-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R2lhJYt/AWsoO3NNJmrBVKlLBR8HkDtUcmB4MnN2UQVLGY97POF5I9fd2SSp/Y9Q 6V6wlMuDlxcmqV+d26TpFg== 0001038838-05-000492.txt : 20050505 0001038838-05-000492.hdr.sgml : 20050505 20050505165040 ACCESSION NUMBER: 0001038838-05-000492 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050501 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20050505 DATE AS OF CHANGE: 20050505 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEADWATERS INC CENTRAL INDEX KEY: 0001003344 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS PRODUCTS OF PETROLEUM & COAL [2990] IRS NUMBER: 870547337 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32459 FILM NUMBER: 05804262 BUSINESS ADDRESS: STREET 1: 10653 SOUTH RIVERFRONT PARKWAY STREET 2: SUITE 300 CITY: SOUTH JORDAN STATE: UT ZIP: 84095 BUSINESS PHONE: 801-984-9400 MAIL ADDRESS: STREET 1: 10653 SOUTH RIVERFRONT PARKWAY STREET 2: SUITE 300 CITY: SOUTH JORDAN STATE: UT ZIP: 84095 FORMER COMPANY: FORMER CONFORMED NAME: COVOL TECHNOLOGIES INC DATE OF NAME CHANGE: 19951113 8-K 1 form8k050105.txt FORM 8-K DATED MAY 1, 2005 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): May 1, 2005 Headwaters Incorporated ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-27808 87-0547337 - ---------------------------- ------------ ---------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification Number) 10653 South River Front Parkway, Suite 300 South Jordan, UT 84095 ---------------------------------------- ------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (801) 984-9400 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: [ ] 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 1.01. Entry into a Material Definitive Agreement. On May 1, 2005, the Compensation Committee of the Board of Directors of Headwaters Incorporated ("Headwaters") approved grants of two forms of a stock appreciation right ("SAR") and a form of a performance unit award under Headwaters' 2002 Stock Incentive Plan, 2003 Stock Incentive Plan and Long Term Incentive Plan to officers and other employees of Headwaters and its subsidiary corporations. The awards largely accelerate approximately five years of long-term incentive compensation into the June 2005 quarter in conjunction with the gain to be recognized from the settlement of the AJG litigation. The following are the material terms and conditions of the SARs and performance unit awards. Approximately 1,870,000 of the SARs were granted under the first form of the SARs. These SARs were vested on the grant date and require a payment by grantees of $2.00 per SAR, payable over a five-year period. Also, the maximum payment on each of these SARs cannot exceed the fair market value of the Company's common stock at the date of grant. These SARs were granted under Headwaters' 2002 Stock Incentive Plan and 2003 Stock Incentive Plan. Approximately 1,170,000 of the SARs were granted under the second form of the SARs. These SARs vest with continuous employment over a five-year period. One million one hundred twenty thousand of these SARs will be exercisable solely based on the achievement of performance criteria related to growth in the "economic value added" of Headwaters. These SARs were granted under Headwaters' Long Term Incentive Plan. Under the performance unit awards granted by Headwaters, recipients were granted a right to earn a cash bonus, in a potential amount totaling approximately $6,100,000, based on performance criteria tied to the economic value created or preserved by a specific business unit after December 2007. These performance unit awards were granted under Headwaters' Long Term Incentive Plan. Headwaters intends to file the forms of the awards as exhibits to its Quarterly Report on Form 10-Q for the quarter ended March 31, 2005. 2 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. Date: May 5, 2005 HEADWATERS INCORPORATED (Registrant) By /s/ Kirk A. Benson ------------------------------- Kirk A. Benson Chief Executive Officer (Principal Executive Officer) 3 -----END PRIVACY-ENHANCED MESSAGE-----