or depreciation) to date, are invested with the Hypothetical Investments available in the Plan. |
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1.30 | 1-Year Break in Service means the applicable computation period during which an Employee has not completed more than 500 Hours of Service with the Company. Further, solely for the purpose of determining whether a Participant has incurred a 1-Year Break in Service, Hours of Service shall be recognized for authorized leaves of absence and maternity and paternity leaves of absence. Years of Service and 1-Year Breaks in Service shall be measured on the same computation period. | |
Authorized leave of absence means an unpaid, temporary cessation from active employment with the Company pursuant to an established nondiscriminatory policy, whether occasioned by illness, military service, or any other reason. | ||
A maternity or paternity leave of absence means, for Plan Years beginning after December 31, 1984, an absence from work for any period by reason of the Participants pregnancy, birth of the Employees child, placement of a child with the Employee in connection with the adoption of such child, or any absence for the purpose of caring for such child for a period immediately following such birth or placement. For this purpose, Hours of Service shall be credited for the computation period in which the absence from work begins, only if credit therefor is necessary to prevent the Participant from incurring a 1-Year Break in Service, or, in any other case, in the immediately following computation period. The Hours of Service credited for a maternity or paternity leave of absence shall be those which would normally have been credited but for such absence, or, in any case in which the Committee is unable to determine such hours normally credited, eight (8) Hours of Service per day. The total Hours of Service required to be credited for a maternity or paternity leave of absence shall not exceed 501. | ||
1.31 | Participant shall mean any member of the Board of Directors or any Employee (i) who has W-2 earnings and is selected to participate in the Plan in accordance with Section 2.1, (ii) who elects to participate in the Plan, (iii) who signs the applicable Enrollment Forms (and other forms required by the Committee) on a timely basis, and (iv) whose signed Enrollment Forms (and other required forms) are accepted by the Committee. | |
1.32 | Participation Agreement shall mean the separate written agreement entered into by and between the Employer and the Participant, which shall indicate the Participants intent to defer compensation subject to the terms of the Plan and the Participation Agreement itself. | |
1.33 | Plan shall mean the Genesco Inc. Deferred Income Plan which shall be evidenced by this instrument, each Participation Agreement and by each Enrollment Form, as they may be amended from time to time. | |
1.34 | Plan Year shall mean the period beginning on January 1 of each year and ending December 31. The initial Plan Year shall begin on July 1 and end on December 31. | |
1.35 | Retirement, Retirees or Retired shall mean, with respect to an Employee, severance from employment for any reason on or after the attainment of age fifty-five (55) if: (a) he has completed at least 5 Years of Service; and (b) the sum of his age and his whole Years of Service is equal to at least 70. |
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1.36 | Termination of Employment shall mean with respect to an Employee, the voluntary or involuntary severing of employment with the Company for any reason other than Retirement or death. With respect to a Director, it shall mean the discontinuance of serving on the Board. | |
1.37 | Trust shall mean a grantor trust of the type commonly referred to as rabbi trust created to informally fund contingent benefits payable under the Plan. | |
1.38 | Vested Account Balances shall mean, the Account Balances defined in Section 1.1 multiplied by the Vested Percentages of such Accounts as provided in Section 3.5. | |
1.39 | Year of Service means the Plan Year (including years prior to the effective date of the Plan) during which the Participant has at least 1000 Hours of Service. | |
Notwithstanding the foregoing, for any short Plan Year, the determination of whether a Participant has completed a Year of Service shall be made in accordance with Department of Labor regulation 2530.203-2(c). | ||
If any Former Participant is reemployed after a 1-Year Break in Service has occurred, Years of Service shall include Years of Service prior to his 1-Year Break in Service subject to the following rules: |
(i) | Any Former Participant who under the Plan does not have any vested interest in the Plan shall lose credits otherwise allowable if his consecutive 1-Year Breaks in Service equal or exceed the greater of (A) five (5) or (B) the aggregate number of his pre-break Years of Service. | ||
(ii) | After five (5) consecutive 1-Year Breaks in Service, a Former Participants Vested Account balance attributable to pre-break service shall not be increased as a result of post-break service. |
2.1 | Eligibility, Selection by Committee . In addition to members of the Board of Directors, those employees who are (i) determined by the Company to be includable in a select group of management or highly compensated employees of the Company, (ii) specifically chosen by the Company to participate in the Plan, and (iii) approved for such participation by the Committee, in its sole discretion, shall be eligible to participate in the Plan subject to the enrollment requirements described in Section 2.2. | |
