Business Context and Reporting Period
This Form 8-K was filed by American Vanguard Corp on March 15, 2009. The report discloses executive compensation decisions made by the Compensation Committee of the Board of Directors based on company-wide and individual performance during fiscal year 2008.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. The only financial data disclosed relates to specific lump-sum incentive compensation payments to executive officers.
Material Changes
There are no material changes to financial performance or operations reported in this filing. The document solely reports the distribution of incentive compensation for the prior fiscal year.
Management Commentary and Unusual Items
The Compensation Committee determined the following lump-sum incentive payments for fiscal year 2008 performance:
- Eric G. Wintemute (President & CEO): $275,000
- David T. Johnson (VP & CFO): $90,000
- Glen D. Johnson (SVP, AMVAC Chemical Corp): $150,000
- Christopher K. Hildreth (SVP, AMVAC Chemical Corp): $70,000
- Douglas Ashmore (VP, AMVAC Chemical Corp): $115,000
- James A. Barry (CAO & Treasurer): $70,000
Total disclosed incentive compensation: $770,000.
Investor Verification Checklist
- Verify the total amount of incentive compensation paid to executives against the company's annual proxy statement or 10-K for fiscal year 2008.
- Confirm the performance metrics used by the Compensation Committee to justify these specific payout amounts.
- Review the company's cash position to ensure these lump-sum payments do not impact short-term liquidity, as no financial statements are included in this filing.