SECURITIES AND EXCHANGE COMMISSION | |||
Washington, D.C. 20549 | |||
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FORM 8-K | |||
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CURRENT REPORT | |||
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Pursuant to Section 13 or 15(d) of the Securities | |||
Exchange Act of 1934 | |||
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Date of Report (date of earliest event reported): January 3, 2014 | |||
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WAUSAU PAPER CORP. | |||
(Exact name of registrant as specified in its charter) | |||
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WISCONSIN | 0-13923 | 39-0690900 | |
(State or other | (Commission File | (IRS Employer | |
jurisdiction of | Number) | Identification | |
incorporation) |
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100 PAPER PLACE | |||
MOSINEE, WI 54455-9099 | |||
(Address of principal executive offices, including Zip Code) | |||
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(715) 693-4470 | |||
Registrant’s telephone number, including area code | |||
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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: | |||
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£ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 23.425) | ||
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£ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
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£ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
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£ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||
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INFORMATION TO BE INCLUDED IN THE REPORT
Section 5 – Corporate Governance and Management
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2014 Equity Incentive Compensation Plan
On January 3, 2014, the Compensation Committee of the Company’s Board of Directors (the “Compensation Committee”) approved the 2014 Equity Incentive Compensation Plan for officer-level employees and awarded performance units under the plan. A summary of the plan is set forth as Exhibit 10.1.
Long-Term (2016) Equity Incentive Compensation Plan
On January 3, 2014, the Compensation Committee also approved the Long-Term (2016) Equity Incentive Compensation Plan, which grants certain equity-based incentives to officer-level employees. Awards under the Long-Term (2016) Equity Incentive Compensation Plan will vest if certain target levels of “total shareholder return” are met over a three-year period. A summary of the plan is set forth as Exhibit 10.2.
2014 Cash Incentive Compensation
On January 3, 2014, the Compensation Committee approved the 2014 Cash Incentive Compensation Plan for Executive Officers and established performance criteria under the plan. Under the plan, incentive compensation will be based upon attainment of targeted goals for adjusted earnings per share, as derived from targeted return on capital employed between 5% and 15%. A summary of the plan is set forth as Exhibit 10.3.
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Section 8 – Other Events
Item 8.01.
Other Events
Executive Compensation
Base Salaries
Annual salary levels for the Company’s Chief Executive Officer, Chief Financial Officer, and Senior Vice President & General Manager, which were approved by the Compensation Committee and will be in effect during 2014, are as follows:
Henry C. Newell, | $550,000 |
President |
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Chief Executive Officer |
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Sherri L. Lemmer, | $309,000 |
Senior Vice President |
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Chief Financial Officer |
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Matthew L. Urmanski, | $309,000 |
Senior Vice President & General Manager |
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Section 9 – Financial Statements and Exhibits
Item 9.01
Financial Statements and Exhibits
10.1
2014 Equity Incentive Compensation Plan
10.2
Long-Term (2016) Equity Incentive Compensation Plan
10.3
2014 Cash Incentive Compensation Plan for Executive Officers
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.
WAUSAU PAPER CORP.
Date: January 9, 2014
By: SHERRI L. LEMMER
Sherri L. Lemmer
Senior Vice President
Chief Financial Officer
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EXHIBIT INDEX
to
FORM 8-K
of
WAUSAU PAPER CORP.
dated January 3, 2014
Pursuant to Section 102(d) of Regulation S-T
(17 C.F.R. §232.102(d))
Exhibits required by Item 601 of Regulation S-K:
10.1
2014 Equity Incentive Compensation Plan
10.2
Long-Term (2016) Equity Incentive Compensation Plan
10.3
2014 Cash Incentive Compensation Plan for Executive Officers
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