Satcon Technology Corp - Current report filing (8-K)

 

 

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):  September 24, 2008

 

SATCON TECHNOLOGY CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware		1-11512		04-2857552
(State or Other Jurisdiction		(Commission		(I.R.S. Employer
of Incorporation)		File Number)		Identification No.)
27 Drydock Avenue, Boston, Massachusetts				02210-2377
(Address of Principal Executive Offices)				(Zip Code)

 

[phone]

(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):

 

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))

 

 

 

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Item 5.02.                                           Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;  Compensatory Arrangements of Certain Officers.

 

On September 24, 2008, following the recommendation of the Compensation Committee, the Board of Directors of Satcon Technology Corporation (the “Company”) adopted the 2008 Incentive Plan for Senior Management (the “2008 Incentive Plan”) as a means of adding incentives towards achievement of performance goals for each functional area of the Company, which goals are considered key factors in the Company’s overall success.  Eligible participants are the President & Chief Executive Officer (the “CEO”); the Chief Financial Officer; the Vice President of Engineering & Chief Technology Officer; the Vice President, Administration & Secretary; the Vice President of Sales & Marketing; the Vice President Operations; and those employees who directly report to the Company’s executive officers at the Director Level.

 

The 2008 Incentive Plan outlines general performance goals and business criteria upon which each participant’s performance will be evaluated.  Specific performance goals and business criteria will be subsequently approved by the Compensation Committee.  Performance will be measured against these specific performance goals and business criteria, which will be established for each functional area of the Company.

 

For the CEO, performance will be based on overall corporate objectives, such as objectives related to the Company’s focus and market position, growth, product/service quality, profitability and leadership team.  With respect to operations, participants’ performance will be based on objectives related to business operating models, manufacturing and plant capacity, customer performance and long-term strategies.  With respect to sales & marketing, participants’ performance will be based on objectives related to direct sales team organization, sales methodology, forecast methodology and customer relationship management systems, global business development and channels organization, branding initiatives and field services organization.  With respect to engineering, participants’ performance will be based on objectives related to product quality, design processes and new products.  With respect to finance, participants’ performance will be based on objectives related to management information, information systems, planning processes, financial operating models and control environment.  With respect to administration, participants’ performance will be based on objectives related to compensation strategy, performance management systems, annual cash incentive programs, rewards programs, internet access, domain upgrades and help desk administration.

 

Based on a review of performance against the established goals subsequent to the end of the fiscal year, the Compensation Committee will determine the appropriate payments, if any, to be made to the participants, and the Board must approve any such payments.  The CEO can earn up to 60% of base salary upon attainment of 100% of target objectives.  The other executive officers of the Company can earn up to 30% of base salary upon attainment of 100% of target objectives.  The remaining participants (Director Level employees) can earn up to 20% of base salary upon attainment of 100% of target objectives.

 

A copy of the 2008 Incentive Plan is attached hereto as Exhibit 10.1.

 

Item 9.01                                              Financial Statements and Exhibits.

 

(d)           Exhibits

 

Exhibit No.		Description
10.1		Satcon 2008 Incentive Plan for Senior Management.

 

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SIGNATURE

 

 

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.

 

	SATCON TECHNOLOGY CORPORATION
Date: September 26, 2008	By:	/s/ John W. Peacock
		John W. Peacock
		Chief Accounting Officer

 

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EXHIBIT INDEX

 

Exhibit No.		Description
10.1		Satcon 2008 Incentive Plan for Senior Management.

 

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