DESTINATION XL GROUP, INC. 8-K 2010
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 3, 2010
(Commission File Number)
CASUAL MALE RETAIL GROUP, INC.
(Exact name of registrant as specified in its charter)
555 Turnpike Street, Canton, Massachusetts 02021
(Address of registrants principal executive office)
(Registrants telephone number)
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):
Compensatory Arrangements of Certain Officers
On May 3, 2010, the Compensation Committee amended and restated the Companys LongTerm Incentive Plan (the Amended and Restated Plan), pursuant to which the Companys executives (which includes its Named Executive Officers) are eligible to participate.
Pursuant to the Amended and Restated Plan, the Compensation Committee will establish targeted performance goals (as provided for under the shareholder-approved 2006 Incentive Compensation Plan) for each participant. Each participant will be entitled to receive an Award (depending on the target level achieved) of the participants Target Cash Value which is defined as the participants actual annual base salary in effect at the commencement of a fiscal year multiplied by the longterm incentive program percentage designated in such participants executed employment agreement or otherwise on file with the Company.
Under the prior version of the Amended and Restated Plan: the Compensation Committee was restricted to establishing targeted performance goals based on EBITDA and the Companys operating margin percentage; the threshold and maximum percentages were fixed; and each participant was granted Awards based on the achievement of the same targeted performance goals as each other participant.
No changes were made to the timing of the grants of Awards or the vesting schedule.
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.