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LXK > SEC Filings for LXK > Form 8-K on 20-May-2014All Recent SEC Filings

Show all filings for LEXMARK INTERNATIONAL INC /KY/

Form 8-K for LEXMARK INTERNATIONAL INC /KY/


20-May-2014

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 May 19, 2014, the Board of Directors (the "Board") of Lexmark International, Inc. (the "Company"), on the recommendation of the Compensation and Pension Committee of the Board ("the Committee"), approved Gary Stromquist's annual base salary of $350,000 in connection with his appointment as interim Chief Financial Officer of the Company, effective May 20, 2014. Mr. Stromquist's annual incentive compensation award opportunity with respect to the 2014 calendar year is 60% of his annual base salary at target, with a maximum bonus of 95% of his annual base salary, based upon the Company's attainment against performance goals in the Company's 2014 Incentive Compensation Plan established by the Committee.

On May 16, 2014, the Committee granted Mr. Stromquist a 2014 long-term incentive award opportunity comprised as follows: (i) a cash-based long-term incentive award pursuant to the 2014-2016 Long-Term Incentive Plan with a target award opportunity of $200,000 based upon the Company's relative total shareholder return ("TSR") measured against the TSR of companies in the S&P MidCap Technology Index for the three-year performance period; (ii) performance-based restricted stock units for the 2014-2016 performance period with a target award of 4,600 restricted stock units based upon the Company's return on invested capital ("ROIC") measured against the ROIC of companies in the S&P MidCap Technology Index for the three-year performance period; and (iii) performance-based restricted stock units for the 2014 performance-period with a target award of 2,300 restricted stock units based upon the Company's attainment of services and software revenue for the one-year performance period. At its meeting on February 21, 2014, the Committee had awarded Mr. Stromquist 3,600 time-based restricted stock units in connection with his previous role with the Company.

Additional information regarding the Company's 2014 Incentive Compensation Plan and 2014 long-term incentive award opportunities for executive officers is set forth in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 25, 2014, which is incorporated herein by reference.


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