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): April 12, 2006
REX STORES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 001-09097 31-1095548
(State or other jurisdiction (Commission File No.) (IRS Employer Identification No.)
of incorporation)
2875 Needmore Road, Dayton, Ohio 45414
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (937) 276-3931
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 1.01 Entry into a Material Definitive Agreement
On April 12, 2006, the Compensation Committee of the Board of Directors
of REX Stores Corporation (the "Company") approved the following cash bonuses to
executive officers and a director for fiscal 2005:
Name Title Fiscal 2005 Bonus
---- ----- -----------------
Stuart Rose Chairman and Chief Executive Officer $ 1,154,360
David Bearden President 23,750
Douglas Bruggeman Vice President-Finance and Treasurer 60,180
David Fuchs Vice President-Management Information Systems 60,180
Philip Keller Vice President-Store Operations 91,229
Keith Magby Vice President-Operations 90,270
Zafar Rizvi Vice President-Loss Prevention 90,961
Lawrence Tomchin Director 269,832
The annual cash bonuses for fiscal 2005 were generally based upon
earnings as a percentage of net sales and revenue. Mr. Rizvi's bonus included
inventory shrinkage goals and is calculated and paid quarterly. Amount shown
does not include payments earned prior to Mr. Rizvi being appointed an executive
officer in May 2005. Mr. Bearden's annual cash bonus was based upon earnings of
the Company's retail business and prorated 25% for time of service under the
terms of his employment agreement. Mr. Bearden joined the Company in October
2005.
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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.
REX STORES CORPORATION
Date: April 14, 2006 By: /s/ DOUGLAS L. BRUGGEMAN
------------------------
Name: Douglas L. Bruggeman
Title: Vice President-Finance,
Chief Financial Officer and
Treasurer
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