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): DECEMBER 14, 2006
SOLUTIA INC.
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(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OF INCORPORATION)
001-13255 43-1781797
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(COMMISSION (IRS EMPLOYER
FILE NUMBER) IDENTIFICATION NO.)
575 MARYVILLE CENTRE DRIVE, P.O. BOX 66760, ST. LOUIS, MISSOURI 63166-6760
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
(314) 674-1000
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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:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
(e) On December 14, 2006, based on recommendations of the Executive
Compensation and Development Committee of Solutia Inc.'s ("Solutia") Board of
Directors, the Board of Directors approved base salary increases for the
following named executive officers. As a result of these increases, the new
annual base salaries for these executive officers, effective January 1, 2007,
are as follows:
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Name and Title New Base Salary
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James M. Sullivan, Senior Vice President, Chief Financial Officer and $412,500
Treasurer
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Luc De Temmerman, Senior Vice President and President - Performance
Products $405,000
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Jonathon P. Wright, Senior Vice President and President - Integrated
Nylon $405,000
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James R. Voss, Senior Vice President of Business Operations $351,000
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Additionally, the Board of Directors, at its meeting on December
14, 2006, authorized the Company to seek approval from the United States
Bankruptcy Court for the Southern District of New York of a salary increase
for Mr. Jeffry N. Quinn, President, Chief Executive Officer and Chairman of
the Board, as well as certain adjustments to his employment agreement.
CAUTIONARY AND FORWARD LOOKING STATEMENTS.
This report and the exhibits furnished hereto may contain
forward-looking statements, which can be identified by the use of words such
as "believes," "expects," "may," "will," "intends," "plans," "estimates" or
"anticipates," or other comparable terminology, or by discussions of strategy,
plans or intentions. These statements are based on management's current
expectations and assumptions about the industries in which Solutia operates.
Forward-looking statements are not guarantees of future performance and are
subject to significant risks and uncertainties that may cause actual results
or achievements to be materially different from the future results or
achievements expressed or implied by the forward-looking statements. These
risks and uncertainties include, but are not limited to, those described in
Solutia's most recent Annual Report on Form 10-K, under "Cautionary Statement
About Forward-Looking Statements," Solutia's quarterly reports on Form 10-Q,
and in filings with the U.S. Bankruptcy Court in connection with the Chapter
11 case of Solutia Inc. and 14 of its U.S. subsidiaries. These reports can be
accessed through the "Investors" section of Solutia's website at
www.solutia.com. The bankruptcy court filings can be accessed by visiting
www.trumbullgroup.com. Solutia disclaims any intent or obligation to update or
revise any forward-looking statements in response to new information,
unforeseen events, changed circumstances or any other occurrence.
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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, THEREUNTO DULY AUTHORIZED.
SOLUTIA INC.
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(Registrant)
Rosemary L. Klein
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Senior Vice President, General
Counsel and Secretary
DATE: December 20, 2006
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