MEMC Electronic Materials 8-K 2012
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 20, 2012
MEMC Electronic Materials, Inc.
(Exact Name of Registrant as Specified in its Charter)
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 provision (see General Instruction A.2 below):
Executive Annual Incentive Awards. On March 20, 2012, the Compensation Committee of MEMC Electronic Materials, Inc. (the “Company”) authorized the payment of annual cash incentive awards (i.e., annual bonuses) to each of the Company's executive officers in respect of the year ended December 31, 2011. The annual incentive awards were made pursuant to the MEMC Cash Incentive Plan Covering Executive Officers and the 2011 Annual Incentive Plan. Pursuant to the plan, each executive officer has a threshold, target and maximum bonus amount based on a percentage of annual salary. Receipt of those bonus amounts are based on achievement of quantified metrics for both individual performance and Company performance. The following table illustrates the awards to the Company's principal executive officer, principal financial officer and each of the executive officers that were named in the Company's proxy statement for the Company's 2011 Annual Meeting (the “Named Executive Officers”), in the amounts indicated below:
(1) Timothy C. Oliver joined the Company as Chief Financial Officer effective November 2, 2009 and served as Chief Financial Officer of the Company until December 31, 2010. Mr. Oliver was not employed by the Company during any part of fiscal year 2011 and was not eligible to receive a bonus under the MEMC Cash Incentive Plan Covering Executive Officers or the 2011 Annual Incentive Plan.
(2) Mr. Murphy assumed the position of Chief Financial Officer on January 10, 2011.
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.