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TIS > SEC Filings for TIS > Form 8-K on 25-Mar-2014All Recent SEC Filings

Show all filings for ORCHIDS PAPER PRODUCTS CO /DE



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 19, 2014, upon the recommendation of the Compensation Committee, the Board of Directors of Orchids Paper Products Company (the "Company") established the parameters for the 2014 annual cash bonus plan for the Company's named executive officers. Achievement of the executives' target bonus amounts will be tied to the Company's achievement of the financial metric earnings before interest expense, taxes, depreciation, and amortization ("EBITDA"). For purposes of determining the bonus calculation, the Company excludes estimated bonus accruals and unusual costs from the EBITDA calculation. The Company's 2014 cash bonus plan provides for 100% of an executive's targeted bonus amount to be paid if the Company achieves EBITDA of $28,624,000, and opportunity for 150% of an executive's targeted bonus amount to be paid if EBITDA of $31,009,000 is achieved. Under the plan, no bonuses will be paid to the Company's executive officers if the threshold EBITDA of $25,663,000 is not achieved. The amount of bonus that an executive earns will be interpolated if the Company's performance falls between the threshold and the target EBITDA levels, or the target and the maximum levels.

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