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4-Traders Homepage  >  Equities  >  Nyse  >  Kraton Corp    KRA

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KRATON CORP : Change in Directors or Principal Officers (form 8-K)

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02/09/2018 | 10:20pm CET

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Establishment of Targets for 2018 Annual Cash Incentive Compensation On February 7, 2018, the Compensation Committee (the "Committee") of the Board of Directors of Kraton Corporation (the "Company", "we", "our") approved the target bonus under our 2016 Equity and Cash Incentive Plan for the Kraton Leadership Team, which includes our named executive officers. For the bonus year that ends December 31, 2018, the Committee has established the following target bonus amounts for our named executive officers: Named Executive Officer

                                Target Bonus
Kevin M. Fogarty                                       1.0 x Base Salary
President and Chief Executive Officer
Stephen E. Tremblay                                    .70 x Base Salary

Executive Vice President and Chief Financial Officer Holger R. Jung

                                         .60 x Base Salary

Senior Vice President and Polymer Segment President Marcello C. Boldrini

                                   .60x Base Salary

Senior Vice President and Chemical Segment President Vijay Mhetar

                                           .50x Base Salary

Senior Vice President, Chief Technology Officer

Depending on the level of achievement of the business performance targets (described below) each named executive officer's actual annual cash incentive compensation can be from zero to two times his target bonus. Any such bonuses will be paid in cash, and we expect that such payments, if any, will be made in the first quarter of 2019.

The Committee has determined that the business performance targets determining the 2018 annual cash incentive compensation, and the weighting of each, will be achievement of Adjusted EBITDA (75%) and the attainment of Net Debt (25%). The Committee has established threshold, target and stretch multipliers for both of these business performance targets, which if achieved, will provide a multiplier that can range from 0.3, if the minimum, or threshold, level of performance is achieved, to 2.0, assuming the Company meets or exceeds the maximum, or stretch, goal. Based on the business performance targets and the multipliers, each disclosed above, and assuming the threshold performance level is achieved, the 2018 cash incentive compensation for any given named executive officer will be calculated as follows:

(Adjusted EBITDA Multiplier)(Target Bonus)(0.75) + (Net Debt Multiplier)(Target Bonus)(0.25)

2018 Annual Cash Incentive Compensation

The Adjusted EBITDA and Net Debt performance targets for 2018 have been established based on our 2018 business plan and with reference to market conditions and year-over-year performance in comparison to 2017; however, as such information is competitively sensitive, the exact targets will be disclosed in the proxy statement for our annual general meeting of stockholders in 2019.

Establishment of Named Executive Officer Base Compensation for 2018 On February 7, 2018, the Committee established annual base compensation for our executive officers, including our named executive officers. Effective April 1, 2018, Mr. Fogarty's base compensation will be $1,000,000, Mr. Tremblay's will be $500,000, Dr. Jung's will be $400,000, Mr. Boldrini's will be $400,000 and Dr. Mhetar's will be $325,000.


© Edgar Online, source Glimpses

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