SFN Group Inc. 8-K 2011
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Amendment No. 1
Date of Report (Date of earliest event reported): February 28, 2011
SFN GROUP, INC.
(Exact name of registrant as specified in its charter)
2050 Spectrum Boulevard
Fort Lauderdale, Florida 33309
(Address, including zip code, of Principal
Registrants telephone number, including area code: (954) 308-7600
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 (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
This Current Report on Form 8-K/A is being filed to remove redacted disclosure and clarify remaining disclosure about specific target levels for performance metrics relating to the SFN Group, Inc. 2011 Variable Pay Plan. This Current Report amendment also includes unredacted copies of the SFN Group, Inc. 2010 and 2009 Variable Pay Plans as Exhibits 10.2 and 10.3, respectively.
ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On February 28, 2011, the Compensation Committee of the Board of Directors of SFN Group, Inc., a Delaware corporation (the Company), approved the Companys 2011 Variable Pay Plan for Corporate Executive Management (the Plan). Under the Plan, the 2011 annual incentive awards for all of the Companys executive officers will be based 80% on adjusted earnings per share (EPS) from continuing operations targets and 20% on operational goals.
The 2011 annual incentive award target for each executive officer, expressed as a percentage of the individuals base salary, is as follows: 100% for Roy G. Krause, 80% for William J. Grubbs and Mark W. Smith, and 60% for John D. Heins. The following levels of achievement of each performance component (EPS and operational goals) will result in the following payouts as a percentage of each executive officers annual incentive award target for the performance component (with interpolation between achievement levels): maximum achievement, 200%; plan/target achievement, 100%; threshold achievement, 50%; and below threshold achievement, 0%.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
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.