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XIDEQ > SEC Filings for XIDEQ > Form 8-K on 23-Sep-2013All Recent SEC Filings

Show all filings for EXIDE TECHNOLOGIES

Form 8-K for EXIDE TECHNOLOGIES


23-Sep-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 September 17, 2013, the U.S. Bankruptcy Court for the District of Delaware ("Bankruptcy Court") entered an order approving the Exide Technologies Key Employee Incentive Plan ("KEIP"). The terms of the KEIP, as approved, included adjustments to the threshold, target and maximum goals for the EBITDA metric previously submitted by the Company: a fixed trailing twelve month EBITDA metric if the determination date (i.e., the last day of the month immediately prior to the date of emergence from Chapter 11 bankruptcy protection) occurs on or before June 30, 2014, and a sliding scale of trailing twelve month EBITDA if the determination date occurs after June 30, 2014. Additionally, the costs of various incentive plans approved by the Bankruptcy Court, including the KEIP, will be excluded from the EBITDA targets. The cash flow targets were also revised as follows: cash flows will be cumulative cash flows calculated from June 1, 2013 through the end of the month in which the Company emerges from chapter 11.

Additionally, a super-maximum goal was added that would provide a payout at 150% of target. The EBITDA and cash flow goals are summarized in the table below:

   Determination Date                  Threshold    Target    Maximum    Super-Maximum

   January 31, 2014           EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $ 57,553    $ 67,709   $ 77,865     $ 88,022
   February 28, 2014          EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $ 73,889    $ 86,929   $ 99,968     $113,007
   March 31, 2014             EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $125,586    $147,749   $169,911     $192,073
   April 30, 2014             EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $103,165    $121,370   $139,576     $157,781
   May 31, 2014               EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $129,613    $152,486   $175,359     $198,232
   June 30, 2014              EBITDA   $129,500    $149,596   $169,692     $189,788
                              CF       $146,429    $172,269   $198,110     $223,950
   July 31, 2014              EBITDA   $136,848    $158,197   $179,546     $200,894
                              CF       $138,617    $163,079   $187,541     $212,003
   August 31, 2014            EBITDA   $144,106    $166,692   $189,277     $211,862
                              CF       $129,485    $152,336   $175,186     $198,036
   September 30, 2014         EBITDA   $151,315    $175,128   $198,941     $222,754
                              CF       $159,338    $187,457   $215,575     $243,694
   After September 30, 3014   EBITDA   $151,315    $175,128   $198,941     $222,754
                              CF       $159,338    $187,457   $215,575     $243,694

Numbers will be interpreted on a straight line basis if actual performance falls between measures. In no event may awards under the KEIP exceed 150% of a participant's target payout.


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