Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Collective Brands, Inc. ("CBI") and each of the executives who received a June
4, 2007 Award of Performance Share Units (the "Awards") entered into an
agreement (the Agreement") to cancel their Award which eliminates future charges
against CBI earnings. Pursuant to the Agreements, all Awards were cancelled
without monetary consideration. All Agreements were executed on or before
January 9, 2009. All remaining non-cash charges related to the Awards will be
accelerated into the current quarter in fiscal 2008.
The foregoing description of the Agreement does not purport to be complete and
is qualified in its entirety by reference to the Agreement filed as Exhibit 10.1
and incorporated herein by reference
Item 9.01 Financial Statements and Exhibits.
Exhibits.
EXHIBIT # DESCRIPTION
10.1 Form of Award Cancellation Agreement between Collective Brands, Inc.,
and certain executives.
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