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): February
17, 2006
ANGELICA
CORPORATION
(Exact
name of Company as specified in its charter)
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Missouri
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1-5674
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43-0905260
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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424 South Woods Mill Road
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Chesterfield, Missouri
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63017-3406
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(Address
of principal executive offices)
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(Zip
Code)
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(314)
854-3800
(Company’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 Company under any of the following
provisions:
[
]
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))
Section
1 - Registrant’s Business and Operations
Item
1.01
Entry
into a Material Definitive Agreement.
On
February 17, 2006 the Compensation and Organization Committee of the Board
of
Directors of Angelica Corporation established individual performance standards
for each of the executive officers under the company’s short-term incentive
program for the 2006 fiscal year. Under this program, executive officers
will
receive cash incentive awards after the completion of the fiscal year if
certain
pre-established levels of performance under designated criteria are met or
exceeded for the fiscal year. The financial performance criteria under the
program are earnings per share, gross margins and bank debt to earnings before
interest, taxes, depreciation and amortization. One or more of the financial
performance criteria and individualized personal performance objectives that
are
specific to the executive officer’s job position are used to establish the
standards to measure a participant’s incentive award. Target incentive awards
for each of the executive officers are set at 50% of the executive officer’s
base salary with a maximum incentive award of 100% of base salary.
Each
executive officer can earn more or less than the target incentive award (but
not
more than the maximum incentive award) based upon the level of achievement
of
the officer’s pre-established performance standards. An executive officer can
also earn an incentive award under his individual performance standards but
the
award could be subject to a downward proration in the event that the actual
aggregate cash incentives earned by all participants in the bonus pool exceeds
the maximum amount allocated to the bonus pool. The bonus pool will be
determined on the basis of the company’s earnings before interest, taxes,
depreciation and amortization for the 2006 fiscal year. If the company does
not
achieve a pre-established minimum threshold of earnings before interest,
taxes,
depreciation and amortization, no incentive awards will be paid regardless
of
the level of achievement of the performance standards by an executive officer.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the company has
duly
caused this report to be signed on its behalf by the undersigned hereunto
duly
authorized.
Dated:
February 21, 2006
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ANGELICA
CORPORATION
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By:
/s/ Steven L.
Frey
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Steven L. Frey
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Vice President, General Counsel and
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Secretary
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