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FTI > SEC Filings for FTI > Form 8-K on 14-Mar-2014All Recent SEC Filings

Show all filings for FMC TECHNOLOGIES INC



Change in Directors or Principal Officers, Financial Statements and Exhibits

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

(e) Compensatory Arrangements of Certain Officers

On February 27, 2014, the Compensation Committee of the Board of Directors of FMC Technologies, Inc. (the "Company") changed an element of performance-based equity compensation. Performance-based equity compensation links the award of restricted stock units to the achievement of performance targets relative to the performance of the Company's peer group of oilfield service and equipment companies with respect to the following three metrics: EBITDA growth, return on investment and total shareholder return ("TSR"). Prior to 2014, the payout for the TSR metric was determined based on the Company's annual performance relative to the peer group. Beginning in 2014, the payout for the TSR metric will continue to be determined based on the Company's performance relative to the peer group, but it will be based on a three-year performance period instead of an annual performance period.

The form of grant agreement for the restricted stock units is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

In addition, prior to 2014, the annual non-equity incentive compensation for a limited number of senior executives was based 70% on the Company's business performance, which is referred to as the Business Performance Initiative ("BPI") component, and 30% on each senior executive's individual performance, which is referred to as the Annual Performance Incentive ("API") component. On February 27, 2014, the Compensation Committee modified the weighting of the BPI and API components so that beginning in 2014, the BPI component will be weighted at 75% and the API component will be weighted at 25%.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit No. Description

10.1         Form of Grant Agreement for Long Term Incentive Restricted Stock
             Grant Pursuant to the Amended and Restated FMC Technologies, Inc.
             Incentive Compensation and Stock Plan (Employee).

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