Business Context and Reporting Period
This Form 8-K is a current report filed by Actuant Corporation (not Enerpac Tool Group Corp) on February 27, 2009. The filing addresses Item 5.02 regarding the departure of directors or certain officers, specifically focusing on salary reductions and benefit modifications for executive officers approved by the Compensation Committee.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation adjustments.
| Executive Officer | Title | Base Salary Reduction | New Base Salary |
|---|---|---|---|
| Robert C. Arzbaecher | President and CEO | $85,000 (10%) | $765,000 |
| William S. Blackmore | EVP - Engineered Solutions | $40,000 (10%) | $360,000 |
| Mark E. Goldstein | EVP and COO | $52,500 (10%) | $472,500 |
| Brian K. Kobylinski | EVP - Industrial Products | $37,500 (10%) | $337,500 |
| Andy G. Lampereur | EVP and CFO | $41,000 (10%) | $369,000 |
Material Changes
- Salary Reductions: Effective March 2, 2009, the base salaries of all named executive officers were reduced by 10%.
- 401(k) Plan Suspension: The Company suspended its "core" contribution of 3% of cash compensation for the majority of U.S. employees, including named executive officers.
- Restoration Plan Suspension: The Restoration Plan, which provided stock contributions to offset IRS limits for high earners (over $225,000 annual cash compensation), was suspended.
- Retroactive Application: The suspension of the 401(k) core contribution and the Restoration Plan applies retroactively to September 1, 2008.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, financial outlook, or specific risk factors beyond the immediate impact of the compensation cuts. The actions taken suggest management is responding to economic pressures by reducing operating costs and executive compensation.
Investor Verification Checklist
- Verify the effective date of salary reductions (March 2, 2009) against payroll records.
- Confirm the retroactive application of 401(k) and Restoration Plan suspensions to September 1, 2008.
- Review the impact of these reductions on total executive compensation packages for the fiscal year.
- Check subsequent filings for any further cost-cutting measures or changes in corporate strategy.