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): January 7, 2008
RADIOSHACK
CORPORATION
(Exact
name of
registrant as specified in its charter)
Commission
file
number 1-5571
|
Delaware
|
75-1047710
|
|
(State
or
other jurisdiction of incorporation)
|
(I.R.S.
Employer Identification No.)
|
|
|
|
|
|
|
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300
RadioShack Circle, Mail Stop CF3-203,
|
|
|
Fort
Worth,
Texas
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76102
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(Address
of
principal executive offices)
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(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):
o Written
communications pursuant to Rule 425 under the Securities
Act
o Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act
Item
1.01 Entry into
a Material Definitive Agreement.
See
Item 5.02 for a
discussion of the Offer Letter, entered into between RadioShack Corp (the
"Company") and Mr. Bryan Bevin, the Company's newly appointed Executive Vice
President – Store Operations.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On
January 7, 2008,
RadioShack Corp. announced that it had appointed Mr. Bryan Bevin to the position
of Executive Vice President – Store Operations. Mr. Bevin began his
employment with the Company on January 7, 2008.
Mr.
Bevin
was
Senior Vice President, U.S.
Operations for Blockbuster Entertainment from
January 2006 until October 2007 and Senior Vice President/General Manager –
Games for Blockbuster from June 2005 until December 2005.
Prior
to joining Blockbuster, Mr. Bevin was Vice President of Retail for Cingular
from February 2004 until May 2005 and Managing Director for Interactive Telecom
Solutions from 2001 until 2004.
In
connection with
Mr. Bevin’s appointment as Executive Vice President – Store Operations, the
following sets forth Mr. Bevin’s base salary, sign-on bonus, stock option grant
and restricted stock information.
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Base
Annual
Salary:
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$425,000
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Sign-On
Bonus:
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$25,000
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Number
of Stock
Options (1):
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75,000
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Number
of Shares of
Restricted Stock
(2):
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12,500
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(1) The
exercise price
per share is $14.71, 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. Bevin’s
employment with RadioShack. 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.
(2) Restricted
stock vests in equal annual increments of one-third, beginning on the first
anniversary of the date of grant, assuming employment on such vesting
dates.
In
addition, Mr.
Bevin 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
RadioShack’s 2004 annual meeting of stockholders. For 2008, Mr.
Bevin will participate in the Company’s two year cycle Long-Term Incentive
Compensation Plan covering calendar years 2008 and 2009, payable in
2010. Under this two year plan, Mr. Bevin’s annual target bonus is
equal to 75% of his base salary and payment is subject to the Company achieving
certain performance metrics. Mr. Bevin’s 2008 Long-Term Incentive
Compensation Plan target under this two year plan is $425,000. In
addition, Mr. Bevin will participate in the Company’s three year cycle
Long-Term
2
Incentive
Compensation Plan covering calendar years 2008, 2009 and 2010, payable in
2011. Mr. Bevin’s 2008 Long-Term Incentive Compensation Plan target
under this three year plan is $531,250.
Mr.
Bevin
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.
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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 7th day of January,
2008.
RADIOSHACK
CORPORATION
/s/
James F. Gooch
James
F. Gooch
Executive
Vice President and Chief
Financial Officer
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