El Paso Electric Company 8-K 2005
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):
February 11, 2005
El Paso Electric Company
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
(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:
Section 1 Registrants Business and Operations
On February 11, 2005, the Compensation Committee (the Committee) of the Board of Directors of El Paso Electric Company (the Company) adopted the Annual Short-Term Bonus Plan (the Plan) that provides for payment of cash awards to eligible Company employees, including each of its named executive officers. Payment of awards is based on the achievement of performance measures reviewed and approved by the Committee. Generally, these performance measures are based on meeting certain financial, operational and individual performance criteria. For fiscal year 2005, the Committee established the financial performance goals based on earnings per share and the operational performance goals based on safety and customer satisfaction. If a certain level of earnings per share is not attained, no bonuses will be paid under the Plan. The maximum potential payout for 2005 under the Plan for any named executive officer is approximately $500,000. A copy of the Plan is attached hereto as Exhibit 10.1.
The foregoing description of the Plan does not purport to be complete and is qualified in its entirety by reference to such plan, a copy of which is filed as Exhibits 10.1 hereto and is incorporated by reference herein.
On February 11, 2005, the Committee also approved the payment of cash bonuses totaling approximately $3.3 million to all eligible Company employees, including each of its named executive officers, pursuant to the Companys 2004 short-term bonus plan. The cash bonuses were based on the achievement of 2004 performance measures, including certain financial, operational and individual performance criteria, previously approved by the Committee. Cash bonuses awarded to each of the named executive officers were as follows:
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 thereunto duly authorized.
Dated: February 16, 2005