<PAGE>
Registration No. 33-81706
================================================================================
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
POST-EFFECTIVE
AMENDMENT NO. 1
TO
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
REX STORES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 31-1095548
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
2875 Needmore Road, Dayton, Ohio 45414
(Address of principal executive offices) (Zip Code)
REX STORES CORPORATION
1995 OMNIBUS STOCK INCENTIVE PLAN
(Formerly named the 1994 Incentive Stock Option Plan)
(Full title of the plan)
Stuart Rose
Chairman
REX Stores Corporation
2875 Needmore Road
Dayton, Ohio 45414
(Name and address of agent for service)
(513) 276-3931
(Telephone number, including area code, of agent for service)
================================================================================
2
<PAGE>
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.
Item 2. Registrant Information and Employee Plan Annual Information.
The information required by Part I to be contained in the Section 10(a)
prospectus is omitted from this registration statement in accordance with Rule
428 and the Note to Part I of Form S-8.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by REX Stores Corporation (the 'Company')
with the Securities and Exchange Commission are incorporated by reference in
this registration statement:
1. The Company's Annual Report on Form 10-K for the fiscal year ended
January 31, 1995.
2. The Company's Quarterly Reports on Form 10-Q for the quarters ended
April 30 and July 31, 1995.
3. The description of the shares of Common Stock of the Company
contained in the Company's Registration Statement on Form 8-A filed under
the Securities Exchange Act of 1934 and any amendment or report filed for
the purpose of updating such description.
All documents subsequently filed by the Company pursuant to Sections 13(a),
13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing
of a post-effective amendment which indicates that all securities offered have
been sold or which deregisters all securities then remaining unsold, shall be
deemed to be incorporated by reference in this registration statement and to be
a part hereof from the date of filing of such documents. Any statement contained
herein or in a document all or a portion of which is incorporated or deemed to
be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this registration statement to the extent that a statement
contained herein or in any other subsequently filed document which
3
<PAGE>
also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall
not be deemed, except as so modified or amended, to constitute a part of this
registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
The legality of the shares of Common Stock offered pursuant to the
Company's 1995 Omnibus Stock Incentive Plan is being passed upon for the Company
by Chernesky, Heyman & Kress, Dayton, Ohio. Edward Kress, a partner of
Chernesky, Heyman & Kress, is Secretary and a director of the Company. Mr. Kress
owns 20,001 shares of Common Stock and holds options to purchase 7,017 shares of
Common Stock granted under the Plan. Other members of Chernesky, Heyman & Kress
own a total of 850 shares of Common Stock.
Item 6. Indemnification of Directors and Officers.
Article VII of the registrant's By-laws provides that it shall indemnify
its officers and directors to the extent permitted by the General Corporation
Law of Delaware.
Section 145 of the Delaware General Corporation Law, as amended, provides
that a corporation may indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action,
suit or proceeding, whether civil, criminal or investigative (other than an
action by or in the right of the corporation) by reason of the fact that he is
or was a director, officer, employee or agent of the corporation, or is or was
serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by him in connection
with such action, suit or proceeding if he acted in good faith and in a manner
he reasonably believed to be in or not opposed to the best interests of the
corporation, and, with respect to any criminal action or proceeding, had not
reasonable cause to believe his conduct was unlawful. Section 145 further
provides that a corporation similarly may indemnify any such person serving in
any such capacity who was or is a party or is threatened to be made a party to
any threatened, pending or completed action or suit by or in the right of the
corporation to procure a judgment in its favor, against expenses (including
attorneys' fees) actually and reasonably incurred in connection with the defense
or settlement of
4
<PAGE>
such action or suit if he acted in good faith and in a manner he reasonably
believed to be in or not opposed to the best interests of the corporation and
except that no indemnification shall be made in respect of any claim, issue or
matter as to which such person shall have been adjudged to be liable to the
corporation unless and only to the extent that the Delaware Court of Chancery or
such other court in which such action or suit was brought shall determine upon
application that, despite the adjudication of liability but in view of all the
circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which the Court of Chancery or such other court
shall deem proper.
Under Section 145, a corporation may purchase and maintain insurance on
behalf of any person who is or was a director, officer, employee or agent of the
corporation, or who, while serving in such capacity, is or was at the request of
the corporation a director, officer, employee or agent of another corporation or
legal entity, against liability asserted against or incurred by such person in
any such capacity whether or not the corporation would have the power to provide
indemnity under Section 145. The registrant maintains directors and officers
liability insurance in the aggregate amount of $30 million.
Section 102(b)(7) of the Delaware General Corporation Law permits a
corporation to include in its certificate of incorporation a provision
eliminating or limiting the personal liability of a director to the corporation
or its stockholders for monetary damages for breach of fiduciary duty as a
director, provided that such provision shall not eliminate or limit the
liability of a director (i) for any breach of the director's duty of loyalty to
the corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law,
(iii) under Section 174 of the Delaware General Corporation Law (relating to
unlawful payment of dividends and unlawful stock purchase and redemption) or
(iv) for any transaction from which the director derived an improper personal
benefit. The registrant's Certificate of Incorporation provides that, to the
fullest extent permitted by the Delaware General Corporation Law, directors of
the registrant shall not be liable to the registrant or its stockholders for
monetary damages for breach of fiduciary duty as a director.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
5
<PAGE>
The following exhibits are filed as part of this registration statement:
4(a)(1) - Certificate of Incorporation, as amended (incorporated by
reference to Exhibit 3(a) to Form 10-K for fiscal year ended
January 31, 1994, File No. 0-13283)
4(b)(1) - By-Laws, as amended (incorporated by reference to Registration
Statement No. 2-95738, Exhibit 3(b), filed February 8, 1985)
4(b)(2) - Amendment to By-Laws adopted June 29, 1987 (incorporated by
reference to Exhibit 4.5 to Form 10-Q for quarter ended July 31,
1987, File No. 0-13283)
4(c) - 1995 Omnibus Stock Incentive Plan, as amended and restated
effective June 2, 1995 (formerly named the 1994 Incentive Stock
Option Plan)*
5(a) - Opinion of Chernesky, Heyman & Kress*
23(a) - Consent of Arthur Andersen LLP*
23(b) - Consent of Chernesky, Heyman & Kress (included in Exhibit 5(a))
24 - Powers of attorney of each person who signed this post-effective
amendment to the registration statement on behalf of another
pursuant to a power of attorney*
-----------
* Filed herewith.
