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)
February 13, 2008 (February 8,
2008)
STERLING
CHEMICALS, INC.
(Exact name of registrant as specified
in its charter)
| |
|
|
|
|
Delaware
(State or other
jurisdiction of
Incorporation) |
|
000-50132
(Commission File No.) |
|
76-0502785
(IRS
Employer
Identification
No.) |
| |
|
|
333 Clay Street,
Suite 3600
Houston, Texas
(Address of principal execute
offices) |
|
77002-4109
(Zip Code) |
(713) 650-3700
(Registrant’s telephone number,
including area code)
Not
Applicable
(Former names or former address, if changed since last report)
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:
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 5.02(e).
Compensatory Arrangements of Certain Officers.
Determination of Amount of Bonuses
for 2007 Performance
On February 8, 2008, the
Compensation Committee (the “Compensation Committee”) of the Board of Directors
of Sterling Chemicals, Inc. (the “Company”) determined and approved
discretionary bonuses payable to each of its senior executive officer with
respect to their performance in 2007. The bonuses will be paid to the Company’s
senior executive officers on or about March 1, 2008 and are discretionary
in that the Company did not attain the threshold target of EBITDA during 2007 to
receive a bonus payment under the Sterling Chemicals, Inc. Bonus Plan. The
Compensation Committee considered a number of factors in determining the amounts
payable, including among others, each such executive officer’s influence in the
development and implementation of the results obtained in connection with the
refinancing of the Company’s long-term indebtedness, the Company’s long-term
exclusive styrene supply agreement with NOVA Chemicals Inc. and the Company’s
cost reduction strategies, and each such executive officer’s performance in
driving results, his dedication to and participation in maintaining an ethical
culture and his responsibility for maintaining high standards for environmental,
health and safety performance. The following table sets forth the amount of
bonuses awarded to each of our senior executive officers:
| |
|
|
|
|
|
|
|
Richard K. Crump |
|
President and Chief |
|
$ |
390,000 |
|
|
|
|
Executive
Officer |
|
|
|
|
|
|
|
|
|
|
|
|
|
John R. Beaver |
|
Senior Vice President - |
|
|
82,000 |
|
|
|
|
Finance and
Chief |
|
|
|
|
|
|
|
Financial
Officer |
|
|
|
|
|
|
|
|
|
|
|
|
|
Kenneth M. Hale |
|
Senior Vice President, |
|
|
118,600 |
|
|
|
|
General Counsel
and |
|
|
|
|
|
|
|
Secretary |
|
|
|
|
|
|
|
|
|
|
|
|
|
Paul C. Rostek |
|
Senior Vice President - |
|
|
88,700 |
|
|
|
|
Commercial |
|
|
|
|
|
|
|
|
|
|
|
|
|
Walter B. Treybig
|
|
Senior Vice President - |
|
|
81,900 |
|
|
|
|
Manufacturing |
|
|
|
|
Base Salary Increases
On February 8, 2008, the
Compensation Committee approved increases to the base salary of each of the
named executive officers set forth below, effective March 1, 2008. The new
base
1