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SON > SEC Filings for SON > Form 8-K on 19-Mar-2013All Recent SEC Filings

Show all filings for SONOCO PRODUCTS CO | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SONOCO PRODUCTS CO


19-Mar-2013

Change in Directors or Principal Officers


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


On March 14, 2013, the Executive Compensation Committee of Sonoco's Board of
Directors approved the following changes to the annual compensation of M. Jack
Sanders effective April 1, 2013, in recognition of his promotion to President
and Chief Executive Officer:



                                               Previous            New

           Annual Base Salary                 $   650,000      $   780,000
           Incentive Plan Target                     87.5 %            110 %
           Target Incentive                       568,750          858,000

           Total Cash Compensation @ Target   $ 1,218,750      $ 1,638,000

Mr. Sanders will also receive a special retention grant of restricted stock units with a value of $2,000,000. These restricted stock units will vest at the end of five years. In addition, the tax gross-up on Mr. Sanders' Executive Life Insurance will be eliminated for the annual premium due in 2013.

The Company has not otherwise entered into any material contracts, plans or arrangements with Mr. Sanders, nor has it otherwise amended any such existing contracts, plans or arrangements. There are no family relationships between Mr. Sanders and any other executive officer or director of the Company, and there are no arrangements or understandings pursuant to which he has been appointed. There are no transactions between the Company and Mr. Sanders that would constitute related person transactions under Item 404(a) of Regulation S-K.

On March 14, 2013, the Executive Compensation Committee approved the following quarterly compensation for Harris E. DeLoach, Jr. effective April 1, 2013, in recognition of his assuming the role of Executive Chairman of the Board of Directors:

                                                 Quarterly
                                                    Fees

                       Executive Chairman Pay    $   86,250
                       Cash - Board Retainer     $   15,000
                       Equity - Board Retainer   $   23,750

                       Total                     $  125,000

In addition, Mr. DeLoach will also receive a special retention grant of restricted stock units with a value of $1,000,000. The retention grant will include a clause which will prohibit Mr. DeLoach from competing with Sonoco, or any of its subsidiaries or entities, for a period of two years. These restricted stock units will vest at the end of two years.


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