Item 9. Undertakings.
1. The undersigned registrant hereby undertakes:
(a) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration
6
<PAGE>
statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in
the information set forth in the registration statement.
Notwithstanding the foregoing, any increase or decrease in volume of
securities offered (if the total dollar value of securities offered
would not exceed that which was registered) and any deviation from the
low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering
price set forth in the 'Calculation of Registration Fee' table in the
effective registration statement;
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;
Provided, however, that paragraphs (a)(i) and (a)(ii) do not apply if the
registration statement is on Form S-3, Form S-8 or Form F-3, and the information
required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed by the registrant pursuant to section 13 or
section 15(d) of the Securities Exchange Act of 1934 that are incorporated by
reference in the registration statement.
(b) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(c) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
2. The undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
registrant's annual report pursuant to section 13(a) or section 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to section 15(d) of the
Securities Exchange Act of 1934) that is incorporated by reference in the
registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
7
<PAGE>
3. Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to directors, officers and controlling persons of
the registrant pursuant to the foregoing provisions, or otherwise, the
registrant has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant
in the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.
8
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this post-effective
amendment to the registration statement to be signed on its behalf by the
undersigned, hereunto duly authorized, in the City of Dayton, State of Ohio, on
September 14, 1995.
REX STORES CORPORATION
By: Stuart Rose
------------------------------
(Stuart Rose,
Chairman of the Board)
Pursuant to the requirements of the Securities Act of 1933, this
post-effective amendment to the registration statement has been signed by the
following persons in the capacities and on the date indicated.
Signature Capacity Date
Stuart Rose Chairman of the Board )
------------------- and Chief Executive )
(Stuart Rose) Officer (principal )
executive officer) )
)
)
)
Douglas Bruggeman Vice President--Finance )
------------------- and Treasurer )
(Douglas Bruggeman) (principal financial )
and accounting )
officer) )
)
)
)
)
Lawrence Tomchin* President, Chief ) September 14, 1995
------------------- Operating Officer )
(Lawrence Tomchin) and Director )
)
)
)
)
Edward Kress Secretary and Director )
------------------- )
(Edward Kress) )
)
)
)
)
Robert Davidoff* Director )
------------------- )
(Robert Davidoff) )
)
)
)
)
Tibor Fabian* Director )
------------------- )
(Tibor Fabian) )
*By: Stuart Rose
---------------------------------
(Stuart Rose, Attorney-in-Fact)
9
Exhibit 4(c)
REX STORES CORPORATION
1995 OMNIBUS STOCK INCENTIVE PLAN
Section 1. Purpose and Establishment.
The purpose of this Plan is to benefit the Company's shareholders by
encouraging high levels of performance by individuals who contribute to the
success of the Company and its Subsidiaries and to enable the Company and its
Subsidiaries to attract, motivate, retain and reward talented and experienced
individuals. This purpose is to be accomplished by providing eligible employees
and directors with an opportunity to acquire or increase a proprietary interest
in the Company and/or by providing eligible employees with additional incentive
compensation opportunities.
This Plan is an amendment and restatement of the Company's 1994 Incentive
Stock Option Plan in its entirety and shall become effective on June 2, 1995
upon approval by the shareholders of the Company.
Section 2. Definitions.
(a) Defined Terms. The terms defined in this section shall have the
following meanings for purposes of this Plan:
'Award' means an award granted pursuant to Section 4.
'Award Agreement' means an agreement described in Section 6 entered
into between the Company and a Participant, setting forth the terms and
conditions of an Award granted to a Participant.
'Beneficiary' means a person or persons (including a trust or trusts)
validly designated by a Participant or, in the absence of a valid
designation, entitled by will or the laws of descent and distribution, to
receive the benefits specified in the Award Agreement and under this Plan
in the event of a Participant's death.
'Board of Directors' or 'Board' means the Board of Directors of the
Company.
'Cash Awards' means Awards that, if paid, must be paid in cash and
that are neither denominated in nor have a value derived from the value of,
nor an exercise or conversion privilege at a price related to, shares of
Stock, as described in Section 4(a)(6).
'Change in Control' means change in control as defined in Section
7(c).
'Code' means the Internal Revenue Code of 1986, as amended from time
to time.
<PAGE>
'Committee' means the Committee described in Section 8.
'Company' means REX Stores Corporation.
'Covered Employee' means any Employee who is the chief executive
officer of the Company, or is among the four highest compensated executive
officers of the Company (other than the chief executive officer) as
determined pursuant to the executive compensation disclosure rules under
the Exchange Act.
'Employee' means any officer or other key employee of the Company or
any of its Subsidiaries, but excludes, in the case of an Incentive Stock
Option, an Employee of any Subsidiary that is not a 'subsidiary
corporation' of the Company as defined in Code Section 424(f).
'Exchange Act' means the Securities Exchange Act of 1934, as amended
from time to time.
'Fair Market Value' means the closing price of the relevant security
as reported on the New York Stock Exchange Composite Tape (or, if the
security is not so listed or if the principal market on which it is traded
is not the New York Stock Exchange, such other reporting system as shall be
selected by the Committee) on the relevant date, or if no sale of the
security is reported for that date, the next preceding day for which there
is a reported sale. The Committee shall determine the Fair Market Value of
any security that is not publicly traded, using criteria as it shall
determine, in its sole discretion, to be appropriate for the valuation.
'Insider' means any person who is subject to Section 16(b) of the
Exchange Act.
'Nonemployee Director' means any member of the Board of Directors of
the Company who is not an employee of the Company or any of its
Subsidiaries.
'Option' means an Incentive Stock Option or a Nonqualified Stock
Option as described in Section 4(a)(1).
'Participant' means an Employee or a Nonemployee Director who is
granted an Award pursuant to this Plan that remains outstanding.
'Performance-Based Awards' is defined in Section 4(b).
'Performance Goal' and 'Performance Goals' means one or more of the
performance goals specified in Section 4(b)(2).
'Rule 16b-3' means Rule 16b-3 under Section 16 of the Exchange Act, as
amended from time to time.
'Stock' means shares of Common Stock of the Company, par value $.01
per share.
