When Steve Rendle retired as president, chief executive officer and chairman of VF Corp. last yr — which the corporate described as “by mutual agreement with the board” — he left some potential large equity payouts on the table.
Rendle forfeited stock and option awards valued at $9.9 million when he left in December, in accordance with VF’s proxy statement, filed with the Securities and Exchange Commission on Monday. Rendle did receive a salary of $943,562 and other compensation of $624,475 — including $47,957 to cover paid day without work not taken and $456,438 related to a Protective Covenants Agreement he signed. Under the agreement, Rendle agreed to not compete with VF for one yr following his Dec. 2 retirement.
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