2.2 | Enrollment Requirements . Each individual deemed eligible to participate in the Plan pursuant to Section 2.1, shall, as a condition to participating in the Plan, complete and return to the Committee all of the required Enrollment Forms, on a timely basis. In addition, the Committee shall in its sole discretion, establish such other enrollment requirements necessary for continued participation in the Plan. |
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2.3 | Commencement of Participants . Provided a Participant has met all enrollment requirements set forth in this Plan and required by the Committee, including returning the Enrollment Forms and other required documents to the Committee within the specified time period, the Participants participation shall commence as of the date established by the Committee in its sole discretion. If a Participant fails to meet all such requirements within the specified time period with respect to any Plan Year, the Participant shall not be eligible to participate during that Plan Year. |
3.1 | Deferral Contributions . |
(a) | Election to Defer . A Participant may make an election to defer the receipt of amounts payable to the Participant, in the form of Director Fees or Compensation, with respect to any Plan Year; provided that any such election must be irrevocably made by December 31 of the Plan Year preceding the Plan Year to which the election shall relate; provided further, in the case of the first year in which a Participant becomes eligible to participate in the Plan, the Participant may make an irrevocable initial deferral election with thirty (30) days after the date the Participant becomes eligible to participate in the Plan, with respect to compensation paid for services to be performed after the election. Subject to the previous sentence, the Participants intent to defer shall be evidenced by a Participation Agreement and Deferral Agreement, both completed and submitted to the Committee in accordance with such procedures and time frames as may be established by the Committee in its sole discretion. Amounts deferred by a Participant with respect to a given Plan year shall be referred to collectively as a Deferral Contribution and shall be credited to a Deferral Contribution Account established in the name of the Participant. | ||
(b) | Components of Deferral Contributions . |
(i) | Compensation . Each Participant who is an employee of the Company may elect to defer from 2% to 20% of his Compensation which would have been received in the Plan Year, but for the deferral election. Such percentage shall be withheld from each payment of Compensation. | ||
(ii) | Director Fees . A Participant who is a member of the Board may elect to defer up to 100% of his Directors Fees which would have been received in the Plan Year but for the deferred election. Such amount shall be withheld from each payment of Director Fees. |
3.2 | Company Contributions . |
(a) | Supplement to the Retirement Plan . Each Plan Year, the Company shall credit to the Company Contribution Account for each Participant whose benefits in the Retirement Plan for such Plan Year are reduced as a result of participating in this Plan for such Plan Year an amount equal to (A) minus (B) with (A) being the |
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amount that would have been credited to the Participants account in the Retirement Plan pursuant to Section 4.5(b) of such plan for the same Plan Year if the Participant had not deferred any Compensation pursuant to Section 3.1 of this Plan for such Plan Year and (B) being the amount credited to the Participants account in the Retirement Plan pursuant to Section 4.5(b) of such Plan for the same Plan Year. | |||
(b) | Supplement to the Salary Deferral Plan . If a Participant contributes enough 401(k) contributions to the Salary Deferral Plan for a Plan Year so as to receive the maximum matching contribution available that year as a percent of compensation, then the Company shall credit an additional amount to his Company Contribution Account for such Participant for such Plan Year equal to (C) minus (D) with (C) being the amount that would have been contributed to the Salary Deferral Plan for the Participant as matching contributions for such Plan Year if the Participant had not deferred any Compensation pursuant to section 3.1 of this Plan and (D) being the amount that is contributed to the Salary Deferral Plan for the Participant as matching contributions for the same Plan Year. |
3.3 | Selection of Hypothetical Investments . The Participant shall, via his Investment Allocation Form(s), as more fully described in Section 1.28, and his Investment Re-Allocation Form(s), as more fully described in Section 1.29, select one or more Hypothetical Investments among which his various contributions shall be distributed. The Committee shall provide the Participant with a list of Hypothetical Investments available. From time to time, in the sole discretion of the Committee, the Hypothetical Investments available within the Plan may be revised. All Hypothetical Investment selections must be denominated in whole percentages. A Participant may make changes in his selected Hypothetical Investments from time to time via submission of a new Investment Allocation Form, as described in and subject to the language of Section 1.28 or submission of a new Investment Re-Allocation Form, as described in and subject to the language of Section 1.29. | |