2
<PAGE>
'Stock-Based Awards' means Awards that are payable or denominated in
or have a value derived from the value of, or an exercise or conversion
privilege at a price related to, shares of Stock, as described in Sections
4(a)(1) through (5).
'Subsidiary' means, as to any person, any corporation, association,
partnership, joint venture or other business entity of which 50% or more of
the voting stock or other equity interests (in the case of entities other
than corporations), is owned or controlled (directly or indirectly) by that
entity, or by one or more of the Subsidiaries of that entity, or by a
combination thereof.
(b) Financial and Accounting Terms. Except as the context otherwise
requires, financial and accounting terms, including terms defined herein as
Performance Goals, are used as defined for purposes of, and shall be determined
in accordance with, generally accepted accounting principles and as derived from
the audited consolidated financial statements of the Company.
Section 3. Eligibility.
(a) Employees. Any one or more Awards may be granted to any Employee who is
designated by the Committee to receive an Award.
(b) Nonemployee Directors. Nonemployee Directors are eligible for grants of
Nonqualified Stock Options as provided in Section 4(d).
Section 4. Awards.
(a) Type of Awards. The Committee may grant any of the following types of
Awards, either singly, in tandem or in combination with other Awards:
(1) Options. An Option is a right to purchase a specified number of
shares of Stock at a specified price during such specified time as the
Committee may determine. An Option granted under this Plan may be either an
Incentive Stock Option that is intended to comply with the requirements of
Code Section 422 or any successor section of the Code or a Nonqualified
Stock Option that is not intended to comply with such requirements. The
exercise price of each Option granted under this Plan shall not be less
than the Fair Market Value of the Stock on the date the Option is granted
or, if the exercise price of an Option is reduced by amendment, the Fair
Market Value of the Stock on the date of amendment. Each Option granted
under this Plan shall be exercisable in whole or in part and at such
intervals or in such installments as the Committee may determine.
(2) Special Requirements for Incentive Stock Options. If at the time
an Incentive Stock Option is granted the Employee owns Stock possessing
more than ten percent (10%) of the combined
3
<PAGE>
voting power of all classes of stock of the Company, the exercise price of
the Option shall be not less than 110% of the Fair Market Value of the
Stock on the date of grant and the Option shall not be exercisable more
than five years after the date of grant. To the extent that the aggregate
'fair market value' of Stock with respect to which one or more incentive
stock options first become exercisable by a Participant in any calendar
year exceeds $100,000, taking into account both Stock subject to Incentive
Stock Options under this Plan and stock subject to incentive stock options
under all other plans of the Company or other entities referenced in Code
Section 422(d)(1), the options shall be treated as Nonqualified Stock
Options. For this purpose, the 'fair market value' of the Stock subject to
options shall be determined as of the date the Options were awarded.
(3) Stock Appreciation Rights. A Stock Appreciation Right is a right
to receive, upon surrender of the right, but without payment, an amount
based on appreciation in the value of Stock over a base price established
in the Award, payable in cash and/or Stock, at times and upon conditions
(which may include a Change in Control) as may be approved by the
Committee. The minimum base price of a Stock Appreciation Right granted
under this Plan shall be not less than the lowest of the Fair Market Value
of the underlying Stock on the date the Stock Appreciation Right is granted
or, if the base price of a Stock Appreciation Right is reduced by
amendment, the Fair Market Value of the Stock on the date of the amendment,
or, in the case of a Stock Appreciation Right related to an Option, the
exercise price of the related Option. A Stock Appreciation Right may be
granted in tandem with, in addition to, or independent of an Option or any
other Award under this Plan. A Stock Appreciation Right issued in tandem
with an Option may be granted at the time of grant of the related Option or
at any time thereafter during the term of the Option. The exercise of
either a Stock Appreciation Right issued in tandem with an Option or
exercise of the related Option shall automatically cancel the Participant's
right under the tandem Award with respect to the number of shares so
exercised.
(4) Restricted Stock. Restricted Stock is Stock that is issued to a
Participant, but subject to restrictions on transfer and/or such other
restrictions on incidents of ownership as the Committee may determine.
Restricted Stock Awards to Covered Employees that are either granted or
vest upon attainment of one or more of the Performance Goals shall only be
granted as Performance-Based Awards under Section 4(b).
(5) Other Stock-Based Awards. The Committee may from time to time
grant Stock or the right to purchase Stock, or other Stock-Based Awards
including, but not limited to, bonus stock, phantom stock or units,
performance stock or units, dividend equivalents, or similar securities or
rights that have a value derived from the value of, or an exercise or
conversion privilege at a price related to, or that are otherwise payable
in, shares of
4
<PAGE>
Stock. The Awards shall be in a form determined by the Committee, not
inconsistent with the other terms of this Plan. Awards under this Section
4(a)(5) to Covered Employees that are either granted or become vested,
exercisable or payable based on attainment of one or more of the
Performance Goals shall only be granted as Performance-Based Awards under
Section 4(b).
(6) Cash Awards. Cash Awards provide Participants with the opportunity
to earn a cash payment based upon the level of performance of the Company
relative to one or more Performance Goals established by the Committee for
an award cycle of more than one but not more than five years. For each
award cycle, the Committee shall determine the size of the Cash Awards, the
Performance Goals, the performance targets as to each of the Performance
Goals, the level or levels of achievement necessary for award payments and
the weighting of the Performance Goals, if more than one Performance Goal
is applicable. Cash Awards to Covered Employees that are either granted or
become vested, exercisable or payable based on attainment of one or more
Performance Goals shall only be granted as Performance-Based Awards under
Section 4(b).
(b) Special Performance-Based Awards. Any of the type of Awards listed in
Section 4(a) may be granted as awards that satisfy the requirements for
'performance-based compensation' within the meaning of Code Section 162(m)
('Performance-Based Awards'), the grant, vesting, exercisability or payment of
which depends on the degree of achievement of the Performance Goals relative to
preestablished targeted levels for the Company on a consolidated basis. Any
Option or Stock Appreciation Right with an exercise price or a base price not
less than Fair Market Value on the date of grant shall be subject only to the
requirements of clauses (1) and (3)(A) below in order for such Awards to satisfy
the requirements for Performance-Based Awards under this Section 4(b) (such
Awards are hereinafter referred to as a 'Qualifying Option' or a 'Qualifying
Stock Appreciation Right,' respectively). With the exception of any Qualifying
Option or Qualifying Stock Appreciation Right, an Award intended to satisfy the
requirements of this Section 4(b) shall be designated as a Performance-Based
Award at the time of grant.
