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) January 23, 2006
FRIENDLY ICE CREAM CORPORATION
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(Exact Name Of Registrant As Specified In Its Charter)
MASSACHUSETTS
(State or Other Jurisdiction of Incorporation)
001-13579 04-2053130
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(Commission File Number) (I.R.S. Employer Identification No.)
1855 Boston Road, Wilbraham, MA 01095
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(Address of Principal Executive Offices) (Zip Code)
(413) 731-4000
(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))
Item 1.01 Entry into a Material Definitive Agreement
On January 23, 2006, Allan J. Okscin, the Vice President, Corporate
Controller of Friendly Ice Cream Corporation (the "Company"), announced his
retirement from the Company as of May 31, 2006 (the "Separation Date"). Due to
Mr. Okscin's departure, the Company is planning to undertake a reorganization of
its finance organization and does not anticipate hiring to fill this position.
On January 23, 2006, the Company and Mr. Okscin entered into an agreement
which states the terms of Mr. Okscin's continuing relationship with the Company
through May 31, 2007. Mr. Okscin has agreed to assist the Company, through May
31, 2007, with questions relating to matters that he was involved with while
employed by Friendly's. Pursuant to the terms of the Agreement, Mr. Okscin will
receive his current base salary through May 31, 2007, including a car allowance
and an amount equal to his executive match as described in the agreement. If
certain elections are made, Mr. Okscin is eligible to receive reimbursement of
certain COBRA and medical premium payments. A copy of the Memorandum of
Agreement is attached hereto as Exhibit 10.1 and is incorporated by reference
herein.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
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Exhibit Number Exhibit Description
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10.1 Memorandum of Agreement dated as of January 23, 2006
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2
SIGNATURE
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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, thereunto duly authorized.
Dated: January 23, 2006 FRIENDLY ICE CREAM CORPORATION
By: /s/ PAUL V. HOAGLAND
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Name: Paul V. Hoagland
Title: Executive Vice President of Administration
and Chief Financial Officer
EXHIBIT INDEX
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Exhibit Number Exhibit Description
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10.1 Memorandum of Agreement dated as of January 23, 2006
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