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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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):
October 23, 1996
KTI, INC.
(Exact name of Registrant as specified in Charter)
New Jersey 33-85234 22-2665282
(State or other juris- (Commission (IRS Employer
diction of incorporation) File Number) Identification
Number)
7000 Boulevard East, Guttenberg, New Jersey 07093
(Address of principal executive office) (Zip Code)
Registrant's telephone number including area code- (201) 854-7777
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Not Applicable
(Former name and former address, as changed since last report)
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ITEM 5. OTHER EVENTS
On October 23, 1996, Nicholas Menonna, Jr., Chairman of the Board and Chief
Executive Officer and Martin J. Sergi, President, Chief Financial Officer and
Chief Operating Officer proposed to modify certain provisions of their
employment contracts with respect to their bonuses for 1996, resulting in a
significant reduction in their expected compensation. Under the original
provisions of their contracts, their combined bonuses for 1996, based upon
current earnings, would be in the range of $1,000,000. Under the modifications,
Messrs. Menonna and Sergi will receive amounts not to exceed $145,000 each.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Number DESCRIPTION
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99.1 Amendment to Employment Agreements between KTI, Inc. and
Nicholas Menonna, Jr. and Martin J. Sergi
#10.18 Employment Agreement between KTI, Inc. and Nicholas
Menonna, Jr. dated May 1, 1994.
#10.19 Employment Agreement between KTI, Inc. and Martin J. Sergi
dated May 1, 1994.
# Incorporated by reference from the Company's Registration Statement on Form
S-4 (Registration Statement No. 33-85234) declared effective on January 6, 1995.
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SIGNATURES
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.
KTI, Inc.
(Registrant)
Dated: October 23, 1996 By: /s/ Martin J. Sergi
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Name: Martin J. Sergi
Title: President
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EXHIBIT INDEX
Exhibit Number DESCRIPTION
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99.1 Amendment to Employment Agreements between KTI, Inc. and
Nicholas Menonna, Jr. and Martin J. Sergi
#10.18 Employment Agreement between KTI, Inc. and Nicholas
Menonna, Jr. dated May 1, 1994.
#10.19 Employment Agreement between KTI, Inc. and Martin J. Sergi
dated May 1, 1994.
# Incorporated by reference from the Company's Registration Statement on Form
S-4 (Registration Statement No. 33-85234) declared effective on January 6, 1995.