Business Context and Reporting Period
This Form 8-K filing by EnerSys (Commission File Number 1-32253) was submitted on June 16, 2006. The report details a material definitive agreement regarding executive compensation adjustments effective April 1, 2006, for the fiscal year 2007.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The financial content is limited to specific executive salary adjustments:
- John D. Craig (CEO): New salary $783,000 (Increase of $38,000).
- Michael T. Philion (CFO): New salary $362,000 (Increase of $18,000).
- Richard W. Zuidema (EVP - Administration): New salary $363,000 (Increase of $18,000).
- John A. Shea (EVP - Americas): New salary $352,000 (Increase of $17,000).
- Raymond R. Kubis (President - Europe): New salary EUR 321,000 (approx. $404,460 USD) (Increase of EUR 15,000 / approx. $18,900 USD).
Material Changes
The primary material change is the increase in annual base salaries for the CEO and four other highly compensated executive officers. These increases were granted by the Compensation Committee on June 16, 2006, and are retroactive to April 1, 2006.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The document strictly reports the execution of employment agreement amendments.
Investor Verification Checklist
- Verify the total aggregate increase in executive compensation costs for fiscal year 2007.
- Confirm the exchange rate used for the European executive's salary conversion ($1.26 to EUR 1.00).
- Review the attached Exhibits 10.1 through 10.5 for specific terms of the amended employment agreements.
- Check subsequent filings for any impact of these salary increases on the company's overall compensation expense ratio.