Cost Plus 8-K 2007
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: May 25, 2007
(Date of Earliest Event Reported)
Cost Plus, Inc.
(Exact name of Registrant as specified in its charter)
200 4th Street
Oakland, California 94607
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code (510) 893-7300
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:
Amended and Restated Employment Severance Agreements
On May 25, 2007, Cost Plus, Inc. (the Company) entered into Amended and Restated Employment Severance Agreements (the Agreements) with the following executive officers: Thomas D. Willardson, Executive Vice President and Chief Financial Officer; Michael J. Allen, Executive Vice President, Store Operations; Joan S. Fujii, Executive Vice President, Human Resources; Jane L. Baughman, Senior Vice President, Financial Operations; Rayford K. Whitley, Senior Vice President, Supply Chain; and George Whitney, Senior Vice President, Merchandising. The Agreements were amended to extend the respective terms of the Agreements by one year through June 14, 2008 and to make certain other changes in light of the recently issued final regulations under Section 409A of the Internal Revenue Code of 1986, as amended, including changes in the timing of the payment of benefits under the Agreements in certain circumstances and a change to the definition of involuntary termination to exclude a material reduction in the executives employee benefits or titles as an involuntary termination.
Amendment to Chief Executive Officers Employment Agreement
On May 30, 2007, the Company and Barry J. Feld, the Companys President and Chief Executive Officer, entered into an amendment (the Amendment) to the employment agreement dated October 24, 2005 between the Company and Mr. Feld (the Employment Agreement). The Amendment revises the Employment Agreement in a manner similar to the changes made in the Agreements with the other executive officers described above to comply with the final regulations under Section 409A of the Internal Revenue Code of 1986, as amended. Additionally, the Amendment adds a notice and cure requirement for an involuntary termination and revises the definition of disability in Mr. Felds agreement in light of the final regulations.
The Amended and Restated Employment Severance Agreements and the Amendment to Mr. Felds Employment Agreement will be filed with the Companys Form 10-Q for the first fiscal quarter.
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.
Dated: June 1, 2007