Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On April 6, 2020, V.F. Corporation (the "Company") initiated the transaction to
incur indebtedness under its Five-Year Revolving Credit Agreement, dated
December 17, 2018 (the "Credit Agreement"), among the Company, the borrowing
subsidiaries party thereto, the lenders party thereto and JPMorgan Chase Bank,
N.A., as administrative agent, in an aggregate principal amount of $1 billion,
which transaction is expected to be completed on April 9, 2020.
Departure of Directors or Certain Officers; Election of Directors;
Item 5.02 Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April 3, 2020, in response to the COVID-19 pandemic, the Board of Directors
of the Company (the "Board") approved a temporary fifty percent reduction in
base salary for Steven E. Rendle, the Company's Chairman, President and Chief
Executive Officer, and a temporary twenty-five percent reduction in base salary
for the rest of the Company's Executive Leadership Team, including the current
named executive officers. The compensation reductions will be reassessed in four
months and modified as necessary.
Item 7.01 Regulation FD Disclosure.
On April 7, 2020, the Company issued a press release announcing additional
actions in response to the COVID-19 pandemic, including with respect to the
matters discussed above. A copy of the press release is being furnished as
Exhibit 99.1 to this Current Report.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following are furnished as exhibits to this report:
99.1 Press Release of V.F. Corporation, dated April 7, 2020.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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