Business Context and Reporting Period
This Form 8-K Current Report was filed by GameStop Corp. on October 30, 2008, covering an event that occurred on October 24, 2008. The filing discloses the execution of a new executive employment agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation terms.
- Executive: Tony Bartel, Executive Vice President - Merchandising and Marketing.
- Base Salary: Minimum of $400,000 annually.
- Contract Term: Three years with automatic annual renewals unless notice is given six months prior.
- Bonus: Eligible for annual bonuses based on the Company's Supplemental Compensation Plan starting with the fiscal year ending January 31, 2009.
- Severance: In the event of termination without Cause or resignation for Good Reason, the executive receives base salary and average bonus for the remaining term of the agreement, with a minimum payout of one year's base salary and average bonus.
Material Changes
The material change reported is the formalization of Mr. Bartel's employment terms via a new agreement dated October 24, 2008. No financial performance changes or operational shifts are detailed in this specific report.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on market outlook, or discussion of general business risks. The primary contingency noted is the severance obligation triggered by specific termination events (without Cause or for Good Reason).
Investor Verification Checklist
- Verify the full text of the Executive Employment Agreement (Exhibit 10.1) for specific definitions of "Cause" and "Good Reason."
- Review the Company's Supplemental Compensation Plan to understand the specific performance targets for the annual bonus.
- Confirm if this agreement supersedes any prior employment arrangements for Mr. Bartel.