3.4 | Adjustment of Participant Accounts . While a Participants accounts do not represent the Participants ownership of, or any ownership interest in, any particular assets, the Participants accounts shall be adjusted in accordance with the Hypothetical Investment(s) chosen by the Participant on his (i) Investment Allocation Form or (ii) Investment Re-Allocation Form, subject to the conditions and procedures set forth herein or established by the Committee from time to time. The Participants Accounts will be credited on a daily basis with the increase or decrease in the realizable net asset value and/or credited interest and dividend as applicable to the Hypothetical Investments. Any cash earnings generated under a Hypothetical Investment (such as interest and cash dividends and distributions) shall, at the Committees sole discretion, either be deemed to be reinvested in the Hypothetical Investment or reinvested in one or more other Hypothetical Investment(s) designed by the Committee. All notional acquisitions and dispositions of Hypothetical Investments which occur within a Participants accounts, pursuant to the terms of the Plan, shall be deemed to occur at such times as the Committee shall determine to be administratively feasible in its sole discretion and the Participants accounts shall be adjusted accordingly. Notwithstanding anything to the contrary, any Investment Adjustments made to any Participants accounts following a |
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Change in Control shall be made in a manner no less favorable to Participants than the practices and procedures employed under the Plan, or as otherwise in effect, as of the date of the Change in Control. For purposes of determining the amount to be distributed to a Participant, the Participants Account Balance shall be valued as of the last day of the month preceding the month of the distribution. | ||
3.5 | Vesting . The Participant shall at all times be one hundred percent (100%) vested in his Deferral Contribution Account. The Participant shall become one hundred percent (100%) vested in his Company Contribution Account after the earlier of (1) being credited with five (5) Years of Service, (2) his death or (3) reaching the age of Retirement as defined in Section 1.35. The Participant shall be zero (0) vested in his Company Contribution Account immediately prior to the date he becomes one hundred percent (100%) vested as provided above. |
4.1 | Financial Emergencies . If a Participant experiences a Financial Emergency, the Participant may petition the Committee to suspend any deferrals required to be made by the Participant pursuant to his current Deferral Agreement. The Committee shall determine, in its sole discretion, whether to approve the Participants petition. If the petition for a suspension is approved, suspension shall commence upon the date of approval and shall continue until the end of the Plan Year. All determinations pursuant to this Section 4.1 shall be made consistent with Section 409A of the Code and the regulations promulgated thereunder. | |
4.2 | Leave of Absence . If a Participant is authorized by the Company for any reason to take an unpaid leave of absence from the employment of the Company, the Participants deferrals shall be suspended until the earlier of the date the leave of absence expires or the Participant returns to a paid employment status. Upon such expiration or return, deferrals shall resume for the remaining portion of the Plan Year in which the expiration or return occurs, based on the Deferral Agreement, if any, made for that Plan Year. If no election was made for that Plan Year, no deferral shall be withheld. If a Participant is authorized by the Company for any reason to take a paid leave of absence from the employment of the Company, the Participant shall continue to be considered employed by the Company and the appropriate amounts shall continue to be withheld from the Participants compensation pursuant to the Participants then current Deferral Agreement. |
5.1 | Elected Distribution from the Deferral Compensation Account . As noted in Section 1.4, at the time each deferral is made, a Participant may elect a Benefit Distribution Date for his Deferral Contribution Account prior to the Participants Termination of Employment, but no sooner than three years from the end of the Plan Year of the deferral. At the time of such election, the Participant may elect to receive such distribution in a lump sum payment or in substantially equal annual payments over a period of up to fifteen (15) years. If no election is made as to the former payment, such distribution shall be made to |
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the Participant on such Benefit Distribution Date in a lump sum payment. If the Participant elects annual payments, the initial installment shall be based on the value of the Participants Deferral Contribution Account, measured on the Benefit Distribution Date elected, and shall be equal to 1/n (n being equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the Original Measurement Date. In any case, if the Participants Deferral Contribution Account is equal to or less than $10,000 on his elected Benefit Distribution Date, his benefits shall be paid out in a lump sum, regardless of his payment election. | ||
