NEW YORK, August 19, 2022

NEW YORK, August 19, 2022 /PRNewswire/ — Foot Locker, Inc. (NYSE:FL) (the “Company”), the New YorkNew York-based specialty sports retailer, today announced that, pursuant to New York Stock Exchange rules, Mary N. Dillon will be granted an employment incentive award in accordance with Rule 303A.08 of the NYSE Listed Companies Handbook. As previously announced, the Company and Ms. Dillon entered into an employment agreement, dated August 16, 2022for his employment with the Company as of August 19, 2022 in connection with her appointment as President and Chief Executive Officer of the Company by the Board of Directors, effective September 1st2022. The Employment Incentive Bonus will consist of (i) an award of Restricted Share Units (RSUs) with a grant date fair value equal to $2,000,000 (which will vest on the third anniversary of its start date), (ii) a conversion award of performance share units (PSU) with a fair value at the grant date equal to $5,000,000 (whose rights will vest based on three years of continuous employment and the achievement of performance indicators as determined by the Human Capital and Compensation Committee of the Board of Directors (the “Compensation Committee”). ”)), and (iii) an annual grant with a value date grant of $8,000,000, on a pro rata basis in respect of the current financial year of the Company, consisting of PSUs (60%), PSUs (20%) and non-qualified stock options (20%) in accordance under Ms. Dillon’s employment contract with the Company. These awards were approved by the Compensation Committee to be granted on August 24, 2022without shareholder approval as “employment incentive awards” under NYSE Listed Companies Handbook Rule 303A.08, which requires public announcement of incentive awards.

Foot Locker, Inc. leads the celebration of sneaker and youth culture around the world through a portfolio of brands including Foot Locker, Kids Foot Locker, Champs Sports, Eastbay, atmos, WSS and Sidestep. With approximately 2,800 retail stores in 28 countries across North America, Europe, Asia, Australiaand New Zealand as well as websites and mobile apps, the company’s goal is to inspire and empower youth culture around the world, fueling a shared passion for self-expression and creating unparalleled experiences at the heart of the global sneaker community. Foot Locker, Inc. is headquartered in New York. For more information, please visit footlocker-inc.com.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Except for statements of historical fact, all statements that address activities, events or developments that Foot Locker, Inc. believes will or may occur in the future, including, but not limited to such items as future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, share buybacks, growth of Foot Locker, Inc.’s business and operations ., including future cash flows, revenues and profits, and other similar matters, are forward-looking statements. These forward-looking statements are based on numerous assumptions and factors that are detailed in Foot Locker, Inc.’s filings with the United States Securities and Exchange Commission.

These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unpredictable and beyond our control. For additional discussion of risks and uncertainties that may affect forward-looking statements, see “Risk Factors” disclosed in Foot Locker, Inc.’s Annual Report on Form 10-K for the fiscal year ended. January 29, 2022filed on March 24, 2022. Any change in these assumptions or factors could produce materially different results. Foot Locker, Inc. disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor contacts:
Robert Higginbotham
Vice President, Investor Relations
[email protected]
(212) 720-4600

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SOURCE Foot Locker IR