Form 8-K for CHEMTURA CORP
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31-Jul-2009
Change in Directors or Principal Officers
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.
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