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 3, 2013
MICHAELS STORES, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware |
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001-09338 |
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75-1943604 |
(State or Other Jurisdiction |
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(Commission |
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(IRS Employer |
8000 Bent Branch Drive
Irving, Texas 75063
(Address of Principal Executive Offices) (Zip Code)
Registrants telephone number, including area code: (972) 409-1300
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements with Certain Officers
On October 3, 2013, Michaels Stores, Inc. (the Company) announced that Weizhong Wilson Zhu has provided notice that he will resign from his position as the Companys Executive Vice President - Global Sourcing, effective mid-November 2013. In connection with Mr. Zhus departure, the Company will enter into an agreement with Mr. Zhu, whereby Mr. Zhu will receive (i) his earned bonus for fiscal year 2013 pursuant to the Companys bonus plan for executive officers, under established bonus criteria associated with the bonus plan, on the same terms as that paid to other executive officers of the Company (if earned at all); and (ii) a cash amount, less any applicable withholdings, equal to: (x) the difference between the per share fair market value of Michaels common stock on July 2, 2014 and $21.78 per share, which represents the current fair market value of the common stock, (y) multiplied by 69,984, such payment subject to a $250,000 cap and payable in July 2014. As consideration for the Companys entry into such agreement, the agreement will contain a release of claims against the Company by Mr. Zhu, as well as other typical restrictive covenants relating to his departure.
SIGNATURE
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.
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MICHAELS STORES, INC. | |
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By: |
/s/ Michael J. Veitenheimer |
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Michael J. Veitenheimer |
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Senior Vice President, Secretary |
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and General Counsel |
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Date: October 9, 2013 |
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