UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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): May 23, 2007
MICHAELS STORES, INC.
(Exact Name of Registrant as Specified in Charter)
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Delaware |
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001-09338 |
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75-1943604 |
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(State or Other
Jurisdiction |
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(CommissionFile |
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(IRS Employer |
8000 Bent Branch Drive
Irving, Texas 75063
P.O. Box 619566
DFW, Texas 75261-9566
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (972) 409-1300
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 (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 23, 2007, the Board of Directors (the “Board”) of Michaels Stores, Inc. (the “Company”) approved the following actions relating to the Company’s executive officers:
2007 Base Compensation Determination for Certain Executive Officers
The Board approved the annual base compensation rate, payable during continued employment, for Nicholas E. Crombie, in connection with his promotion to Executive Vice President – Store Operations, to be effective as of May 6, 2007. The following table sets forth the annual base compensation rate of Mr. Crombie at the end of fiscal 2006 and as adjusted for fiscal 2007:
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Name and Position |
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Fiscal 2007 |
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Fiscal 2006 |
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Nicholas E. Crombie |
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$ |
300,000 |
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$ |
204,000 |
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Fiscal Year 2007 Bonus Plans
The Board approved the Fiscal Year 2007 Bonus Plans for the following executive officers of the Company:
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Name |
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Position |
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Nicholas E. Crombie |
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Executive Vice President – Store Operations |
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Thomas C. DeCaro (1) |
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Executive Vice President – Supply Chain |
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Harvey S. Kanter (1) |
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Executive Vice President – Chief Merchant |
(1) The Board approved amended Fiscal Year 2007 Bonus Plans for Messrs. DeCaro and Kanter. Accordingly, these amended bonus plans supersede the Fiscal Year 2007 Bonus Plans approved by the Board on March 28, 2007; see the Company’s Form 8-K filed on March 30, 2007, SEC File No. 001-09338.
The Fiscal Year 2007 Bonus Plans for the foregoing executive officers are attached to this Current Report on Form 8-K as Exhibits 10.1, 10.2 and 10.3, and each is incorporated by reference into this Item 5.02.
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(d) Exhibits. |
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Exhibit |
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10.1 |
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Fiscal Year 2007 Bonus Plan for Nicholas E. Crombie |
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10.2 |
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Fiscal Year 2007 Bonus Plan for Thomas C. DeCaro |
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10.3 |
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Fiscal Year 2007 Bonus Plan for Harvey S. Kanter |
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SIGNATURE
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 hereunto duly authorized.
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MICHAELS STORES, INC. |
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By: |
/s/ Jeffrey N. Boyer |
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Jeffrey N. Boyer |
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President and Chief Financial Officer |
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Date: May 30, 2007 |
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INDEX
TO EXHIBITS
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Exhibit |
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Description |
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10.1 |
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Fiscal Year 2007 Bonus Plan for Nicholas E. Crombie |
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10.2 |
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Fiscal Year 2007 Bonus Plan for Thomas C. DeCaro |
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10.3 |
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Fiscal Year 2007 Bonus Plan for Harvey S. Kanter |