5.2 | Withdrawal in the Event of a Financial Emergency . A Participant who believes he has experienced a Financial Emergency may request in writing a withdrawal of a portion of his Accounts necessary to satisfy the emergency. Within fifteen (15) days of the request, the Committee shall determine, in its sole discretion, (i) whether a Financial Emergency has occurred, (ii) the amount reasonably required to satisfy the Financial Emergency as well as (iii) the accounts from which the withdrawal shall be made; provided, however, that the withdrawal shall not exceed the Participants Vested Account Balances. In making any determinations under this Section 5.2, the Committee shall be guided by the prevailing authorities under the Code. If, subject to the sole discretion of the Committee, the petition for a withdrawal is approved, the distribution shall be made no later than the twentieth (20th) day of the month following the Benefit Distribution Date. | |
5.3 | Loans . No loans are allowed under this Plan. |
6.1 | Termination Benefit . In the event the Participants Benefit Distribution Date is triggered due to his Termination of Employment (as such term is defined in Section 1.36), the Participant shall receive his Vested Account Balances in a lump sum payment no later than the twentieth (20th) day of the month following the Benefit Distribution Date. | |
6.2 | Death Prior to Payment of Termination Benefit . If a Participant dies after his Termination of Employment but before his Vested Account Balances are paid to him, such benefit shall be paid to the Participants Beneficiary in a lump sum payment no later than the twentieth (20th) day of the month following the Benefit Distribution Date. |
7.1 | Retirement Benefit . In the event the Participants Benefit Distribution Date is triggered due to his Retirement (as such term is defined in Section 1.35), the Participant shall receive his Vested Account Balances as provided in Article 9 and such benefits shall commence (or be fully paid, in the event a lump sum form of distribution was selected) no later than the twentieth (20th) day of the month following the date of the Benefit Distribution Date. |
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7.2 | Death Prior to Completion of Retirement Benefit . If a Participant dies after Retirement but before the benefits have commenced or been paid in full, the Participants unpaid benefit payments shall continue to be paid to the Participants Beneficiary in the form designated by the Participant at deferral until the Participants remaining Vested Account Balances have been depleted. |
8.1 | Pre-Retirement Death Benefit . In the event the Participants Benefit Distribution Date is triggered due to his death during employment or service on the Board, the Participants Beneficiary shall receive the pre-retirement death benefit described below and no other benefits shall be payable under the Plan. | |
8.2 | Payment of Pre-Retirement Death Benefit . The pre-retirement death benefit shall be paid to the Beneficiary in the forms selected by the Participant pursuant to Article 9 and shall commence (or be fully paid in the event a lump sum form of distribution was selected) no later than sixty (60) days after the death of the Participant. |
9.1 | Distribution Elections. Unless the Participant elects otherwise, his Benefit provided for in Articles 7 and 8 shall be paid in a lump sum. However, at the time of a deferral election, a Participant who is an Employee may elect to have his Account Balances attributable to Contributions made on or after such election and before any subsequent elections paid in substantially equal annual payments over a period of up to fifteen (15) years. The initial installment shall be based on the value of the Participants Vested Account Balances, measured on his Benefit Distribution Date and shall be equal to 1/n (where n is equal to the total number of annual benefit payments not yet distributed). Subsequent installment payments shall be computed in a consistent fashion, with the measurement date being the anniversary of the Original Measurement Date. In the event the Participants Vested Account Balances are equal to or less than $10,000, his benefit shall be paid out in a lump sum. | |
9.2 | Effect of Section 409A of the Code . It is intended that (1) each installment of the payments provided under this Plan is a separate payment for purposes of Section 409A of the Code (Section 409A), and (2) that the payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(9)(iii), and 1.409A-1(b)(9)(v). Notwithstanding anything to the contrary in this Plan, if the Company determines (i) that on the date a Participants employment with the Company terminates or at such other time that the Company determines to be relevant, the Participant is a specified employee (as such term is defined under Treasury Regulation Section 1.409A-1(i)(1)) of the Company and (ii) that any payments to be provided to the Participant pursuant to this Plan are or may become subject to the additional tax under Section 409A(a)(1)(B) of the Code or any other taxes or penalties imposed under Section 409A of the Code (Section 409A Taxes) if provided at the time otherwise required under this Plan, then such |
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payments shall be delayed until the date that is six months after the date of the Participants separation from service (as such term is defined under Treasury Regulation Section 1.409A-1(h)) with the Company, or such shorter period that, as determined by the Company, is sufficient to avoid the imposition of Section 409A Taxes. |
10.1 | Beneficiary . Each Participant shall have the right, at any time, to designate a Beneficiary or Beneficiaries to receive, in the event of the Participants death, those benefits payable under the Plan. The Beneficiary(ies) designated under this Plan may be the same as or different from the Beneficiary designation made under any other plan of the Company. | |
