U.S. 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)
November 14, 2005
CASCADE NATURAL GAS CORPORATION
(Exact name of registrant as specified in its charter)
Washington | | 1-7196 | | 91-0599090 |
(State or other jurisdiction | | (Commission file number) | | (IRS Employer |
of incorporation) | | | | Identification Number) |
222 Fairview Avenue North, Seattle, Washington 98109
(Address of principal executive offices)
(206) 624-3900
(Registrant’s telephone number, including area code)
Not Applicable
(Former name 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 (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 Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry Into a Material Definitive Agreement.
Approval of Revised Compensation for Officers: On November 14, 2005 the Governance, Nominating and Compensation Committee of the Board of Directors recommended, and the Board of Directors approved, revised compensation arrangements for the Chief Financial Officer, Senior Vice President – Regulatory and Gas Supply, and the Vice President – Human Resources and Corporate Secretary to be effective December 1, 2005. The adjustments are as follows:
Last | | | | | | | | | | Increase | | New | | Base | |
Name | | First Name | | Job Title | | Current Salary | | Increase % | | Amount | | Salary | |
Davis | | Rick | | CFO | | $ | 240,000 | | 4.8 | % | $ | 11,520 | | $ | 251,520 | |
Stoltz | | Jon | | Sr VP Reg & Gas Supply | | $ | 171,026 | | 2.0 | % | $ | 3,421 | | $ | 174,447 | |
Rosok | | Larry | | VP HR & Corp Sec | | $ | 146,517 | | 3.5 | % | $ | 5,687 | | $ | 152,204 | |
| | | | | | | | | | | | | | | | | | |
In connection with its annual salary and performance review, the Governance, Nominating and Compensation Committee began the process of reviewing the conditions of officer employment agreements as well as the consideration of establishing agreements for recently elected officers. The Committee expects this process will include the preparation of possible amendments to existing agreements and the creation of written agreements with recently elected officers. The agreements and the creation of written agreements with recently elected officers is an effort to clarify and standardize the terms including participation in incentive programs, severance, termination, change in control and other employment terms.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits
Exhibit No. | | Description of Exhibit |
| | |
| | none |
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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.
| CASCADE NATURAL GAS CORPORATION |
| |
| |
Dated: November 18, 2005 | By: | /s/ Rick Davis |
| | Rick Davis |
| | Chief Financial Officer |
| | | |
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EXHIBIT INDEX
Exhibit No. | | Description of Exhibit |
| | |
| | none |
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