UNITED STATES
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): October 12, 2010
Family Dollar Stores, Inc.
(Exact name of registrant as specified in charter)
| Delaware | 1-6807 | 56-0942963 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| P.O. Box 1017, 10401 Monroe Road Charlotte, North Carolina |
28201-1017 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (704) 847-6961
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):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02(e). | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Fiscal 2011 Named Executive Officer Compensation.
At its meeting held on October 12, 2010, the Compensation Committee approved fiscal year 2011 annual compensation packages for the Company’s principal executive officer (“PEO”), principal financial officer (“PFO”) and the three most highly compensated executive officers other than the PEO and PFO who were serving as executive officers of the Company at the end of the Company’s fiscal year ended August 28, 2010 (collectively, “named executive officers”), as follows:
| Name |
Base Salary (1) |
Target Cash Bonus Award (% of base compensation) (2) |
Stock Options (2) |
Target Performance Share Grants (Fiscal 2011 -2013 Performance Period) (2) | ||||||
| Howard R. Levine, |
$ | 1,035,000 | 100 | % | 103,650 | 31,142 | ||||
| R. James Kelly, |
$ | 731,000 | 75 | % | 75,460 | 22,671 | ||||
| Charles S. Gibson, Jr., |
$ | 417,000 | 55 | % | 16,585 | 4,983 | ||||
| Dorlisa K. Flur, |
$ | 425,000 | 55 | % | 18,245 | 5,481 | ||||
| Kenneth T. Smith, |
$ | 310,500 | 40 | % | 8,295 | 2,492 | ||||
| (1) | Increases to base salaries effective retroactive to August 29, 2010. |
| (2) | Pursuant to the Company’s 2006 Incentive Plan. |
The foregoing does not constitute a complete summary of the compensation terms of the named executive officers and reference is made to the following Company plans with respect to various aspects of the compensation packages awarded to each named executive officer: (i) Family Dollar Stores, Inc. 2006 Incentive Plan (filed as Exhibit 10.4 to the Company’s Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on January 7, 2009); (ii) Family Dollar Stores, Inc. 2006 Incentive Plan Guidelines for Long-Term Incentive Performance Share Rights Awards (filed as Exhibit 10.1 to the Company’s Form 8-K filed with the SEC on October 16, 2009); (iii) Family Dollar Stores, Inc. 2006 Incentive Plan 2006 Non-Qualified Stock Option Grant Program (filed as Exhibit 10.3 to the Company’s Form 8-K filed with the SEC on January 25, 2006); and (iv) the Family Dollar Stores, Inc. 2006 Incentive
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Plan Guidelines for Annual Cash Bonus Awards (filed as Exhibit 10.2 to the Company’s Form 8-K filed with the SEC on October 16, 2009).
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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 hereunto duly authorized.
| FAMILY DOLLAR STORES, INC. | ||||
| (Registrant) | ||||
| Date: October 15, 2010 | By: | /s/ James C. Snyder, Jr. | ||
| Senior Vice President, General Counsel and Secretary | ||||
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