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): April 5, 2010
RADIOSHACK
CORPORATION
(Exact
name of registrant as specified in its charter)
001-05571
(Commission
File Number)
|
Delaware
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75-1047710
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(State or other
jurisdiction of incorporation)
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(I.R.S. Employer
Identification No.)
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300 RadioShack
Circle, Mail Stop CF4-101
Fort Worth, Texas |
76102
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(Address of
principal executive offices)
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(Zip
Code)
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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):
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Written
communications pursuant to Rule 425 under the Securities
Act
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
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Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On April
6, 2010, RadioShack Corporation (the “Company”) announced that it had appointed
Mr. Scott E. Young to the position of Executive Vice President – Chief
Merchandising Officer. Mr. Young will report to Mr. Julian C. Day,
the Chairman and Chief Executive Officer.
Mr.
Young, 48, joins the Company from LodgeNet Interactive Corporation, the leading
provider of media and connectivity solutions to hospitality, healthcare, and
other guest-based businesses, where since 2006 he has been divisional President
and Chief Marketing Officer. Previously, Mr. Young spent seven years
at Best Buy Co., Inc., where he held numerous positions within the merchandising
function, including Vice President, Merchandising.
In
connection with Mr. Young’s appointment as Executive Vice President – Chief
Merchandising Officer, the following summary sets forth Mr. Young’s base salary,
2010 annual bonus, and equity grant information. This summary is
qualified by reference to Mr. Young’s offer letter, which is attached to this
Form 8-K as Exhibit 99.2.
Base
Annual Salary: $400,000
Sign-on
Bonus: $100,000
2010
Annual Target Bonus: $280,000
Number of
Stock Options: 12,500
Number of
Shares of Restricted Stock: 9,000
Mr.
Young’s annual target bonus is equal to 70% of his base salary and payment is
subject to the Company achieving certain performance
metrics. However, the Company has guaranteed that Mr. Young’s annual
bonus for 2010 will not be less than $140,000, and has agreed to pre-pay $50,000
of this amount as soon as practicable following his first day of employment with
the Company.
Mr. Young
will participate in the Company’s Long-Term Incentive Compensation Plan covering
calendar years 2010, 2011, and 2012. Under this three-year plan, Mr.
Young’s target bonus for the period covered by this plan is equal to 75% of his
base salary, or $300,000, and payment is subject to the Company achieving
certain performance metrics.
Mr.
Young’s equity awards will be granted at a later date, following approval at the
next scheduled meeting of the Board of Directors. The exercise price
and other terms of Mr. Young’s equity grants will be established at that
time.
Mr. Young
will be eligible to participate in the Company’s health and welfare plans,
401(k) plan, and Officers’ Severance Program, and will receive relocation
assistance and executive life and long-term disability benefits.
Section
9 – Financial Statements and Exhibits
Item
9.01. Financial Statements and Exhibits.
(d) Exhibits
The
exhibits listed in the accompanying Index to Exhibits are furnished as part of
this current report.
SIGNATURES
| RadioShack Corporation | |||
| (Registrant) | |||
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By:
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/s/ James F. Gooch | |
| James F. Gooch | |||
| Executive Vice President - Chief Financial Officer | |||
| (Principal Financial Officer) | |||
EXHIBIT
INDEX
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Exhibit
No.
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Description of
Exhibit
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99.1
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Press
Release, dated April 6, 2010.
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99.2
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Employment
Offer Letter to Scott E. Young from RadioShack Corporation, dated March
18, 2010.
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