LCUT » Topics » Retirement plan

This excerpt taken from the LCUT 10-K filed Mar 15, 2007.

Retirement plan

With the acquisition of the business and certain assets of Syratech in April 2006, the Company assumed obligations that provide for retirement benefit payments to two former executives of Syratech and Alan Kanter, a former executive of Syratech who is currently an executive officer of the Company. The obligations under these agreements are unfunded. At December 31, 2006, the total unfunded retirement benefit obligation related to these agreements is $2.9 million and is included in accrued expenses and deferred rent and other long-term liabilities in the accompanying consolidated balance sheet. During the year ended December 31, 2006, the Company paid retirement benefits under these agreements totaling $148,000. The Company expects to pay a total of $148,000 in retirement benefits under the agreements for the year ending December 31, 2007.

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