UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 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)
June 21, 2010.
Duckwall-ALCO
Stores, Inc.
(Exact
name of registrant as specified in its charter)
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Kansas
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0-20269
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48-0201080
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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401
Cottage
Abilene,
Kansas 67410-2832
(Address
of principal executive offices) (Zip Code)
(785)
263-3350
(Registrant's
telephone number, including area code)
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 (
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))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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On June
21, 2010, the Compensation Committee of Duckwall-ALCO Stores, Inc., (the
"Company") met and approved (i) an increase of the base salary of Donny R.
Johnson, Executive Vice President-Chief Financial Officer (“Johnson”); (ii) an
increase of the base salary of Edmond C. Beaith, Senior Vice President-Chief
Information Officer (“Beaith”); and (iii) discretionary performance bonus
payments to Johnson, Beaith and Tom L. Canfield, Jr., Senior Vice
President-Logistics and Administration (“Canfield”) in recognition of each
Johnson, Beaith and Canfield’s performance and efforts that have exceeded the
expectations of the Company.
Effective
July 1, 2010 Johnson’s base salary shall be increased to $290,000.00 and
Beaith’s base salary shall be increased to $205,000.00. All other terms and
conditions of both Johnson and Beaith’s current Employment Agreements with the
Company remain unchanged.
Johnson
shall be awarded a bonus payment in the amount of $25,000.00, Beaith shall be
awarded a bonus in the amount of $15,000.00, and Canfield shall be awarded a
bonus in the amount of $15,000.00. The discretionary performance bonus payments
discussed herein are not part of a compensatory plan or arrangement, but are in
addition to each Johnson, Beaith and Canfield’s base salary. The discretionary
bonus payments awarded to Johnson, Beaith and Canfield are one time payments and
the grant of these bonuses does not contemplate any additional bonus awards in
the future. These discretionary bonuses shall be paid on or before July 15,
2010.
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Item
7.01
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Regulation
FD Disclosure
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The information set forth in Item 5.02
is incorporated herein by reference, in its entirety, into this Item
7.01.
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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Date:
June 25, 2010
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DUCKWALL-ALCO
STORES, INC.
By:
/s/ Richard
E. Wilson
Richard E. Wilson
President and Chief
Executive
Officer
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