HTCH Hutchinson Technology Incorporated (MM)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

 

	October 7, 2015
Date of report (Date of earliest event reported)

 

 

	HUTCHINSON TECHNOLOGY INCORPORATED
(Exact Name of Registrant as Specified in its Charter)

 

 

Minnesota		001-34838		41-0901840
(State of Incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

40 West Highland Park Drive N.E., Hutchinson, Minnesota		55350
(Address of Principal Executive Offices)		(Zip Code)

 

	(320) 587-3797
	(Registrant’s Telephone Number, Including Area Code)
	Not Applicable
	(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 5.02.

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

 

(e)            On October 7, 2015, our board of directors approved the terms of the Fiscal Year 2016 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated, a description of which is filed as Exhibit 10.1 and is incorporated by reference in this Current Report on Form 8-K.

 

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)	Exhibits.
	10.1	Description of Fiscal Year 2016 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated

 

 

 

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	HUTCHINSON TECHNOLOGY INCORPORATED
Date:    October 13, 2015	/s/ David P. Radloff
	David P. Radloff
	Vice President and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT INDEX

 

 

No.	Description		Manner of Filing
10.1	Description of Fiscal Year 2016 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated		Filed Electronically

 

 

 

Exhibit 10.1

 

Fiscal Year 2016 Executive Annual Cash Incentive Plan of Hutchinson Technology Incorporated

 

Our board of directors has adopted an annual cash incentive plan for fiscal year 2016 for company executives, including its named executive officers. The plan is designed to create an incentive for these executives to achieve goals that our board of directors believes align with the short- and long-term interests of our shareholders. The plan incorporates company financial and operational measures.

 

Each participant in the plan is eligible for a target cash incentive opportunity equal to a specified percentage of his or her respective base salary. Achievement of the threshold performance level for a particular goal is required before a participant is eligible to receive a payout for that goal. Performance at the threshold level results in a payout of 50% of the applicable target amount, performance at or above the maximum level results in a payout of 200% of the target amount, and performance between threshold and target levels or between target and maximum levels will result in a pro rata payout.

 

For fiscal year 2016, a portion of each participant’s annual cash incentive opportunity is based on achievement of three company financial goals: (i) annual revenue related to the company’s suspension products business, (ii) annual revenue unrelated to the company’s suspension products, and (iii) the level of the company’s profitability (measured by operating income) during the course of fiscal year 2016.

 

The remaining portion of each participant’s annual cash incentive opportunity for fiscal year 2016 is based on achievement of one company operational goal involving average cost per suspension assembly produced.

 

The total payout under the plan to any participant will be capped at the target level payout if the company does not report positive earnings before taxes for the full fiscal year.

 

The decision to make cash incentive payments and on payment amounts are made annually, and payments are made in cash in the first quarter of the following fiscal year.  The compensation committee retains authority to adjust performance goals to exclude the impact of charges, gains or other factors that the compensation committee believes are not representative of the underlying financial or operational performance of our company.