FORM 8-K |
Winnebago Industries, Inc. | ||
(Exact Name of Registrant as Specified in its Charter) |
Iowa | 001-06403 | 42-0802678 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
P.O. Box 152, Forest City, Iowa | 50436 | |
(Address of Principal Executive Offices) | (Zip Code) |
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 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit | |
Number | Description |
99.1 | Officers Incentive Compensation Plan Fiscal Period 2013 |
99.2 | Officers Long-Term Incentive Plan Fiscal Three-Year Period 2013, 2014 and 2015 |
Date: | June 25, 2012 | WINNEBAGO INDUSTRIES, INC. | |
By: | /s/ Randy J. Potts | ||
Name: | Randy J. Potts | ||
Title: | Chairman of the Board, Chief Executive Officer and President |
Exhibit | |
Number | Description |
99.1 | Officers Incentive Compensation Plan Fiscal Period 2013 |
99.2 | Officers Long-Term Incentive Plan Fiscal Three-Year Period 2013, 2014 and 2015 |
1. | Purpose. The purpose of the Winnebago Industries, Inc. Officers Incentive Compensation Plan (the “Plan”) is to promote the growth and profitability of Winnebago Industries, Inc. (the “Company”) by providing its officers with an incentive to achieve corporate profit objectives and to attract and retain officers who will contribute to the achievement of growth and profitability of the company. |
2. | Administration. |
a. | Human Resources Committee. The Plan shall be administered by a Committee (the “Committee”) appointed by the Board of Directors. |
b. | Powers and Duties. The Committee shall have sole discretion and authority to make any and all determinations necessary or advisable for administration of the Plan and may amend or revoke any rule or regulation so established for the proper administration of the Plan. All interpretations, decisions, or determinations made by the Committee pursuant to the Plan shall be final and conclusive. |
c. | Annual Approval. The Committee must approve the Plan prior to the beginning of each new fiscal year. |
3. | Participation Eligibility. |
a. | Participants must be an officer of the Company with responsibilities that can have a real impact on the Corporation's end results. |
b. | The Committee will approve all initial participation prior to the beginning of each new plan year. |
c. | The Committee will make the determination on participation for new participants and for any pro-rated payment of earned incentives due to retirement, disability or death. Unless otherwise specified, participants must be employed as of the end of the fiscal year to be eligible for any incentive payment. |
4. | Nature of the Plan. The incentive award is based upon financial performance of the Corporation. The Plan is an annual program that provides for annual measurements of financial performance and an opportunity for an annual incentive payment based on performance results. |
5. | Method of Payment. The amount of the participants' incentive compensation for the fiscal year shall be in direct proportion to the financial performance expressed as a percentage (Financial Factor) against predetermined compensation targets for each participant. The results for the fiscal year will be used in identifying the Financial Factor to be used when calculating the participants incentive compensation. |
6. | Strategic Performance. The Human Resources Committee, on an annual basis, completes a formal evaluation of previously identified specific strategic organizational goals and priorities established by the Board of Directors. The Human Resources Committee will provide its evaluation of the strategic factors to the Board of Directors for approval. |
Revenue Growth | Customer Satisfaction | ||
Market Share | Inventory Management | ||
Product Quality | Technical Innovation | ||
Product Introduction | Ethical Business Practices | ||
Planning | Business Diversity Initiatives |
7. | Restricted Stock. One-third (1/3) of the officers' earned incentive for the year, pursuant to Paragraph 5 of the Plan will be awarded in the form of a grant made in restricted shares of common stock to encourage stock ownership and promote the long-term growth and profitability of Winnebago Industries, Inc. The annual restricted stock grant shall be awarded as soon as practical after the final year-end compensation accounting and shall be approved by the Board of Directors Human Resource Committee in October following fiscal year end. The price of the stock shall be the closing market price of the Company's common stock on the date in which the grant is approved by the Committee. The stock grant will be considered as taxable on the date of such grant. The stock award restriction shall be removed one year following date of grant. |
8. | Change in Control. In the event the Company undergoes a change in control during the Plan year |
a. | “Continuing Director” means (i) any member of the Board of Directors of the Company, while such person is a member of the Board, who is not an Affiliate or Associate of any Acquiring Person or of any such Acquiring Person's Affiliate or Associate and was a member of the Board prior to the time when such Acquiring Person shall have become an Acquiring Person, and (ii) any successor of a Continuing Director, while such successor is a member of the Board, who is not an Acquiring Person or any Affiliate or Associate of any Acquiring Person or a representative or nominee of an Acquiring Person or of any affiliate or associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. |
