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LNN > SEC Filings for LNN > Form 8-K on 1-Oct-2013All Recent SEC Filings

Show all filings for LINDSAY CORP



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 25, 2013, the Compensation Committee of the Board of Directors (the "Committee") of the Company adopted the Management Incentive Plan for the Company's fiscal year ending August 31, 2014 ("2014 MIP") under which the Company's senior officers can earn annual cash incentive awards. Each current employee who will be a named executive officer in the Company's proxy statement for its 2014 annual meeting is a participant in the 2014 MIP. The 2014 MIP was adopted pursuant to and is subject to the terms of the Management Incentive Umbrella Plan approved by stockholders on January 26, 2009.

The 2014 MIP establishes target bonus amounts for each participating officer ranging from 40% to 80% of such officer's base salary. Participants are eligible for awards of between 0% and 200% of their target bonus depending on the achievement of certain Company financial performance criteria and individual performance criteria. The Company financial performance component and individual performance component are weighted as 80% and 20% of the overall performance criteria for each participant, respectively. The Company financial performance component is based on achieving stated goals for fiscal 2014 revenue, operating margin and economic profit, with target bonuses for these subcomponents keyed to the Company's fiscal 2014 operating budget. For certain officers, the Company financial performance component also includes additional subcomponents relating to a specific market segment or operational area over which those officers have direct responsibility or control. The amount of bonus awarded under the individual performance component is dependent upon an officer's personal performance as evaluated using individual performance objectives established by the Committee for each participating officer.

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