(1) Eligible Class. The eligible class of persons for Performance-Based
Awards shall be all Employees.
(2) Performance Goals. The performance goals for any Performance-Based
Awards (other than Qualifying Options and Qualifying Stock Appreciation Rights)
shall be, on an absolute or relative basis, one or more of the following:
earnings per share, return on stockholders equity, common stock price per share,
total stockholder return, net sales, income from operations, income before
income taxes, net income, comparable store sales or market share. The specific
performance target(s) with respect to Performance Goal(s) must be established by
the Committee in advance of the deadlines applicable under Code Section 162(m)
and while the
5
<PAGE>
performance relating to the Performance Goal(s) remains substantially uncertain.
(3) Individual Limits.
(A) Stock-Based Awards. The maximum number of shares of Stock that are
issuable under Options, Stock Appreciation Rights, Restricted Stock or
other Stock-Based Awards granted as Performance-Based Awards to any
Participant during the period Awards may be made under this Plan shall not
exceed the total number of shares available under this Plan. Awards that
are cancelled or repriced during such period shall be counted against this
limit to the extent required by Code Section 162(m).
(B) Cash Awards. The aggregate amount of compensation to be paid to
any Participant in respect of those Cash Awards that are granted during any
fiscal year of the Company as Performance-Based Awards shall not exceed
$1,000,000.
(4) Committee Certification. Before any Performance- Based Award (other
than Qualifying Options and Qualifying Stock Appreciation Rights) is paid, the
Committee must certify in writing that the applicable Performance Goal(s) and
other material terms of the Performance-Based Award were satisfied, provided
that a Performance-Based Award may be paid without regard to the satisfaction of
the applicable Performance Goal in the event of a Change in Control as provided
in Section 7(b).
(5) Terms and Conditions of Awards; Committee Discretion to Reduce
Performance Awards. The Committee shall have discretion to determine the
conditions, restrictions or other limitations, in accordance with the terms of
this Plan and Code Section 162(m), on the payment of individual
Performance-Based Awards. To the extent set forth in an Award Agreement, the
Committee may reserve the right to reduce the amount payable in accordance with
any standards or any other basis (including the Committee's discretion), as the
Committee may impose.
(6) Adjustments for Material Changes. In the event of (i) a change in
corporate capitalization, a corporate transaction or a complete or partial
corporate liquidation, (ii) any extraordinary gain or loss or other event that
is treated for accounting purposes as an extraordinary item under generally
accepted accounting principles or (iii) any material change in accounting
policies or practices affecting the Company and/or the Performance Goals or
targets, then, to the extent any of the foregoing events (or a material effect
thereof) was not anticipated at the time the targets were set, the Committee may
make adjustments to the Performance Goals and/or targets, applied as of the date
of the event, and based solely on objective criteria, so as to neutralize, in
the Committee's judgment, the effect of the event on the applicable
Performance-Based Award.
6
<PAGE>
(7) Interpretation. Except as specifically provided in this Section 4(b),
the provisions of this Section 4(b) shall be interpreted and administered by the
Committee in a manner consistent with the requirements for exemption of
Performance-Based Awards granted to Covered Employees as 'performance-based
compensation' under Code Section 162(m) and regulations and other
interpretations issued by the Internal Revenue Service thereunder.
(c) Maximum Term of Awards. No Award that contemplates exercise or
conversion may be exercised or converted to any extent, and no other Award that
defers vesting, shall remain outstanding and unexercised, unconverted or
unvested more than ten years after the date the Award was initially granted, or
more than five years in the case of an Incentive Stock Option granted to an
Employee owning more than ten percent (10%) of the outstanding Stock.
(d) Nonemployee Director Awards. On the date of each annual meeting of
shareholders of the Company on and after the effective date of this Plan, each
Nonemployee Director shall be granted a Nonqualified Stock Option to purchase a
number of shares of Stock such that the exercise price of the Option multiplied
by the number of shares subject to the Option is as near as possible to
$100,000, but in no event more than 10,000 shares. The exercise price of each
such Nonqualified Stock Option shall be the Fair Market Value of the Stock on
the date of grant. Each Nonqualified Stock Option granted pursuant to this
Section 4(d) shall become exercisable in five equal annual installments
commencing on the first anniversary of the date of grant and shall expire ten
years from the date of grant. The other terms of this Plan shall apply to
Nonqualified Stock Options granted pursuant to this Section 4(d) to the extent
consistent with this Section 4(d) and the requirements for a formula plan under
Rule 16b-3. This Section 4(d) shall not be amended more than once every six
months other than to comport with changes in the Code, the Employee Retirement
Income Security Act, or the rules thereunder.
Section 5. Shares of Stock Subject to Plan.
(a) Aggregate Limit. The maximum number of shares of Stock for which
Stock-Based Awards (including Incentive Stock Options) may be granted under this
Plan is 2,000,000, subject to adjustment as provided in this Section 5 or
Section 7.
(b) Reissue of Shares. Any unexercised, unconverted or undistributed
portion of any expired, cancelled, terminated or forfeited Stock-Based Award, or
any Stock-Based Award settled in cash, shall again be available for Award under
Section 5(a), whether or not the Participant has received benefits of ownership
(such as dividends or dividend equivalents or voting rights) during the period
in which the Participant's ownership was restricted or otherwise not vested.
Shares of Stock that are issued pursuant to Awards and subsequently reacquired
by the Company pursuant to the
7
<PAGE>
terms and conditions of the Awards shall be available for reissuance under this
Plan.
(c) Interpretive Issues. Additional rules for determining the number of
shares of Stock authorized under this Plan may be adopted by the Committee, as
it deems necessary or appropriate.
(d) Treasury Shares; No Fractional Shares. The Stock which may be issued or
otherwise delivered pursuant to an Award under this Plan may be treasury or
authorized but unissued Stock or Stock acquired, subsequently or in anticipation
of a transaction under this Plan, in the open market or in privately negotiated
transactions to satisfy the requirements of this Plan. No fractional shares
shall be issued but fractional interests may be accumulated.
(e) Consideration. The Stock issued under this Plan may be issued for any
lawful form of consideration, the value of which equals the par value of the
Stock or such greater or lesser value as the Committee, consistent with Sections
10(d) and 4(a)(1), (2) and (3), may require.
