ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
The information provided below under Item 7.01 relating to the compensation of
the board of directors, Chief Executive Officer and other named executive
officers of Levi Strauss & Co. (the "Company") is incorporated herein by
reference.
ITEM 7.01. Regulation FD Disclosure.
As part of the expense reduction measures being implemented by the Company in
response to the continuing economic impacts of the COVID-19 pandemic, the
Company's board of directors has determined to extend its temporary 50%
reduction of base salary in effect for the Company's Chief Executive Officer,
Charles V. Bergh, and 25% reduction of base salaries of the other executive
officers, which began on April 27, 2020, until and including August 30, 2020.
Simultaneous with the board of directors' determination to make this extension,
the Company determined to extend the temporary reduction in the base salaries
payable to the Company's executive and leadership teams as a group until the
same date, with the amount of the reduction dependent upon the position of each
individual within the organization. All such temporarily reduced salaries will
return to pre-reduction amounts on August 31, 2020. The board of directors also
elected to extend the temporary elimination of its cash retainer compensation
for board service, which previously had covered the cash retainer for the second
fiscal quarter of 2020, to also cover one-third of the cash retainer for the
third fiscal quarter of 2020. The board of directors will resume receiving their
full cash retainers in the fourth quarter.
The information provided in this Item 7.01 shall not be deemed "filed" for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, regardless of any general
incorporation language in such filings.
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