Satcon Technology Corp - Current report filing (8-K)
September 26 2008 - 3:08PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 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):
September 24, 2008
SATCON TECHNOLOGY CORPORATION
(Exact Name of Registrant as
Specified in its Charter)
Delaware
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1-11512
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04-2857552
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(State or Other Jurisdiction
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(Commission
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(I.R.S. Employer
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of Incorporation)
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File Number)
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Identification No.)
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27 Drydock Avenue, Boston, Massachusetts
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02210-2377
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(Address of Principal Executive Offices)
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(Zip Code)
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(617) 897-2400
(Registrants telephone
number, including area code)
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
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Item 5.02.
Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On
September 24, 2008, following the recommendation of the Compensation
Committee, the Board of Directors of Satcon Technology Corporation (the Company)
adopted the 2008 Incentive Plan for Senior Management (the 2008 Incentive Plan)
as a means of adding incentives towards achievement of performance goals for
each functional area of the Company, which goals are considered key factors in
the Companys overall success. Eligible
participants are the President & Chief Executive Officer (the CEO);
the Chief Financial Officer; the Vice President of Engineering & Chief
Technology Officer; the Vice President, Administration & Secretary;
the Vice President of Sales & Marketing; the Vice President
Operations; and those employees who directly report to the Companys executive
officers at the Director Level.
The
2008 Incentive Plan outlines general performance goals and business criteria
upon which each participants performance will be evaluated. Specific performance goals and business
criteria will be subsequently approved by the Compensation Committee. Performance will be measured against these
specific performance goals and business criteria, which will be established for
each functional area of the Company.
For
the CEO, performance will be based on overall corporate objectives, such as
objectives related to the Companys focus and market position, growth,
product/service quality, profitability and leadership team. With respect to operations, participants
performance will be based on objectives related to business operating models,
manufacturing and plant capacity, customer performance and long-term
strategies. With respect to sales &
marketing, participants performance will be based on objectives related to
direct sales team organization, sales methodology, forecast methodology and
customer relationship management systems, global business development and
channels organization, branding initiatives and field services organization. With respect to engineering, participants
performance will be based on objectives related to product quality, design
processes and new products. With respect
to finance, participants performance will be based on objectives related to
management information, information systems, planning processes, financial
operating models and control environment.
With respect to administration, participants performance will be based
on objectives related to compensation strategy, performance management systems,
annual cash incentive programs, rewards programs, internet access, domain
upgrades and help desk administration.
Based
on a review of performance against the established goals subsequent to the end
of the fiscal year, the Compensation Committee will determine the appropriate
payments, if any, to be made to the participants, and the Board must approve
any such payments. The CEO can earn up
to 60% of base salary upon attainment of 100% of target objectives. The other executive officers of the Company
can earn up to 30% of base salary upon attainment of 100% of target
objectives. The remaining participants
(Director Level employees) can earn up to 20% of base salary upon attainment of
100% of target objectives.
A
copy of the 2008 Incentive Plan is attached hereto as Exhibit 10.1.
Item
9.01
Financial
Statements and Exhibits.
(d) Exhibits
Exhibit No.
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Description
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10.1
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Satcon
2008 Incentive Plan for Senior Management.
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2
SIGNATURE
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.
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SATCON
TECHNOLOGY CORPORATION
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Date:
September 26, 2008
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By:
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/s/
John W. Peacock
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John
W. Peacock
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Chief
Accounting Officer
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3
EXHIBIT INDEX
Exhibit No.
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Description
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10.1
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Satcon
2008 Incentive Plan for Senior Management.
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4
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