(f) Purchase or Exercise Price; Withholding. The exercise or purchase price
of the Stock issuable pursuant to any Award and any withholding obligation under
applicable tax laws shall be paid in cash or, subject to the Committee's express
authorization and the restrictions, conditions and procedures as the Committee
may impose, any one or combination of (i) cash, (ii) the delivery of shares of
Stock or (iii) a reduction in the amount of Stock or other amounts otherwise
issuable or payable pursuant to such Award. In the case of a payment by the
means described in clause (ii) or (iii) above, the Stock to be so delivered or
offset shall be determined by reference to the Fair Market Value of the Stock on
the date as of which the payment or offset is made.
(g) Cashless Exercise. The Committee may permit the exercise of the Award
and payment of any applicable withholding tax in respect of an Award by delivery
of written notice, subject to the Company's receipt of a third party payment in
full in cash for the exercise price and the applicable withholding prior to
issuance of Stock, in the manner and subject to the procedures as may be
established by the Committee.
Section 6. Award Agreements.
Each Award under this Plan shall be evidenced by an Award Agreement in a
form approved by the Committee setting forth, in the case of Stock-Based Awards,
the number of shares of Stock or units subject to the Award, the price (if any)
and term of the Award and, in the case of Performance-Based Awards, the
applicable Performance Goals. The Award Agreement shall also set forth (or
incorporate by reference) other material terms and conditions applicable to the
8
<PAGE>
Award as determined by the Committee consistent with the limitations of this
Plan.
(a) Incorporated Provisions. Award Agreements shall be subject to the terms
of this Plan and shall be deemed to include the following terms, unless the
Committee in the Award Agreement otherwise (consistent with applicable legal
considerations) provides:
(1) Non-transferability. The Award shall not be assignable nor
transferable, except by will or by the laws of descent and distribution.
During the lifetime of a Participant, the Award shall be exercised only by
such Participant or by his or her guardian or legal representative. The
designation of a Beneficiary hereunder shall not constitute a prohibited
transfer.
(2) Rights as Stockholder. A Participant shall have no rights as a
holder of Stock with respect to any unissued securities covered by an Award
until the date the Participant becomes the holder of record of the
securities. Except as provided in Section 7, no adjustment or other
provision shall be made for dividends or other stockholder rights, except
to the extent that the Award Agreement provides for dividend equivalents or
similar economic benefits.
(3) Withholding. The Participant shall be responsible for payment of
any taxes or similar charges required by law to be withheld from an Award
or an amount paid in satisfaction of an Award and these obligations shall
be paid by the Participant on or prior to the payment of the Award. In the
case of an Award payable in cash, the withholding obligation shall be
satisfied by withholding the applicable amount and paying the net amount in
cash to the Participant. In the case of an Award paid in shares of Stock, a
Participant shall satisfy the withholding obligation as provided in Section
5(f).
(4) Option Holding Period. Subject to the authority of the Committee
under Section 7, a minimum six-month period shall elapse between the date
of initial grant of any Option and the sale of the underlying shares of
Stock, and the Company may impose legend and other restrictions on the
Stock issued on exercise of the Options to enforce this requirement.
(5) Termination of Employee Options. Each Option granted to an
Employee shall terminate and may no longer be exercised if the Participant
ceases for any reason to be an Employee, except that:
(A) If the Participant's employment shall have terminated for any
reason other than cause, disability (as defined below) or death, the
Participant may, at any time within a period of three months after
such termination of employment in the case of an Incentive
9
<PAGE>
Stock Option, and six months after such termination of employment in
the case of a Nonqualified Stock Option, exercise the Option to the
extent the Option was exercisable by the Participant on the date of
termination of employment.
(B) If the Participant's employment shall have been terminated
because of disability within the meaning of Code Section 22(e)(3), the
Participant may at any time within a period of one year after such
termination of employment exercise the Option to the extent the Option
was exercisable by the Participant on the date of termination of
employment.
(C) If the Participant dies at a time when the Option was
exercisable by the Participant, a Beneficiary to whom the Option has
been transferred may, within six months following the death, exercise
the Option to the extent the Option might have been exercised at the
time of the Participant's death.
(D) No Option granted to an Employee may be exercised to any
extent by anyone after the expiration date of the Option.
(6) Termination of Nonemployee Director Options.
(A) In the event of the termination of service on the Board of a
Nonemployee Director other than by reason of retirement, disability
(as defined above) or death, the Nonemployee Director may, at any time
within six months after such termination of service, exercise the
Option to the extent the Option was exercisable by the Nonemployee
Director on the date of termination of service.
(B) In the event of termination of service by reason of
retirement or disability (as defined above), each outstanding Option
shall continue to become exercisable in accordance with Section 4(d).
In the event of the death of the holder of any Option granted pursuant
to Section 4(d), each outstanding Option shall become immediately
exercisable in full and may be exercised by a Beneficiary to whom the
Option has been transferred at any time within two years after death.
(C) No Option granted to a Nonemployee Director may be exercised
to any extent by anyone after the expiration date of the Option.
(b) Other Provisions. Award Agreements may include other terms and
conditions as the Committee shall approve, including but not limited to the
following:
10
<PAGE>
(1) Termination of Employment. A provision describing the treatment of
an Award in the event of the retirement, disability, death or other
termination of a Participant's employment with or services to the Company,
including any provisions relating to the vesting, exercisability,
forfeiture or cancellation of the Award in these circumstances, subject, in
the case of Performance-Based Awards, to the requirements for
'performance-based compensation' under Code Section 162(m) and, in the case
of Options, to the requirements of Sections 6(a)(5) and (6).
(2) Vesting; Effect of Termination; Change in Control. Any other terms
consistent with the terms of this Plan as are necessary and appropriate to
effect the Award to the Participant, including but not limited to the
vesting provisions, any requirements for continued employment, any other
restrictions or conditions (including performance requirements) of the
Award and the method by which the restrictions or conditions lapse, and the
effect on the Award of a Change in Control.
(3) Replacement and Substitution. Any provisions permitting or
requiring the surrender of outstanding Awards or securities held by the
Participant in whole or in part in order to exercise or realize rights
under or as a condition precedent to other Awards, or in exchange for the
grant of new or amended Awards under similar or different terms.
