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KIRK > SEC Filings for KIRK > Form 8-K on 8-Aug-2014All Recent SEC Filings

Show all filings for KIRKLAND'S, INC

Form 8-K for KIRKLAND'S, INC


Change in Directors or Principal Officers

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

(e) On June 11, 2014, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Kirkland's, Inc. (the "Company") approved annual management cash bonus opportunities for the Company's fiscal year ending January 31, 2015 ("Fiscal 2014") under the Company's Amended and Restated 2002 Stock Incentive Plan. Under this arrangement, participating managers are eligible to earn cash bonuses based on corporate performance during Fiscal 2014. The relevant corporate performance goal for this purpose is the achievement of a specified level of earnings before interest and taxes, determined without regard to (i) amounts accrued in respect of Fiscal 2014 cash bonuses,
(ii) extraordinary gains, losses or expenses, and (iii) changes in accounting principles.

Upon achievement of the corporate performance goal, the Company's executive officers will be eligible to receive the following target bonus amounts:

Name                                       Title                    Target Bonus Amount
Robert E. Alderson         President and Chief Executive Officer    $545,000 (100% of
                                                                    base salary

W. Michael Madden          Senior Vice President and Chief          $277,500 (75% of
                           Financial Officer                        base salary)

Michelle R. Graul          Senior Vice President of Store           $192,000 (60% of
                           Operations and HR                        base salary

The actual bonus payable to any executive officer may be more or less than his or her target bonus amount if actual corporate performance is above or below the specified goal, based on a scale approved by the Compensation Committee. In addition, unless otherwise determined by the Compensation Committee, as a condition of receiving any cash bonus otherwise earned for Fiscal 2014, each executive officer must remain continuously employed by the Company in good standing, in a position of equal or greater seniority, through the date such bonuses are actually paid (expected to be no later than April 15, 2015). Finally, the Compensation Committee has reserved the right, in its discretion, to reduce or eliminate any cash bonus otherwise earned for Fiscal 2014 based on individual performance or such other factors as it deems relevant.

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