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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): July 12, 2012
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TRANS WORLD ENTERTAINMENT CORPORATION |
(Exact name of registrant as specified in its charter) |
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New York |
0-14818 |
14-1541629 |
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(State or other jurisdiction of |
(Commission file number) |
(I.R.S. Employer |
incorporation or organization) |
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Identification No.) |
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38 Corporate Circle, |
Albany, New York 12203 |
(Address of principal executive offices) |
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(518) 452-1242 |
(Registrants telephone number, including area code) |
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Not Applicable |
(Former name or former address, if changed since last report) |
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:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 5.02. |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On July 12, 2012, the Company amended its Supplemental Executive Retirement Plan to fix the annual retirement benefit to be received by its Chief Executive Officer following his retirement at $950,000.
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Item 9.01. |
Financial Statements and Exhibits. |
(d) Exhibits. The following exhibits are furnished herewith:
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Exhibit No. |
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Description |
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10.1 |
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Fifth Amendment to the Trans World Entertainment Corporation Supplemental Executive Retirement Plan |
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.
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Dated: July 16, 2012 |
TRANS WORLD ENTERTAINMENT CORPORATION |
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By: |
/s/ John Anderson |
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Name: John Anderson |
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Title: Chief Financial Officer |
EXHIBIT INDEX
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Exhibit
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Description |
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10.1 |
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Fifth Amendment to the Trans World Entertainment Corporation Supplemental Executive Retirement Plan |
Exhibit 10.1
FIFTH AMENDMENT TO THE
TRANS WORLD ENTERTAINMENT CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
The Trans World Entertainment Corporation Supplemental Retirement Plan (the Plan) is hereby amended as follows, effective July 12, 2012:
Paragraph A of Article 7 of the Plan is amended to read in its entirety as follows:
A. Normal Retirement Benefit
Except as set forth in the following sentence of this Article 7.A., the annual Normal Retirement Benefit for each Participant shall be equal to 50% of the average of the participants base compensation for the five years prior to retirement (base benefit) plus the average of the three largest bonus payments for the last five years prior to retirement (bonus benefit), to the extent vested. Notwithstanding the foregoing, the annual Normal Retirement Benefit for Robert J. Higgins shall be $950,000. Each Participants annual Normal Retirement Benefit shall be payable in equal monthly installments for a period of 20 years, beginning, subject to Article 19 below, on the later of (i) the first business day of the month following the Participants attainment of Normal Retirement Age (65), or (ii) the first business day of the month following the Participants termination of employment with the Company. To receive the bonus benefit a Participant must be employed until Normal Retirement Age.