- Current report filing (8-K)
26 Fevereiro 2009 - 4:59PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event
reported): February 20, 2009
Hardinge
Inc.
(Exact name of Registrant as specified in its charter)
New York
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000-15760
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16-0470200
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(State or other jurisdiction of
incorporation or organization)
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Commission file number
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(I.R.S. Employer
Identification No.)
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One Hardinge Drive, Elmira, NY 14902
(Address of principal executive offices) (Zip Code)
(607) 734-2281
(Registrants telephone number including area code)
N/A
(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:
o
Written
communication pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material 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))
ITEM 5.02
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Departure of Directors or Principal
Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
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Incentive Compensation Determination
As previously disclosed by Hardinge Inc. (Hardinge or the Company)
by Current Report on Form 8-K filed February 22, 2008, on February 19,
2008, the Compensation Committee of the Board of Directors (the Committee) and
the Companys independent directors adopted terms for 2008 incentive
compensation (payable in 2009) under the Companys Cash Incentive Plan (Bonus
Plan). The Committee and the
independent directors at that time determined that the maximum aggregate awards
available under the Bonus Plan based on 2008 performance will be equal to 1.86%
of the Companys operating cash flow for 2008 up to $30 million of cash flow,
and 2.8% of operating cash flow in excess of $30 million, subject to certain
adjustments for extraordinary items. All
awards under the Bonus Plan are discretionary, determined by the Committee and
independent directors based on the Companys performance and individual
performance of the executive officers participating in the Bonus Plan. Executive Officers participating in the Bonus
Plan for 2008 include Richard L. Simons, Chief Executive Officer, and Edward J.
Gaio, Chief Financial Officer.
On February 20, 2009, the Committee determined that the maximum
aggregate amount available under the Bonus Plan based on the Companys 2008
performance is approximately $180,000. The
Committee further determined that the 2008 performance of the executive
officers participating in the Bonus Pool would, absent the extraordinary
worldwide economic crisis, meet the Committees criteria for an award. However, taking into consideration Hardinges
on-going expense reduction initiatives, the Committee and independent directors
determined not to make any awards under the Bonus Plan in respect of 2008
performance.
Restricted Stock Awards
On February 20, 2009, the Committee approved, pursuant to the
Companys 2002 Incentive Stock Plan, restricted stock awards to Mr. Gaio
and Douglas C. Tifft, Senior Vice President Administration, in the amount of
5,000 common shares each. The awarded
shares will vest ratably over a three year period.
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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 thereunto duly authorized.
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HARDINGE INC.
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Registrant
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Date: February 26, 2009
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By:
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/s/ EDWARD J. GAIO
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Edward J. Gaio
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Chief Financial Officer
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