Add
KMT to Portfolio
Set Alert
Email to a
Friend
| |||
|
|
Quotes & Info
|
| KMT > SEC Filings for KMT > Form 8-K on 26-Jun-2009 | All Recent SEC Filings |
26-Jun-2009
Other Events
ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On June 22, 2009, the Compensation Committee (the "Committee") of the Board of
Directors of Kennametal Inc. (the "Company") approved a fifteen percent
reduction in the current base salaries of the Company's Chairman, President and
Chief Executive Officer and its executive officers, with the exception of one
officer whose position and responsibilities have been expanded. The salary
reduction will become effective for the Company's 2010 fiscal year, which begins
on July 1, 2009, and will remain in effect until the Committee determines that
business conditions have improved to a level that supports an upward adjustment
or the reinstatement of previous salary levels.
ITEM 8.01 OTHER EVENTS
Consistent with the salary reduction actions for the Company's executive
officers, the Board of Directors has voluntarily reduced its cash compensation
for Board service by fifteen percent to demonstrate its commitment to and
support of the Company's efforts to reduce costs and strengthen performance. The
reduction will become effective at the beginning of the Company's 2010 fiscal
year on July 1, 2009 and will remain in effect until the salaries of the
executive officers are reinstated to previous levels.
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 26, 2008 By: /s/ David W. Greenfield David W. Greenfield Vice President, Secretary and General Counsel
|
|