Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION

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STOCK-BASED COMPENSATION
 3 Months Ended
Jun. 27, 2020
Share-based Payment Arrangement [Abstract]  
STOCK-BASED COMPENSATION STOCK-BASED COMPENSATION
Incentive Equity Awards Granted
During the three months ended June 2020, VF granted stock options to employees and nonemployee members of VF's Board of Directors to purchase 1,679,918 shares of its Common Stock at an exercise price of $55.74 per share. The exercise price of each option granted was equal to the fair market value of VF Common Stock on the date of grant. Employee stock options vest in equal annual installments over three years. Stock options granted to nonemployee members of VF's Board of Directors vest upon grant and become exercisable one year from the date of grant. All options have ten-year terms.
The grant date fair value of each option award was calculated using a lattice option-pricing valuation model, which incorporated a range of assumptions for inputs as follows:
  Three Months Ended June 2020
Expected volatility
28% to 48%
Weighted average expected volatility 37%
Expected term (in years)
6.2 to 8.0
Weighted average dividend yield 2.4%
Risk-free interest rate
0.2% to 0.7%
Weighted average fair value at date of grant $15.78

Also during the three months ended June 2020, VF granted 16,775 nonperformance-based restricted stock units ("RSUs") to nonemployee members of the Board of Directors. These units vest upon grant and will be settled in shares of VF Common Stock one year from the date of grant. The fair market value of VF Common Stock at the date the units were granted was $55.74 per share.
VF granted 10,000 nonperformance-based RSUs to certain key employees in international jurisdictions during the three months ended June 2020. These units vest over periods of up to four years from the date of grant and each unit entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $55.74 per share.
In addition, VF granted 266,190 nonperformance-based RSUs to employees during the three months ended June 2020. These awards vest 50% over a two-year period and 50% over a four-year period from the date of grant and each unit entitles the holder to one share of VF Common Stock. The fair market value of VF Common Stock at the date the units were granted was $55.74 per share. VF granted 50,061 restricted shares of VF Common Stock to certain members of management during the three months ended June 2020. These shares vest over periods of up to four years from the date of grant. The fair market value of VF Common Stock at the date the shares were granted was $55.74 per share.