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EX-10.1 - EXHIBIT 10.1 - LUFKIN INDUSTRIES INC | exh10_1.htm |
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): FEBRUARY
11, 2010
LUFKIN INDUSTRIES,
INC.
(Exact
name of registrant as specified in its charter)
TEXAS
|
000-02612
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75-0404410
|
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(State
or other jurisdiction
|
(Commission
|
(I.R.S.
Employer
|
|
Of
incorporation)
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File
Number)
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Identification
No.)
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601
SOUTH RAGUET, LUFKIN, TEXAS
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75904
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||
(Address
of Principal Executive Offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (936)
634-2211
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:
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 13e4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangement of Certain
Officers.
The Board
of Directors (the “Board”) of Lufkin Industries, Inc. (“Lufkin”), upon the
recommendation of the Compensation Committee of the Board, approved the 2010
Variable Compensation Plan. The Plan was established to encourage sustained high
performance and continued employment with Lufkin Industries. In order for the
Plan to become operational, operational earnings as a percentage of average
equity must exceed a 9% hurdle rate. Operational earnings are defined as
earnings before adjustments for LIFO inventory, pension and other income and
expense. Individuals are classified into one of five tiers that determine the
potential variable compensation for that individual as a percentage of base
salary (ranging from 8% to 154%). Individual awards are based on both individual
and total company goals. The Compensation Committee must approve all awards
under the Plan. This Plan is filed as Exhibit 10.1 hereto and is incorporated
herein by reference.
Item
9.01 Financial Statements and Exhibits.
(c)
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Exhibits.
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Exhibit
10.1 Lufkin Industries, Inc. 2010 Variable Compensation
Plan
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.
LUFKIN
INDUSTRIES, INC
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By
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/s/
Christopher L. Boone
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Christopher
L. Boone
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||
Vice
President/Treasurer/Chief Financial Officer
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||
(Principal
Financial and Accounting Officer)
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Date: February
11, 2010
EXHIBIT
INDEX
Exhibit
No.
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Description
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10.1
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Lufkin
Industries, Inc. 2010 Variable Compensation Plan
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