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): January 28, 2008
STEWART ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
| | | | | |
| LOUISIANA | | 1-15449 | | 72-0693290 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (I.R.S. Employer
Identification No.) |
| | | |
| 1333 South Clearview Parkway, Jefferson, Louisiana | | 70121 |
| (Address of principal executive offices) | | (Zip Code) |
(504) 729-1400
(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:
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| o | | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| o | | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| o | | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| 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 Agreements of Certain Officers |
(e) On January 28, 2008, the Compensation Committee of the Board of Directors (the “Committee”) of Stewart Enterprises, Inc. (the “Company”) approved bonus criteria for the annual bonuses that the Company’s executive officers will be eligible to earn for the fiscal year ending October 31, 2008 (“Fiscal 2008”).
The Fiscal 2008 bonus to be paid to Thomas J. Crawford, President and Chief Executive Officer, and Thomas M. Kitchen, Senior Executive Vice President and Chief Financial Officer, will be based 40% on earnings per share targets, 25% on recurring free cash flow targets, 15% on operating income targets and 20% on discretionary qualitative factors. The bonuses to be paid to G. Kenneth Stephens, Jr., Executive Vice President and President — Western Division and Brent F. Heffron, Executive Vice President and President — Eastern Division will be based 20% on the Company’s earnings per share, 65% on divisional objectives and 15% on qualitative factors. The annual bonus for Lawrence B. Hawkins, Executive Vice President and President of Investors Trust, Inc., will be based 20% on the Company’s earnings per share, 65% on the investment performance of Investors Trust, Inc. compared to custom market indices and a target return and 15% on qualitative factors.
Mr. Crawford’s maximum bonus opportunity will be 160% of his base salary. His current salary level is $600,000. Mr. Kitchen’s maximum bonus opportunity will be 140% of his base salary. His current salary level is $400,000. The maximum bonus opportunity for Messrs. Stephens, Heffron and Hawkins is 130% of base salary. The current salary level for Messrs. Stephens, Heffron and Hawkins is $350,000, $350,000 and $500,000, respectively.
The bonuses paid to executive officers named herein may be paid in cash or stock at the discretion of the Committee.
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.
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| | STEWART ENTERPRISES, INC.
| |
| January 31, 2008 | /s/ Angela M. Lacour | |
| | Angela M. Lacour | |
| | Vice President
Corporate Controller
Chief Accounting Officer | |
| |
