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.

Stock and options are typically the largest chunk of the pay CEOs see, but additionally it is their most theoretical compensation because the amount of value they really see is determined by how the corporate and its stock performs. 

And VF goes through a tricky time without delay. Its stock is down nearly 60 percent over the past yr after the corporate struggled with Vans, repeatedly cut its outlook, wrote down the worth of its Supreme business by $735 million and ultimately trimmed its dividend payment.

Now the corporate, parent also to The North Face and Timberland, is being led by interim president and CEO Benno Dorer, the previous Clorox Co. chief and longtime board member. 

In his recent role, Dorer received a salary of $427,397, stock awards valued at $2 million and other compensation of $610,168, as of the tip of the fiscal yr on April 1.

In May, the interim CEO told analysts: “Fiscal ‘24 might be a yr of transition and progress positioning us to speed up profitable growth in fiscal yr ‘25 and beyond. We’ve got an appropriately balanced plan in place for this fiscal yr considering our organizational transition. We are going to show progress in several areas with sensible revenue projections, increased marketing investment and a pointy concentrate on margin, resulting in solid operating profit growth and money flow generation.”