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Quotes & Info
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| SHLM > SEC Filings for SHLM > Form 8-K on 30-Oct-2009 | All Recent SEC Filings |
30-Oct-2009
Change in Directors or Principal Officers
On October 15, 2009, the Board of Directors of A. Schulman, Inc. (the
"Company"), upon the recommendation of the Compensation Committee of the Board,
approved a cash bonus plan (the "2010 Bonus Plan") for the Company's executive
officers, including its Named Executive Officers ("NEOs").
The 2010 Bonus Plan sets forth target bonus amounts for each participating
executive officer, expressed as a percentage of base salary, and provides for
awards ranging from 50% (threshold) to 200% (maximum) of target. The target
bonus awards under the 2010 Bonus Plan for each of the Company's NEOs are as
follows:
Named Executive Officer 2010 Bonus Target Joseph M. Gingo, President, Chief Executive Officer and Chairman 100% of salary Paul F. DeSantis, Chief Financial Officer, Vice President and 55% of salary Treasurer Jack B. Taylor, General Manager and Chief Operating Officer - 50% of salary Asia Bernard Rzepka, General Manager and Chief Operating Officer - 50% of salary Europe Walter Belderbos, Chief Financial Officer - Europe and Asia 40% of salary |
For each of the NEOs, 100% of each executive's 2010 bonus opportunity will be
dependent upon the achievement of pre-established worldwide corporate and/or
segment performance metrics, with upward or downward adjustments based upon
individual performance. Pursuant to the 2010 Bonus Plan, performance will be
evaluated based upon the following metrics: (1) Net Income; (2) Operating
Income; and (3) Days of Working Capital. For Messrs. Gingo and DeSantis, each of
their respective annual bonus opportunities will be measured by the Company's
consolidated worldwide operations, with Net Income and Operating Income each
receiving a 33.0% weighting and Days of Working Capital receiving a 34.0%
weighting. For Mr. Taylor, his respective annual bonus opportunity will be based
upon the performance of the Company's consolidated worldwide operations and its
Asian segment, with the following metric weighting: (1) Asian Operating Income -
49.5%; (2) Asian Days of Working Capital - 25.5%; (3) consolidated worldwide Net
Income - 8.3%; (4) consolidated worldwide Operating Income - 8.3%; and
(5) consolidated worldwide Days of Working Capital - 8.4%. For Messrs. Rzpeka
and Belderbos, each executive's annual bonus opportunity will be based upon the
performance of the Company's consolidated worldwide operations and its European
segment, with the following metric weighting: (1) European Operating Income -
49.5%; (2) European Days of Working Capital - 25.5%; (3) consolidated worldwide
Net Income - 8.3%; (4) consolidated worldwide Operating Income - 8.3%; and
(5) consolidated worldwide Days of Working Capital - 8.4%. Under the 2010 Bonus
Plan, Mr. Gingo retains authority to adjust award payouts for all directly
reporting executive officers, based upon individual performance, up to 20% more
than the calculated award amount or down to 0% of such award amount.
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ David C. Minc
David C. Minc
Vice President, General Counsel and Secretary
Date: October 30, 2009
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