(4) Reloading. Any provisions for successive or replenished Awards,
including but not limited to reload Options.
(c) Contract Rights, Forms and Signatures. Any obligation of the Company to
any participant with respect to an Award shall be based solely upon contractual
obligations created by this Plan and an Award Agreement. No Award shall be
enforceable until the Award Agreement or a receipt has been signed by the
Participant and the Company. By executing the Award Agreement or receipt, a
Participant shall be deemed to have accepted and consented to the terms of this
Plan. Unless the Award Agreement otherwise expressly provides, there shall be no
third party beneficiaries of the obligations of the Company to the Participant
under the Award Agreement.
Section 7. Adjustments; Change in Control.
(a) Adjustments. If there shall occur any recapitalization, stock split
(including a stock split in the form of a stock dividend), reverse stock split,
merger, combination, consolidation, or other reorganization or any extraordinary
dividend or other extraordinary distribution in respect of the Stock (whether in
the form of cash, Stock or other property), or any split-up, spin-off,
extraordinary redemption, or exchange of outstanding Stock, or there shall occur
any other similar corporate transaction or event in respect of the Stock, or a
sale of substantially all the assets of the Company as an entirety, then the
Committee shall, in the manner and to the extent as it deems appropriate and
equitable to
11
<PAGE>
the Participants and consistent with the terms of this Plan, and taking into
consideration the effect of the event on the holders of the Stock:
(1) proportionately adjust any or all of
(A) the number and type of shares of Stock and units which
thereafter may be made the subject of Awards (including the specific
maximums and numbers of shares of Stock or units set forth elsewhere
in this Plan),
(B) the number and type of shares of Stock, other property, units
or cash subject to any or all outstanding Awards,
(C) the grant, purchase or exercise price, or conversion ratio of
any or all outstanding Awards, or of the Stock, other property or
units underlying the Awards,
(D) the securities, cash or other property deliverable upon
exercise or conversion of any or all outstanding Awards,
(E) subject to Section 4(b), the performance targets or standards
appropriate to any outstanding Performance-Based Awards, or
(F) any other terms as are affected by the event; or
(2) subject to any applicable limitations in the case of a transaction
to be accounted for as a pooling of interests under generally accepted
accounting principles, provide for
(A) an appropriate and proportionate cash settlement or
distribution, or
(B) the substitution or exchange of any or all outstanding
Awards, or the cash, securities or property deliverable on exercise,
conversion or vesting of the Awards;
Notwithstanding the foregoing, in the case of an Incentive Stock Option, no
adjustment shall be made which would cause this Plan to violate Section 424(a)
of the Code or any successor provisions thereto, without the written consent of
the Participant adversely affected thereby. The Committee may act prior to an
event described in this Section 7(a) (including at the time of an Award by means
of more specific provisions in the Award Agreement) if deemed necessary or
appropriate to permit the Participant to realize the benefits intended to be
conveyed by an Award in respect of the Stock in the case of such an event.
(b) Change in Control. The Committee may, in the Award Agreement, provide
for the effect of a Change in Control on an Award. Such provisions may include,
but are not limited to any one or more of the following with respect to any or
all Awards: (i)
12
<PAGE>
the specific consequences of a Change in Control on the Awards, (ii) a
reservation of the Committee's right to determine in its discretion at any time
that there shall be full acceleration or no acceleration of benefits under the
Awards, (iii) that only certain or limited benefits under the Awards shall be
accelerated, (iv) that the Awards shall be accelerated for a limited time only,
or (v) that acceleration of the Awards shall be subject to additional conditions
precedent (such as a termination of employment following a Change in Control).
In addition to any action required or authorized by the terms of an Award,
the Committee may take any other action it deems appropriate to ensure the
equitable treatment of Participants in the event of or in anticipation of a
Change in Control, including but not limited to any one or more of the following
with respect to any or all Awards: (i) the acceleration or extension of time
periods for purposes of exercising, vesting in, or realizing gain from, the
Awards, (ii) the waiver of conditions on the Awards that were imposed for the
benefit of the Company, (iii) provision for the cash settlement of the Awards
for their equivalent cash value, as determined by the Committee, as of the date
of the Change in Control, or (iv) such other modification or adjustment to the
Awards as the Committee deems appropriate to maintain and protect the rights and
interests of Participants upon or following the Change in Control. The Committee
also may accord any Participant a right to refuse any acceleration of
exercisability, vesting or benefits, whether pursuant to the Award Agreement or
otherwise, in such circumstances as the Committee may approve.
Notwithstanding the foregoing provisions of this Section 7(b) or any
provision in an Award Agreement to the contrary, (i) in no event shall the
Committee be deemed to have discretion to accelerate or not accelerate or make
other changes in or to any or all Awards, in respect of a transaction, if such
action or inaction would be inconsistent with or would otherwise frustrate the
intended accounting for a proposed transaction as a pooling of interests under
generally accepted accounting principles, and (ii) if any Award to any Insider
is accelerated to a date that is less than six months after the date of the
Award, the Committee may prohibit a sale of the underlying Stock (other than a
sale by operation or law in exchange for or through conversion into other
securities), and the Company may impose legend and other restrictions on the
Stock to enforce this prohibition.
(c) Change in Control Definition. For purposes of this Plan, a change in
control means a change in control of a nature that would be required to be
reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated
under the Exchange Act, provided that, without limitation, such a change in
control shall include and be deemed to occur upon the following events:
(1) Any 'person' (as such term is used in Sections 13(d) and 14(d)(2)
of the Exchange Act, but excluding any person described in and satisfying
the conditions of Rule 13d-l(b)(1) thereunder), other than the Company, its
Subsidiaries or any employee benefit plan of the Company or any of its
Subsidiaries,
13
<PAGE>
becomes the 'beneficial owner' (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 25%
or more of the combined voting power of the Company's then outstanding
securities.
(2) The 'Incumbent Directors' cease to constitute at least a majority
of the Board. For purposes hereof, 'Incumbent Directors' means the members
of the Board at the effective date of this Plan and the persons elected or
nominated for election as their successors or pursuant to increases in the
size of the Board by a vote of at least two-thirds of the Board members
then still in office (or successors or additional members so elected or
nominated).
