Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective January 9, 2009, we appointed Michael Owens, age 54, as our Executive Vice President and Chief Operating Officer. Mr. Owens worked at Anheuser-Busch, a brewing company, for 27 years prior to his employment with us. He served as Vice President of Business Operations from July 2007 through November 2008, as Vice President of Sales and Marketing from July 2005 through May 2007, and as Vice President of Sales and Wholesaler Operations from 2001 through June 2005.

There are no family relationships between Mr. Owens and any of our directors or executive officers that are required to be disclosed under Item 401(d) of Regulation S-K, and there are no transactions between Mr. Owens or any of his immediate family members and us or any of our subsidiaries that are required to be disclosed under Item 404(a) of Regulation S-K.

In connection with his employment by us, Mr. Owens entered into the employment agreement attached hereto as Exhibit 10.1 and incorporated into this Item 5.02 by reference. Mr. Owens initial base salary and bonus opportunity are reflected in his employment agreement. Pursuant to his employment agreement, Mr. Owens will be eligible for our standard executive severance and option acceleration benefits covering, in most applicable instances, a period of 12 months post-termination. Mr. Owens will also receive payment of certain expenses intended to facilitate the performance of his duties and the reimbursement of any associated taxes. The foregoing description of the terms of Mr. Owens' employment agreement is a summary only and is qualified in all respects by reference to the employment agreement attached hereto as Exhibit 10.1.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits 10.1 Employment Agreement dated January 9, 2009 by and between Gander Mountain Company and Michael Owens

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