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): November 21, 1997
DANIEL GREEN COMPANY
(Exact name of registrant as specified in its charter)
Massachusetts 0-00774 15-0327010
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
One Main Street, Dolgeville NY 13329
(Address of principal executive offices, including zip code)
(315) 429-3131
(Registrant's telephone number, including area code)
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Item 5. Other Events.
1. Resignation of Warren J. Reardon as President and Chief Operating
Officer
The Daniel Green Company (the "Company") announced on November 21, 1997
that its Board of Directors has accepted the resignation of Warren J. Reardon
III as President and Chief Operating Officer of the Company. Mr. Reardon, who is
resigning for personal reasons, has agreed to remain with the Company until it
finds a successor. The Company has engaged an executive search firm to assist in
this process.
2. Sale of Stock to Retirement Savings Partnership Plan
The Company also announced on November 21, 1997 that it has agreed to
sell 186,437 shares of its common stock to the Daniel Green Retirement Savings
Partnership Plan, a new employee savings plan sponsored by the Company (the
"Plan") at $4.80 per share. The sale price is based on an independent appraisal
of the Company's stock. Upon completion of the sale, the Plan will own
approximately 11% of the Company's outstanding common stock.
The stock sale to the Plan follows the Company's termination of the
defined benefit plan it maintained for its employees. After making full
provision for payment of all benefits of employees and retirees, there was an
overfunding of approximately $3,600,000, of which approximately $2,700,000
reverted to the Company. The remaining funds of approximately $900,000 were
transferred to the Plan and will be used to purchase the Company's stock.
As a result of these transactions, the Company expects to receive cash
in the amount of approximately $2,250,000, net of all applicable taxes and
expenses, and to report a positive after-tax effect on earnings of approximately
$158,000.
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereto duly authorized.
(Registrant): Daniel Green Company
Date: November 25, 1997
By: /s/ Stanley W. Kabot
Stanley W. Kabot
Treasurer