b. | “Acquiring Person” means any Person or any individual or group of Affiliates or Associates of such Person who acquires beneficial ownership, directly or indirectly, of 20% or more of the outstanding stock of the Company if such acquisition occurs in whole or in part. |
c. | “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. |
d. | “Associate” means (1) any corporate, partnership, limited liability company, entity or organization (other than the Company or a majority-owned subsidiary of the Company) of which such a Person is an officer, director, member, or partner or is, directly or indirectly the beneficial owner of ten percent (10%) or more of the class of equity securities, (2) any trust or fund in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity, (3) any relative or spouse of such person, or any relative of such spouse, or (4) any investment company for which such person or any |
e. | “Company” means Winnebago Industries, Inc., an Iowa corporation. |
f. | “Person” means an individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or government or political subdivision thereof. |
9. | Recoupment of Incentive Compensation. In the event the Committee reasonably determines that the performance certified by the Committee, and any payment made to a participant with respect to the Plan was based on the achievement of financial results that are subsequently the subject of a restatement due to material noncompliance with any financial reporting requirement under either generally accepted accounting principles or federal securities laws, other than as a result of changes to accounting rules and regulations, the participant will be obligated to repay to the Company such amounts as required under any rules or regulations adopted by the Securities Exchange Commission under Section 10D(b)(2) of the Securities Exchange Act of 1934, as amended, any rules or standards adopted by a national securities exchange on which the Company's equity securities are listed, any related guidance from a governmental agency which has jurisdiction over the administration of such provision, any judicial interpretation of such provision and as otherwise may be required under applicable law or Company policy, in each case as determined by the Committee. Any determination made by the Board of Directors or the Committee under this provision shall be final, binding and conclusive on the participant. |
10. | Governing Law. Except to the extent preempted by federal law, the consideration and operation of the Plan shall be governed by the laws of the State of Iowa. |
11. | Employment Rights. Nothing in this Plan shall confer upon any employee the right to continue in the employ of the Company, or affect the right of the Company to terminate an employee's employment at any time, with or without cause. |
/s/ Randy J. Potts | June 20, 2012 | ||
Randy J. Potts | Dated | ||
Chairman of the Board, CEO and President | |||
Winnebago Industries, Inc. | |||
/s/ Gerald C. Kitch | June 20, 2012 | ||
Gerald C. Kitch | Dated | ||
Chairman, Human Resources Committee | |||
of the Winnebago Industries Board of Directors |
1. | Purpose. The purpose of the Winnebago Industries, Inc. Officers Long-Term Incentive Plan (the “Plan”) is to promote the long-term growth and profitability of Winnebago Industries, Inc. (the “Company”) by providing its officers with an incentive to achieve long-term corporate profit objectives and to attract and retain officers who will contribute to the achievement of growth and profitability of the Company. |
2. | Administration. |
a. | Human Resources Committee. The Plan shall be administered by a Committee (the “Committee”) appointed by the Board of Directors. |
b. | Powers and Duties. The Committee shall have sole discretion and authority to make any and all determinations necessary or advisable for administration of the Plan and may amend or revoke any rule or regulation so established for the proper administration of the Plan. All interpretations, decisions, or determinations made by the Committee pursuant to the Plan shall be final and conclusive. |
c. | Annual Approval. The Committee must approve the Plan prior to the beginning of each new fiscal three (3) year plan period. Each year a new plan will be established for a new three-year period. |
3. | Participation Eligibility. |
a. | Participants must be an officer of the Company with responsibilities that can have a real impact on the Corporation's end results. |
b. | The Committee will approve all initial participation prior to the beginning of each new plan year. |
c. | The Committee will make the determination on participation for new participants. Unless otherwise specified, participants must be actively employed as of the end of the three (3) year fiscal period to be eligible for any incentive award. |