10.2 | Beneficiary Designation; Change; Spousal Consent . A Participant shall designate his Beneficiary by completing and signing a Beneficiary Designation Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change his Beneficiary by completing, signing and submitting to the Committee a revised Beneficiary Designation Form in accordance with the Committees rules and procedures, as in effect from time to time. Upon acknowledgment by the Committee of a revised Beneficiary Designation Form, all Beneficiary designations previously filed shall be deemed canceled. The Committee shall be entitled to rely on the last Beneficiary Designation Form both (i) filed by the Participant and (ii) acknowledged by the Committee, prior to his death. | |
10.3 | Acknowledgment . No designation or change in designation of a Beneficiary shall be effective until received, accepted and acknowledged in writing by the Committee or its designated agent. | |
10.4 | No Beneficiary Designation . If a Participant fails to designate a Beneficiary as provided above or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participants benefits, then the benefits remaining under the Plan shall be payable to the executor or personal representative of the Participants estate. | |
10.5 | Doubt as to Beneficiary . If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have the right, exercisable in its discretion, to cause the Company to withhold such payments until this matter is resolved to the Committees satisfaction. | |
10.6 | Discharge of Obligations . The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge the Company and the Committee from all further obligations under this Plan with respect to the Participant, and the Participants Participation Agreement shall terminate upon such full payment of benefits. |
11.1 | Termination or Suspension . The Company reserves the right, at any time, to terminate the Plan. The Plan, but not the Trust, automatically shall terminate upon the dissolution |
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of the Company or upon its merger into or consolidation with any other corporation or business organization if there is a failure by the surviving corporation or business organization to adopt specifically and agree to continue the Plan. Upon the termination of suspension of the Plan, all amounts credited to the accounts of each affected Participant shall become fully vested. | ||
11.2 | Amendment . The Company may, at any time, amend or modify the Plan in whole or in part by the actions of the board; provided, however, that (i) no amendment or modification shall be effective to decrease or restrict the value of a Participants Account Balance in existence at the time the amendment or modification is made, calculated as if the Participant had experienced a Termination of Employment as of the effective date of the amendment or modification, or, if the amendment or modification occurs after the date upon which the participant was eligible to Retire, calculated as if the Participant had retired as of the effective date of the amendment and modification, and (ii) except as specifically provided in Section 10.1, no amendment or modification shall be made after a Change in Control which adversely affects the vesting, calculation or payment of benefits hereunder or diminishes any other rights or protections any Participant or Beneficiary would have had, but for such amendment or modification, unless each affected Participant or Beneficiary consents in writing to such amendment. | |
11.3 | Effect of Payment . The full payment of the applicable benefit under the provisions of the Plan shall completely discharge all obligations to a Participant and his designated Beneficiaries under this Plan and each of the Participants Participation Agreements shall terminate. |
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12.4 | Indemnity of Committee . The Company shall indemnify and hold harmless the members of the Committee, and any Employee to whom duties of the Committee may be delegated, against any and all claims, losses, damages, expenses or liabilities arising from any action or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee or any of its members or any such employee. | |
12.5 | Employer Information . To enable the Committee to perform its functions, the Company shall supply full and timely information to the Committee on all matters relating to the compensation of its Participants, the date and circumstances of the Retirement, Disability, death or Termination of Employment of its Participants, and such other pertinent information as the Committee may reasonably require. |
14.1 | Presentation of Claim . Any Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a Claimant) may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days after such notice was received by the Claimant. The claim must state with particularity the determination desired by the Claimant. All other claims must be made within one hundred eighty (180) days of the date on which the event had caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claiming. | |
14.2 | Notification of Decision . The Committee shall consider a Claimants claim within a reasonable time, and shall notify the Claimant in writing: |
(a) | that the Claimants requested determination has been made, and that the claim has been allowed in full; or | ||
(b) | that the Committee has reached a conclusion contrary, in whole or in part, to the Claimants requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant: |
(i) | the specific reason(s) for the denial of the claim, or any part of it; | ||
(ii) | specific reference(s) to pertinent provisions of the Plan upon which such denial was based; |
