Summary
This 8-K filing from Alcoa Inc. (now Howmet Aerospace Inc.) on April 21, 2005, details the approval of performance share awards earned by senior executives for the 2004 performance period. The Compensation and Benefits Committee determined that executives earned 15.28 percent of their target performance shares, based on Alcoa's return on capital percentile rank against a peer group. These earned shares are set to vest and be paid out in Alcoa common stock in 2007, with their ultimate value contingent on the stock's market price at that future date. Specifically, the filing names five executive officers and the number of performance shares each earned: Mr. Alain J. P. Belda received 7,640 shares, while Messrs. Ricardo E. Belda, Richard B. Kelson, Bernt Reitan, and Paul D. Thomas each earned 3,109 shares. The report also references previously filed documents related to the Alcoa Stock Incentive Plan under which these awards were granted.
Key Highlights
- 1Alcoa Inc. announced performance share awards earned by senior executives for the 2004 performance period.
- 2Executives earned 15.28% of their target performance shares, based on 2004 return on capital.
- 3Awards will be paid in Alcoa common stock upon vesting in 2007.
- 4The value of the payout will depend on Alcoa's stock price in 2007.
- 5Specific share awards are detailed for five named executive officers.
- 6The filing refers to previously disclosed stock incentive plans and award agreements.