(3) The stockholders of the Company approve a merger, combination,
consolidation, recapitalization or other reorganization of the Company with
one or more other entities that are not Subsidiaries and, as a result of
the transaction, less than 50% of the outstanding voting securities of the
surviving or resulting corporation shall immediately after the event be
owned in the aggregate by the stockholders of the Company (directly or
indirectly), determined on the basis of record ownership as of the date of
determination of holders entitled to vote on the action (or in the absence
of a vote, the day immediately prior to the event).
(4) The stockholders of the Company approve a plan of liquidation and
dissolution or the sale or transfer of substantially all of the Company's
business and/or assets as an entirety to an entity that is not a
Subsidiary.
Notwithstanding the foregoing, no Change in Control shall be deemed to have
occurred if, prior to such time as a Change in Control would otherwise be deemed
to have occurred, the Board determines otherwise.
Section 8. Administration.
(a) Committee Authority and Structure. This Plan and all Awards granted
under this Plan shall be administered by the Compensation Committee of the Board
or such other committee of the Board as may be designated by the Board and
constituted so as to permit this Plan to comply with the disinterested
administration requirements of Rule 16b-3 under the Exchange Act and the
'outside director' requirement of Code Section 162(m). The members of the
Committee shall be designated by the Board. A majority of the members of the
Committee (but not fewer than two) shall constitute a quorum. The vote of a
majority of a quorum or the unanimous written consent of the Committee shall
constitute action by the Committee.
(b) Selection and Grant. The Committee shall have the authority to
determine the Employees to whom Awards will be granted under this Plan, the type
of Awards to be made, and the nature,
14
<PAGE>
amount, pricing, timing and other terms of Awards to be made to any one or more
of these individuals, subject to the terms of this Plan.
(c) Construction and Interpretation. The Committee shall have the power to
interpret and administer this Plan and Award Agreements, and to adopt, amend and
rescind related rules and procedures. All questions of interpretation and
determinations with respect to this Plan, the number of shares of Stock, Stock
Appreciation Rights, or units or other Awards granted, and the terms of any
Award Agreements, the adjustments required or permitted by Section 7, and other
determinations hereunder shall be made by the Committee and its determination
shall be final and conclusive upon all parties in interest. In the event of any
conflict between an Award Agreement and any non-discretionary provisions of this
Plan, the terms of this Plan shall govern.
(d) Express Authority (and Limitations on Authority) to Change Terms of
Awards. Without limiting the Committee's authority under other provisions of
this Plan, but subject to any express limitations of this Plan, the Committee
shall have the authority to accelerate the exercisability or vesting of an
Award, to extend the term or waive early termination provisions of an Award
(subject to the maximum ten-year term under Section 4(c)), to waive the
Company's rights with respect to an Award or restrictive conditions of an Award
(including forfeiture conditions), and to reduce by amendment the exercise or
purchase price of an outstanding Award, with or without adjusting any holding
period or other terms of the Award, in any case in such circumstances as the
Committee deems appropriate. Except as provided in Section 7, no amendment to an
outstanding Award shall increase the number of shares subject to, comprising or
referenced in such Award.
(e) Rule 16b-3 Conditions; Bifurcation of Plan. It is the intent of the
Company that this Plan and Stock-Based Awards hereunder satisfy and be
interpreted in a manner, that, in the case of Participants who are or may be
Insiders, satisfies the applicable requirements of Rule 16b-3, so that these
persons will be entitled to the benefits of Rule 16b-3 or other exemptive rules
under Section 16 of the Exchange Act and will not be subjected to avoidable
liability thereunder as to Awards intended to be entitled to the benefits of
Rule 16b-3. If any provision of this Plan or of any Award would otherwise
frustrate or conflict with the intent expressed in this Section 8(e), that
provision to the extent possible shall be interpreted and deemed amended so as
to avoid such conflict. To the extent of any remaining irreconcilable conflict
with this intent, the provision shall be deemed disregarded as to Awards
intended as Rule 16b-3 exempt Awards. The provisions of this Plan may at any
time be bifurcated by the Board or the Committee in any manner so that certain
provisions of this Plan or any Award Agreement intended (or required in order)
to satisfy the applicable requirements of Rule 16b-3 are only applicable to
Insiders and to those Awards to Insiders intended to satisfy the requirements of
Rule 16b-3.
15
<PAGE>
(f) Delegation. The Committee may delegate to the officers or employees of
the Company the authority to execute and deliver those instruments and
documents, to do all acts and things, and to take all other steps deemed
necessary, advisable or convenient for the effective administration of this Plan
in accordance with its terms and purpose, except that the Committee may not
delegate any discretionary authority to grant or amend an Award or with respect
to substantive decisions or functions regarding this Plan or Awards as these
relate to the material terms of Performance-Based Awards to Covered Employees or
to the timing, eligibility, pricing, amount or other material terms of Awards to
Insiders.
(g) Exculpation and Indemnity. Neither the Company nor any member of the
Board of Directors or of the Committee, nor any other person participating in
any determination of any question under this Plan, or in the interpretation,
administration or application of this Plan, shall have any liability to any
party for any action taken or not taken in good faith under this Plan or for the
failure of an Award (or action in respect of an Award) to satisfy Code
requirements as to incentive stock options or to realize other intended tax
consequences, to qualify for exemption or relief under Rule 16b-3 or to comply
with any other law, compliance with which is not required on the part of the
Company.
Section 9. Amendment and Termination of this Plan.
The Board of Directors may at any time amend, suspend or discontinue this
Plan, subject to Section 4(d) and to any shareholder approval that may be
required under applicable law. The Committee may at any time alter or amend any
or all Award Agreements under this Plan in any manner that would be authorized
for a new Award under this Plan. Notwithstanding the foregoing, no such action
by the Board or the Committee shall, in any manner adverse to a Participant
other than as expressly permitted by the terms of an Award Agreement, affect any
Award then outstanding and evidenced by an Award Agreement without the consent
in writing of the Participant or a Beneficiary who has become entitled to an
Award.
Section 10. Miscellaneous.
(a) Unfunded Plan. This Plan shall be unfunded. Neither the Company, the
Board of Directors nor the Committee shall be required to segregate any assets
that may at any time be represented by Awards made pursuant to this Plan.
Neither the Company, the Committee, nor the Board of Directors shall be deemed
to be a trustee of any amounts to be paid or securities to be issued under this
Plan.
(b) Rights of Employees.