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(iii) | a description of any additional material or information necessary for the Claimant to perfect the claim, and an explanation of why such material or information is necessary; and | ||
(iv) | an explanation of the claim review procedure set forth in Section 14.3 below. |
14.3 | Review of a Denied Claim . Within sixty (60) days after receiving a notice from the Committee that a claim has been denied, in whole or in part, a Claimant (or the Claimants duly authorized representative) may file with the Committee a written request for a review of the denial of the claim. Thereafter, but not later than thirty (30) days after the review procedure began, the Claimant (or the Claimants duly authorized representative): |
(a) | may review pertinent documents; | ||
(b) | may submit written comments or other documents; and/or | ||
(c) | may request a hearing, which the Committee, in its sole discretion, may grant. |
14.4 | Decision on Review . The Committee shall render its decision on review promptly, and not later than sixty (60) days after the filing of a written request for review of the denial, unless a hearing is held or other special circumstances require additional time, in which case the Committees decision must be rendered within one hundred twenty (120) days after such date. Such decision must be written in a manner calculated to be understood by the Claimant, and it must contain: |
(a) | specific reasons for the decision; | ||
(b) | specific reference(s) to the pertinent Plan provisions upon which the decision was based; and | ||
(c) | such other matters as the Committee deems relevant. |
15.1 | Establishment of the Trust . The Company may establish one or more Trusts to which they may transfer such assets as the Company determines in its sole discretion to assist in meeting their obligations under the Plan. | |
15.2 | Interrelationship of the Plan and the Trust . The provisions of the Plan and the Participation Agreement shall govern the rights of a Participant to receive distributions pursuant to the Plan. The provisions of the Trust shall govern the rights of the Company, Participants and the creditors of the Company to the assets transferred to the Trust. |
16
15.3 | Distributions from the Trust . The Companys obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Companys obligations under this Agreement. |
16.1 | Status of Plan . The Plan is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that is unfunded and is maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of ERISA. The Plan shall be administered and interpreted to the extent possible in a manner consistent with that intent. All Participant accounts and all credits and other adjustments to such Participant accounts shall be bookkeeping entries only and shall be utilized solely as a device for the measurement and determination of amounts to be paid under the Plan. No Participant accounts, credits or other adjustments under the Plan shall be interpreted as an indication that any benefits under the Plan are in any way funded. | |
16.2 | Unsecured General Creditor . Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under this Plan, any and all of the Companys assets shall be, and remain, the general, unpledged, unrestricted assets of the Company. The Companys obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. | |
16.3 | Companys Liability . The Companys liability for the payment of benefits shall be defined only by the Plan and the Participation Agreement, as entered into between the Company and a Participant. The Company shall have no obligation to a Participant under the Plan except as expressly provided in the Plan and his Participation Agreement. | |
16.4 | Nonassignability . Neither a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate, alienate or convey in action receipt, the amount, if any, payable hereunder, or any part thereof, which are, and all right to which are expressly declared to be, unassignable and non-transferable. No part of the amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment of any debts, judgments, alimony or separate maintenance owned by a Participant or any other person, be transferable by operation of law in the event of a Participants or any other persons bankruptcy or insolvency or be transferable to a spouse as a result of a property settlement or otherwise. | |
16.5 | Not a Contract of Employment . Under the terms and conditions of this Plan and the Participation Agreement, this Plan shall not be deemed to constitute a contract of employment between the Company and the Participant. Such employment is hereby acknowledged to be an at will employment relationship that can be terminated at any time for any reason, or no reason, with or without cause, and with or without notice, except as otherwise provided in a written employment agreement. Nothing in this Plan or any Participation Agreement shall be deemed to give a Participant the right to be retained |
17
in the service of the Company or to interfere with the right of the Company to discipline or discharge the Participant at any time. | ||
16.6 | Furnishing Information . A Participant or his Beneficiary will cooperate with the Committee by furnishing any and all information requested by the Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary. | |
16.7 | Terms . Whenever any words are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used in the plural or the singular, as the case may be, in all cases where they would so apply. | |
16.8 | Captions . The captions of the articles, sections or paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction of any of its provisions. | |
