Unassociated Document
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): July 27, 2009
Chemtura
Corporation
(Exact
name of registrant as specified in its charter)
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Delaware
(State
or other jurisdiction
of
incorporation)
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1-15339
(Commission
file number)
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52-2183153
(IRS
employer identification
number)
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|
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199
Benson Road, Middlebury, Connecticut
(Address
of principal executive offices)
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06749
(Zip
Code)
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(203)
573-2000
(Registrant's
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):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item 5.02. Departure of
Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) Compensatory
Arrangements of Certain Officers.
On July
27, 2009, the Organization, Compensation & Governance Committee of the
Chemtura Corporation Board of Directors (the “Committee” and the “Board”,
respectively), adopted the 2009
Chemtura Corporation Management Incentive Program (the “2009 MIP”), subject to
the approval of the United States Bankruptcy Court for the Southern District of
New York, which approval was received on July 28, 2009. The 2009 MIP is an
annual performance-based cash incentive program established pursuant to the 2005
Chemtura Corporation Short-Term Incentive Plan (the “2005 STIP”). The
2009 MIP provides each participant, including executive officers, with an
opportunity to earn compensation in the form of an annual cash incentive (a “MIP
Award”), based on the attainment of pre-established performance
goals. Participants in the 2009 MIP fall into one of three groups,
Executive Participants, Function Participants and Business Participants, as
determined by the Committee and, where applicable, the Board. There will be no
payout under the 2009 MIP unless minimum threshold Consolidated EBITDA is
achieved. A participant’s MIP Award is calculated by multiplying his
or her target bonus percentage by the results achieved for the applicable
performance goal, up to a maximum of 200% of target, subject to adjustment up or
down based on the Company’s safety performance over the performance period, as
determined by reference to the number of recordable safety incidents at the
Company’s facilities. The Company is currently preparing formal plan
documents.
SIGNATURES
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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Chemtura Corporation
(Registrant)
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By: /s/ Robert J.
Cicero
Name: Robert
J. Cicero
Title: Assistant
Secretary
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Exhibit
Number Exhibit
Description