Item 5.02  Departure of Directors or Certain  Officers;  Election of  Directors;
     Appointment  of  Certain  Officers;  Compensatory  Arrangements  of Certain
     Officers.

On January 26, 2007, The Topps  Company,  Inc. (the  "Company")  entered into an
Employment  Agreement  with  Scott  A.  Silverstein,  its  President  and  Chief
Operating Officer.  The Agreement is effective as of January 1, 2007, and has an
initial term of three years. The Agreement provides for an annual base salary of
$420,000 and an annual bonus, based on certain performance  criteria established
by the Company's Compensation  Committee,  with a target of not less than 45% of
base salary. Any bonus earned will be payable 80% in cash and 20% in the form of
restricted stock.

If Mr. Silverstein's employment is terminated by the Company without "Cause," he
quits for "Good  Reason" (in either case, as defined in the  Agreement),  or the
Agreement  is not  renewed  following  the  expiration  of its term,  he will be
entitled to a payment of certain  severance  benefits  ranging from 1 to 2 times
his base salary  plus bonus,  depending  on the nature of such  termination  and
whether such  termination is prior to, in connection  with or following a change
in control of the Company.

The  Agreement  contains  standard   confidentiality   covenants,   as  well  as
non-competition  and  non-solicitation  covenants  that  run for a six,  nine or
twelve-month  period  following Mr.  Silverstein's  termination  of  employment,
depending on the reason for termination, and requires Mr. Silverstein to execute
a release of claims against the Company before severance benefits will be paid.