UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 22, 2006
LaCROSSE FOOTWEAR, INC.
(Exact name of registrant as specified in its charter)
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| Wisconsin
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0-23800
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39-1446816 |
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(Commission file number)
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(IRS employer identification number) |
17634 NE Airport Way, Portland, Oregon 97230
(Address of principal executive offices, including zip code)
(503) 262-0110
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF
CERTAIN OFFICERS.
2007 Incentive Compensation Program
On December 20, 2006, the Board of Directors of LaCrosse Footwear, Inc. (the “Company”)
approved the Company’s 2007 incentive compensation program (the “Incentive Program”).
Executive officers and other employees who meet certain conditions will be eligible to
participate in the Incentive Program. The Incentive Program provides for payment of
incentive compensation equal to a percentage of the employee’s base earnings. If Company
goals are met, the employee will receive 100% of target incentive compensation. The
percentage of annual base earnings that is paid as incentive compensation increases in the
event the Company achieves greater than 100% of the goals. The Incentive Program is based
on minimum threshold levels for revenue growth, operating profit, and inventory turns. In
addition, if the operating profit minimum threshold is not met, there can be no incentive
payment. The Incentive Program description as distributed to the Company’s non-union
employees is included as Exhibit 10.1 to this Current Report and is incorporated
herein by reference. The foregoing description of the Incentive Program does not purport to
be complete and is qualified in its entirety by reference to such exhibit.
2007 Compensation of Executive Officers
On December 20, 2006, the Company’s Board of Directors approved the 2007 salary, incentive
compensation and equity compensation for the Company’s executive officers.
Effective January 1, 2007, the annual base salary of Joseph P. Schneider, the Company’s
President and Chief Executive Officer, was set at $425,000. Mr. Schneider will be eligible
to receive additional compensation under the Incentive Program as described in the first
paragraph of this Current Report. If 100% of the Incentive Program goals are achieved, Mr.
Schneider will be eligible to receive incentive compensation equal to 100% of his 2007
annual base earnings. Effective January 2, 2007, Mr. Schneider will be awarded a stock
option exercisable for 20,250 shares of the Company’s common stock at an exercise price
equal to the closing price of the Company’s common stock on January 2, 2007.
Effective January 1, 2007, the annual base salary of David P. Carlson, the Company’s
Executive Vice President and Chief Financial Officer, was set at $296,000. Mr. Carlson will
be eligible to receive additional compensation under the Incentive Program as described in
the first paragraph of this Current Report. If 100% of the Incentive Program goals are
achieved, Mr. Carlson will be eligible to receive incentive compensation equal to 70% of his
2007 annual base earnings. Effective January 2, 2007, Mr. Carlson will be awarded a stock
option exercisable for 15,000 shares of the Company’s common stock at an exercise price
equal to the closing price of the Company’s common stock on January 2, 2007.
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