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): September 27,
2008
RADIOSHACK
CORPORATION
(Exact name of
registrant as specified in its charter)
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Delaware
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1-5571
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75-1047710
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(State or
other
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(Commission
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(I.R.S.
Employer
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jurisdiction
of
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File
Number)
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Identification
No.)
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incorporation)
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Mail Stop CF3-203,
300 RadioShack Circle, Fort Worth, Texas 76102
(Address of
principal executive
offices) (Zip
Code)
Registrant’s
telephone number, including area code: (817) 415-3700
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):
¨ Written
communications pursuant to Rule 425 under the Securities Act
¨ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
¨ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
¨ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Item
1.01 Entry into a Material Definitive Agreement.
See Item 5.02 for a
discussion of the Offer Letter, entered into between RadioShack Corporation (the
"Company") and Mr. Lee D. Applbaum, the Company's newly appointed Executive Vice
President – Chief Marketing Officer.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On September 29,
2008, the Company announced that it had appointed Mr. Lee D. Applbaum to the
position of Executive Vice President – Chief Marketing Officer. Mr.
Applbaum began his employment with the Company on September 27,
2008.
Mr. Applbaum was
Chief Marketing Officer for The Schottenstein Stores Corporation from
February 2007 until August 2008 and Senior Vice President and Chief Marketing
Officer for David's Bridal Group from April 2004 until February
2007. Prior to joining David's Bridal Group, Mr. Applbaum served in
various capacities for Footstar, Inc. from April 2000 until April 2004,
including Chief Marketing Officer of Footstar Athletic and Vice President of
Marketing for Footaction USA.
In connection with
Mr. Applbaum’s appointment as Executive Vice President – Chief Marketing
Officer, the following sets forth Mr. Applbaum’s base salary, 2008 annual bonus,
and stock option grant information.
Base Annual
Salary: $400,000
2008 Annual Bonus
(1): $
75,000
Number of Stock
Options
(2): 25,000
(1) RadioShack
has guaranteed that Mr. Applbaum’s annual bonus for 2008 will not be less than
$75,000.
(2) The
exercise price per share is $17.53, which is equal to the fair market value
(defined as the average of the high and low NYSE sales price) of RadioShack
common stock on the first day of trading in RadioShack stock on the first date
of Mr. Applbaum’s employment with the Company. Options vest in
equal annual increments of one-third, beginning on the first anniversary of the
date of grant, assuming employment on such vesting dates. Assuming continuing
service as an employee, options expire seven years from the date of
grant.
In addition, Mr.
Applbaum will participate in the Company’s Annual and Long-Term Incentive
Compensation Plan, established pursuant to the RadioShack 2004 Annual and
Long-Term Incentive Compensation Plan, which was approved by stockholders at the
Company’s 2004 annual meeting of stockholders. Mr. Applbaum’s annual
target bonus will be equal to 75% of his base salary. Mr. Applbaum’s
annual bonus for 2008 will be prorated and is guaranteed by the Company to be no
less than $75,000. Except for his 2008 annual bonus, payment of Mr.
Applbaum’s annual bonus will be subject to the Company achieving certain
performance metrics. Mr. Applbaum will participate in the Company’s
Long Term Incentive Compensation Plan covering calendar years 2008 and 2009,
payable in 2010. Under this two year plan, Mr. Applbaum’s target
bonus is equal to 70% of his base salary, or $280,000. In addition,
Mr. Applbaum will participate in the Company’s Long Term Incentive Compensation
Plan covering calendar years 2008, 2009 and 2010, payable in
2011. Under this three year plan, Mr.
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Applbaum’s target
bonus is also equal to 70% of his base salary. Payments made pursuant
to the two year and three year plans referenced above are subject to the Company
achieving certain performance metrics.
Mr. Applbaum will
also be eligible to participate in the Company’s 401(k) plan, the Officers’
Supplemental Executive Retirement Plan, Officers’ Severance Program, and
Executive Life and Long Term Disability benefits.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized this 29th day of
September, 2008.
RADIOSHACK CORPORATION
/s/ James F.
Gooch
James F. Gooch
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Executive
Vice President and Chief Financial
Officer
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