4. | Nature of the Plan. The long-term incentive award is based upon financial performance of the Corporation. The Plan is a three (3) year (fiscal) program that provides for an opportunity for an incentive award based on the achievement of long-term financial performance results as measured at the end of the three (3) year fiscal period. |
5. | Method of Payment. The long-term incentive award will be a stock grant made in restricted shares of the common stock of Winnebago Industries, Inc. The amount of the participants' long-term incentive award for the three (3) year fiscal period shall be in direct proportion to the financial performance expressed as a percentage (Financial Factor) against predetermined award targets for each participant. The results for the fiscal three (3) year period will be used in identifying the Financial Factor to be used for that plan period when calculating the participants long-term incentive awards. |
6. | Change in Control. In the event the Company undergoes a change in control during the fiscal three (3) year plan period including, without limitation, an acquisition or merger involving the Corporation (“Change in Control”), the Committee shall, prior to the effective date of the Change in Control (the “Effective Date”), make a good faith estimate with respect to the achievement of the financial performance through the end of the Plan three (3) year period. In making such estimate, the Committee may compare the achievement of the financial performance against the forecast through the Plan three (3) year period and may consider such other factors as it deems appropriate. The Committee shall exclude from any such estimate any and all costs and expenses arising out of or in connection with the Change in Control. Based on such estimate, the Committee shall make a full three (3) year Plan award within 15 days after the Effective date to all participants. |
a. | “Continuing Director” means (i) any member of the Board of Directors of the Company, while such person is a member of the Board, who is not an Affiliate or Associate of any Acquiring Person or of any such Acquiring Person's Affiliate or Associate and was a member of the Board prior to the time when such Acquiring Person shall have become an Acquiring Person, and (ii) any successor of a Continuing Director, while such successor is a member of the Board, who is not an Acquiring Person or any Affiliate or Associate of any Acquiring Person or a representative or nominee of an Acquiring Person or of any affiliate or associate of such Acquiring Person and is recommended or elected to succeed the Continuing Director by a majority of the Continuing Directors. |
b. | “Acquiring Person” means any Person or any individual or group of Affiliates or Associates of such Person who acquires beneficial ownership, directly or indirectly, of 20% or more of the outstanding stock of the Company if such acquisition occurs in whole or in part. |
c. | “Affiliate” means a Person that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the person specified. |
d. | “Associate” means (1) any corporate, partnership, limited liability company, entity or organization (other than the Company or a majority-owned subsidiary of the Company) of which such a Person is an officer, director, member, or partner or is, directly or indirectly the beneficial owner of ten percent (10%) or more of the class of equity securities, (2) any trust or fund in which such person has a substantial beneficial interest or as to which such person serves as trustee or in a similar fiduciary capacity, (3) any relative or spouse of such person, or any relative of such spouse, or (4) any investment company for which such person or any Affiliate of such person serves as investment advisor. |
e. | “Company” means Winnebago Industries, Inc., an Iowa corporation. |
f. | “Person” means an individual, corporation, limited liability company, partnership, association, joint stock company, trust, unincorporated organization or government or political subdivision thereof. |
1. | Recoupment of Incentive Compensation. In the event the Committee reasonably determines that the performance certified by the Committee, and any payment made to a participant with respect to the Plan was based on the achievement of financial results that are subsequently the subject of a restatement due to material noncompliance with any financial reporting requirement under either generally accepted accounting principles or federal securities laws, other than as a result of changes to accounting rules and regulations, the participant will be obligated to repay to |
2. | Governing Law. Except to the extent preempted by federal law, the consideration and operation of the Plan shall be governed by the laws of the State of Iowa. |
3. | Employment Rights. Nothing in this Plan shall confer upon any employee the right to continue in the employ of the Company, or affect the right of the Company to terminate an employee's employment at any time, with or without cause. |
/s/ Randy J. Potts | June 20, 2012 | ||
Randy J. Potts | Dated | ||
Chairman of the Board, CEO and President | |||
Winnebago Industries, Inc. | |||
/s/ Gerald C. Kitch | June 20, 2012 | ||
Gerald C. Kitch | Dated | ||
Chairman, Human Resources Committee | |||
of the Winnebago Industries Board of Directors |
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