(1) No Right to an Award. Status as an Employee shall not be construed
as a commitment that any one or more Awards will be made under this Plan to
an Employee or to Employees generally. Status as a Participant shall not
entitle the Participant to any additional Award.
16
<PAGE>
(2) No Assurance of Employment. Nothing contained in this Plan (or in
any other documents related to this Plan or to any Award) shall confer upon
any Employee or Participant any right to continue in the employ or other
service of the Company or any Subsidiary or constitute any contract (of
employment or otherwise) or limit in any way the right of the Company or
any Subsidiary to change a person's compensation or other benefits or to
terminate the employment of a person with or without cause.
(c) Effective Date; Duration. This Plan has been adopted by the Board of
Directors of the Company and shall become effective upon and shall be subject to
the approval of the shareholders of the Company. This Plan shall remain in
effect until discontinued by the Board of Directors, except that no Incentive
Stock Option may be granted under this Plan after June 2, 2005. All Awards made
under this Plan prior to its discontinuance shall remain in effect until such
Awards have been exercised, converted or terminated under the terms of this Plan
and applicable Award Agreements.
(d) Compliance with Laws. This Plan, Award Agreements, and the grant,
exercise, conversion, operation and vesting of Awards, and the issuance and
delivery of shares of Stock and/or other securities or property or the payment
of cash under this Plan, Awards or Award Agreements, are subject to compliance
with all applicable federal and state laws, rules and regulations (including but
not limited to state and federal insider trading, registration, reporting and
other securities laws and federal margin requirements) and to such approvals by
any listing, regulatory or governmental authority as may, in the opinion of
counsel for the Company, be necessary or advisable in connection therewith. Any
securities delivered under this Plan shall be subject to such restrictions (and
the person acquiring such securities shall, if requested by the Company, provide
such evidence, assurance and representations to the Company as to compliance
with any thereof) as the Company may deem necessary or desirable to assure
compliance with all applicable legal requirements.
(e) Applicable Law. This Plan, Award Agreements and any related documents
and matters shall be governed in accordance with the laws of the State of Ohio,
except as to matters of federal law.
(f) Non-Exclusivity of Plan. Nothing in this Plan shall limit or be deemed
to limit the authority of the Company, the Board or the Committee to grant
awards or authorize any other compensation, with or without reference to the
Stock, under any other plan or authority.
17
<PAGE>
Exhibit 5(a)
CHERNESKY, HEYMAN & KRESS
Attorneys at Law
1100 Courthouse Plaza, S.W.
Dayton, Ohio 45402
513/449-2800
September 14, 1995
REX Stores Corporation
2875 Needmore Road
Dayton, OH 45414
Gentlemen:
We have acted as counsel for REX Stores Corporation, a Delaware corporation
(the 'Company'), in connection with the registration by the Company under the
Securities Act of 1933 of 1,000,000 shares of the Company's Common Stock, $.01
par value per share (the 'Common Stock'), issuable pursuant to options, stock
appreciation rights, restricted stock and other stock-based awards granted under
the Company's 1995 Omnibus Stock Incentive Plan (the 'Plan') pursuant to a
Registration Statement on Form S-8 (Registration No. 33-81706) filed with the
Securities and Exchange Commission (the 'Registration Statement').
For purposes of rendering this opinion, we have examined such corporate
records and proceedings of the Company, agreements and instruments and made
investigation of such matters as in our judgment permit us to render an informed
opinion on the matters set forth herein.
Based on the foregoing, it is our opinion that the 1,000,000 shares of
Common Stock issuable under the Plan and covered by the Registration Statement
have been duly authorized and, when issued and paid for in accordance with the
Plan, will be validly issued, fully paid and non-assessable.
We consent to the use of this opinion as an exhibit to Post-Effective
Amendment No. 1 to the Registration Statement.
Very truly yours,
Chernesky, Heyman & Kress
Chernesky, Heyman & Kress
<PAGE>
Exhibit 23(a)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our report dated March 20, 1995
included in the Company's Form 10-K for the year ended January 31, 1995.
Arthur Andersen LLP
Dayton, Ohio
September 14, 1995
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned, in his capacity as a
director or officer, or both, of REX Stores Corporation, a Delaware corporation
(the 'Company'), hereby constitutes and appoints Stuart A. Rose and Edward M.
Kress, or any one of them, his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign the Company's Registration
Statement on Form S-8 covering 1,000,000 shares of the Company's Common Stock,
$.01 par value per share, and to sign any and all amendments (including
post-effective amendments) thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto such attorneys-in-fact and agents, and any
one of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that such
attorneys-in-fact and agents or any one of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this instrument on this
14th day of July, 1994.
Lawrence Tomchin
Lawrence Tomchin
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned, in his capacity as a
director or officer, or both, of REX Stores Corporation, a Delaware corporation
(the 'Company'), hereby constitutes and appoints Stuart A. Rose and Edward M.
Kress, or any one of them, his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign the Company's Registration
Statement on Form S-8 covering 1,000,000 shares of the Company's Common Stock,
$.01 par value per share, and to sign any and all amendments (including
post-effective amendments) thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto such attorneys-in-fact and agents, and any
one of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that such
attorneys-in-fact and agents or any one of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this instrument on this
12th day of July, 1994.
Robert Davidoff
Robert Davidoff
<PAGE>
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that the undersigned, in his capacity as a
director or officer, or both, of REX Stores Corporation, a Delaware corporation
(the 'Company'), hereby constitutes and appoints Stuart A. Rose and Edward M.
Kress, or any one of them, his true and lawful attorneys-in-fact and agents,
with full power of substitution and resubstitution, for him and in his name,
place and stead, in any and all capacities, to sign the Company's Registration
Statement on Form S-8 covering 1,000,000 shares of the Company's Common Stock,
$.01 par value per share, and to sign any and all amendments (including
post-effective amendments) thereto, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and
Exchange Commission, granting unto such attorneys-in-fact and agents, and any
one of them, full power and authority to do and perform each and every act and
thing requisite and necessary to be done, as fully to all intents and purposes
as he might or could do in person, hereby ratifying and confirming all that such
attorneys-in-fact and agents or any one of them, or their or his substitute or
substitutes, may lawfully do or cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has executed this instrument on this
3rd day of August, 1994.
Tibor Fabian
Tibor Fabian