16.9 | Governing Law . Subject to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Tennessee without regard to its conflicts of laws principles. | |
16.10 | Notice . Any notice or filing required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, to the address below: |
Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark or the receipt for registration or certification. | ||
Any notice or filing required or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail, to the last known address of the Participant. | ||
16.11 | Successors . The provisions of this Plan shall bind and inure to the benefit of the Company and its successors and assigns and the Participant and the Participants designated Beneficiaries. | |
16.12 | Validity . In case any provision of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof, but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein. |
18
16.13 | Incompetent . If the Committee determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person incapable of handling the disposition of that persons property, the Committee may direct payment of such benefit to the guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Committee may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participants Beneficiary, as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount. | |
16.14 | Distribution in the Event of Taxation . If, for any reason, all or any portion of a Participations benefit under this Plan becomes taxable to the Participant prior to a receipt, a Participant may petition the Committee or the trustee of the Trust, as applicable, for a distribution of that portion of his benefit that has become taxable. Upon the grant of such a petition, which grant shall not be unreasonably withheld, the Company shall distribute to the Participant immediately, funds in an amount equal to the taxable portion of his benefit (which amount shall not exceed a Participants unpaid Account Balances under the Plan). If the petition is granted, the tax liability distribution shall be made within ninety (90) days of the date when the participants petition is granted. Such a distribution shall affect and reduce the benefits to be paid under this Plan. | |
16.15 | Insurance . The Company, on its own behalf or on behalf of the trustee of the Trust, and, in its sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such forms as the Trust may choose. The Company or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of the Company shall submit to medical examinations and supply such information and execute such documents as may be required by the insurance company or companies to whom the Company has applied for insurance. |
19
2
3
(i) | increase the number of Shares reserved under the Plan, other than as provided in Section 10.3; | ||
(ii) | make participation in the Plan available to any person who is not an Employee; or | ||
(iii) | make participation in the Plan available to employees or any corporation other than Genesco or any Subsidiary which adopts the Plan. |
4
5
6
(a) | The maximum number of Shares which may be purchased by any Participant on an Exercise Date shall be equal to the lesser of |
(i) | 2,000 shares, or | ||
(ii) | $10,000 divided by the Closing Market Price on the Grant Date in that Plan Year. |
The maximum number of Shares as determined above shall be adjusted upon the occurrence of an event described in Section 10.3. | |||
(b) | No option may be granted to a Participant if immediately after the option is granted the Participant would be a Five-Percent Shareholder. | ||
(c) | No Participant may assign, transfer or otherwise alienate any options granted to him under this Plan, otherwise than by will or the laws of descent and distribution, and such options may be exercised during the Participants lifetime only by him. |
7
8
9
10
11
12
Place of
Percent of Voting Securities
Names of Subsidiary
Incorporation
Owned by Registrant
Delaware
100
Delaware
100
Tennessee
100
Delaware
100
Delaware
100
Tennessee
100
Virgin Islands
100
Delaware
100
Delaware
100
Canada
100
Minnesota
100
South Dakota
100
Georgia
100
/s/ Hal N. Pennington
|
/s/ James S. Gulmi | |
|
||
Hal N. Pennington, Chairman and
|
James S. Gulmi, Senior Vice President-Finance | |
Chief Executive Officer and a Director
|
(Principal Financial Officer) | |
|
||
/s/ Robert J. Dennis
|
/s/ Matthew C. Diamond | |
|
||
Robert J. Dennis, President and
|
Matthew C. Diamond, Director | |
Chief Operating Officer and a Director
|
||
|
||
/s/ James S. Beard
|
/s/ Marty G. Dickens | |
|
||
James S. Beard, Director
|
Marty G. Dickens, Director | |
|
||
/s/ Leonard L. Berry
|
/s/ Ben T. Harris | |
|
||
Leonard L. Berry, Director
|
Ben T. Harris, Director | |
|
||
/s/ William F. Blaufuss, Jr.
|
/s/ Kathleen Mason | |
|
||
William F. Blaufuss, Jr., Director
|
Kathleen Mason, Director | |
|
||
/s/ James W. Bradford
|
/s/ William A. Williamson, Jr. | |
|
||
James W. Bradford, Director
|
William A. Williamson, Jr., Director | |
|
||
/s/ Robert V. Dale
|
||
|
||
Robert V. Dale, Director
|
/s/ Hal N. Pennington | ||||
Hal N. Pennington | ||||
Chief Executive Officer | ||||
/s/ James S. Gulmi | ||||
James S. Gulmi | ||||
Chief Financial Officer | ||||
/s/ Hal N. Pennington
Chief Executive Officer |
||
April 2, 2008
|
/s/ James S. Gulmi
Chief Financial Officer |
||
April 2, 2008
|
As of February 2, 2008 and February 3, 2007 and for Each of the Three Fiscal
Years in the Period Ended February 2, 2008 with
Report of Independent Registered Public Accounting Firm
1
2
3
4
-1-
February 2, | February 3, | |||||||
Assets | 2008 | 2007 | ||||||
Due from Genesco Inc.
