Carmike Cinemas 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
March 26, 2007
Carmike Cinemas, Inc.
(Exact Name of Registrant as Specified in its Charter)
Registrants telephone number, including area code: (706) 576-3400
(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:
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 26, 2007, the Compensation and Nominating Committee (the Committee) of Carmike Cinemas, Inc. (the Company), in consultation with the Companys Chief Executive Officer (other than with respect to the Chief Executive Officers own compensation), finalized and approved the 2007 base salaries and the financial and operating goals related to the 2007 cash bonus targets for the Companys named executive officers.
In particular, the Committee finalized and approved the 2007 base salaries for the named executive officers which, other than with respect to the Chief Executive Officer, are not set forth in written agreements. Base salaries are generally subjective, but the factors considered by the Committee and the Chief Executive Officer included an assessment of competitive market practices, individual performance over time and each individuals role and responsibilities in the Company. The amounts of the base salaries, effective April 1, 2007, for the named executive officers are set forth in Exhibit 10.1, which is attached hereto and incorporated herein by reference.
The Committee also finalized and approved financial and operating goals related to the 2007 cash bonus targets for the Companys named executive officers. The financial goals are related to the achievement of specified levels of bonus EBITDA, and the operating goals relate to the achievement of certain non-financial objectives, including (i) Sarbanes-Oxley Section 404 goals; (ii) financial reporting matters; (iii) digital cinema installation and alternative entertainment implementation; (iv) capital expenditure goals; and (v) achievement of various cost control measures. The amounts of the total 2007 cash bonus targets for the named executive officers are set forth in Exhibit 10.2, which is attached hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 10.1 2007 Base Salaries for the Named Executive Officers
Exhibit 10.2 2007 Cash Bonus Targets for the Named Executive Officers
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.