Business Context and Reporting Period
This Form 8-K was filed by EnerSys on April 13, 2005. The report details a material definitive agreement regarding executive compensation adjustments effective April 1, 2005, for the fiscal year 2006.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive salary adjustments.
Material Changes
The Compensation Committee granted annual base salary increases to five executive officers. The specific adjustments are as follows:
- John D. Craig (Chairman, President, CEO): Increase of $20,000 to a new base salary of $745,000.
- Michael T. Philion (EVP - Finance and CFO): Increase of $9,000 to a new base salary of $344,000.
- Richard W. Zuidema (EVP - Administration): Increase of $9,000 to a new base salary of $345,000.
- John A. Shea (EVP - Motive Power Americas): Increase of $24,000 to a new base salary of $335,000.
- Raymond R. Kubis (President - Europe): Increase of 8,400 EUR to a new base salary of 306,000 EUR.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. It strictly reports the execution of employment agreement amendments.
Investor Verification Points
- Verify the impact of increased executive compensation on the company's operating expenses for fiscal year 2006.
- Confirm the effective date of April 1, 2005, for the salary adjustments.
- Review the attached Exhibits 10.1 through 10.5 for full terms of the amended employment agreements.