8-K 1 form8k_61305.txt FORM 8-K 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): June 9, 2005 PLIANT CORPORATION --------------------------------------------------- (Exact name of company as specified in its charter) UTAH 333-40067 87-0496065 ---------------------------- ------------------------ ---------------------- (State or other jurisdiction (Commission file number) (IRS Employer of incorporation) Identification Number) 1475 Woodfield Road, Suite 700 Schaumburg, IL 60173 (Address of principal executive offices) (Zip Code) (847) 969-3300 ------------------------------------------------ COMPANY'S TELEPHONE NUMBER, INCLUDING AREA CODE: N.A. (Former name or former address if changed since last report) ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. Effective January 1, 2005, Pliant Corporation adopted the 2005 Management Incentive Compensation Plan (the "Plan"). The Plan provides performance-based incentives related to achievement of certain EBITDA and operating free cash flows goals for 2005 for eligible officers and other key management personnel of the Pliant Corporation and certain of its subsidiaries. The form of the Plan is attached as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference. Each of the named executive officers of Pliant Corporation which are participants in the Plan, executed the Plan on June 9, 2005. Each of the individualized exhibits to the Plan for the named executive officers are attached hereto and incorporated by reference. Effective June 10, 2005, Pliant Corporation entered into an Employment Agreement with its Chief Operating Officer, R. David Corey. Mr. Corey was name Chief Operating Officer in March, 2004. He joined Pliant Corporation as an Executive Vice President for Global Operations in November 2003. Mr. Corey has over 30 years of experience leading extrusion-based manufacturing businesses. The Employment Agreement is attached as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference. ITEM 9.01. FINANCIAL STATEMENT AND EXHIBITS (c) The following items are included as Exhibits to this report 10.1 Form of 2005 Management Incentive Compensation Plan 10.2 Exhibits to R. David Corey Plan 10.3 Exhibits to Paul R. Frantz Plan 10.4 Exhibits to Greg E. Gard Plan 10.5 Exhibits to Kenneth J. Swanson Plan 10.6 Corey Employment Agreement SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PLIANT CORPORATION Date: June 10, 2005 By: /s/ Harold C. Bevis --------------------------------------- Harold C. Bevis President, Chief Executive Officer, and Acting Chief Financial Officer