|
$ | -0- | $ | 123,167 | ||||
Total Assets
|
$ | -0- | $ | 123,167 | ||||
|
||||||||
Liabilities and Plan Equity
|
||||||||
Plan equity
|
$ | -0- | $ | 123,167 | ||||
Total Liabilities and Plan Equity
|
$ | -0- | $ | 123,167 | ||||
-2-
For the Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 28, | ||||||||||
2008 | 2007 | 2006 | ||||||||||
Employee contributions
|
$ | 185,981 | $ | 391,239 | $ | 512,382 | ||||||
Options exercised
|
(210,920 | ) | (320,485 | ) | (508,053 | ) | ||||||
Distributions to withdrawn participants
|
(98,228 | ) | (93,847 | ) | (44,763 | ) | ||||||
Net decrease in plan equity
|
(123,167 | ) | (23,093 | ) | (40,434 | ) | ||||||
Plan equity at beginning of year
|
123,167 | 146,260 | 186,694 | |||||||||
Plan Equity at End of Year
|
$ | -0- | $ | 123,167 | $ | 146,260 | ||||||
-3-
-4-
-5-
Option Period | ||||||||||||
10/01/06 | 10/01/05 | |||||||||||
to | to | |||||||||||
Options to Purchase Company Stock | Total | 09/30/07 | 09/30/06 | |||||||||
Estimated options granted October 1, 2005
|
12,811 | -0- | 12,811 | |||||||||
Additional options granted at exercise date
|
-0- | -0- | -0- | |||||||||
Options exercised
|
-0- | -0- | -0- | |||||||||
Options withdrawn
|
(1,065 | ) | -0- | (1,065 | ) | |||||||
Options outstanding, January 28, 2006
|
11,746 | -0- | 11,746 | |||||||||
Estimated options granted October 1, 2006
|
8,427 | 8,427 | -0- | |||||||||
Additional options granted at exercise date
|
514 | -0- | 514 | |||||||||
Options exercised
|
(9,787 | ) | -0- | (9,787 | ) | |||||||
Options withdrawn
|
(2,731 | ) | (258 | ) | (2,473 | ) | ||||||
Options outstanding, February 3, 2007
|
8,169 | 8,169 | -0- | |||||||||
Less options granted at exercise date
|
(1,561 | ) | (1,561 | ) | -0- | |||||||
Options exercised
|
(4,813 | ) | (4,813 | ) | -0- | |||||||
Options withdrawn
|
(1,795 | ) | (1,795 | ) | -0- | |||||||
Options outstanding, February 2, 2008
|
-0- | -0- | -0- | |||||||||
-6-
Option Period | ||||||||
10/01/06 | 10/01/05 | |||||||
to | to | |||||||
09/30/07 | 09/30/06 | |||||||
Date of grant
|
10/1/06 | 10/1/05 | ||||||
Exercise date
|
9/30/07 | 9/30/06 | ||||||
95% of fair market value of stock at date of exercise
|
$ | 43.82 | $ | 32.75 |
Option Period | ||||||||||||
10/01/06 | 10/01/05 | |||||||||||
to | to | |||||||||||
Number of Participants | Total | 09/30/07 | 09/30/06 | |||||||||
Enrollment October 1, 2005
|
422 | -0- | 422 | |||||||||
Exercised options
|
-0- | -0- | -0- | |||||||||
Withdrawn
|
(22 | ) | -0- | (22 | ) | |||||||
Active, January 28, 2006
|
400 | -0- | 400 | |||||||||
Enrollment October 1, 2006
|
360 | 360 | -0- | |||||||||
Exercised options
|
(299 | ) | -0- | (299 | ) | |||||||
Withdrawn
|
(108 | ) | (7 | ) | (101 | ) | ||||||
Active, February 3, 2007
|
353 | 353 | -0- | |||||||||
Exercised options
|
(205 | ) | (205 | ) | -0- | |||||||
Withdrawn
|
(148 | ) | (148 | ) | -0- | |||||||
Active, February 2, 2008
|
-0- | -0- | -0- | |||||||||
-7-