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HTCH > SEC Filings for HTCH > Form 8-K on 18-Oct-2012All Recent SEC Filings

Show all filings for HUTCHINSON TECHNOLOGY INC

Form 8-K for HUTCHINSON TECHNOLOGY INC


18-Oct-2012

Change in Directors or Principal Officers, Financial Statements and Exh


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

(e) On October 12, 2012, our board of directors approved the terms of the Fiscal Year 2013 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated, a description of which is filed as Exhibit 10.1 and is incorporated by reference in this Current Report on Form 8-K.

Also on October 12, 2012, our board of directors approved the compensation arrangements for Wayne M. Fortun for his service as non-executive chairman of the company's board of directors following his previously announced appointment to that position, effective October 1, 2012. In his role as chairman, Mr. Fortun will receive an annual retainer of $250,000, payable 80% in cash and 20% in stock options. Mr. Fortun may elect to receive some or all of the cash portion of his annual retainer in shares of company common stock. Mr. Fortun will also be reimbursed by the company for the cost of his COBRA continuation health care coverage for a period of 18 months.

Also on October 12, 2012, our board of directors approved the compensation arrangements for Richard J. Penn in connection with his previously announced promotion to president and chief executive officer, effective October 1, 2012. Mr. Penn's annual base salary will be $425,000, his target annual cash incentive opportunity for fiscal year 2013 will be 80% of his base salary, and he received a promotion-related incentive stock option award covering 50,000 shares of the company's common stock which will vest and become exercisable as to one-third of the shares on each of the first three anniversaries of the grant date.



Item 9.01 Financial Statement and Exhibits.

(d) Exhibits.

10.1 Description of Fiscal Year 2013 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated.


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