-----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, FgrXSDBwES1nPy2vxAKRVFM+lpxhoEUYTv4XEgKqPsg2WIzmeQGoOyS/sODb4rzB h9JjYDVKNgUXRtEL2P7row== 0000950123-09-037884.txt : 20090825 0000950123-09-037884.hdr.sgml : 20090825 20090825161950 ACCESSION NUMBER: 0000950123-09-037884 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20090421 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20090825 DATE AS OF CHANGE: 20090825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAMCO FINANCIAL CORP CENTRAL INDEX KEY: 0000016614 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED [6036] IRS NUMBER: 510110823 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25196 FILM NUMBER: 091034241 BUSINESS ADDRESS: STREET 1: 6901 GLENN HIGHWAY CITY: CAMBRIDGE STATE: OH ZIP: 43725 BUSINESS PHONE: 7404325641 8-K 1 l37441e8vk.htm FORM 8-K e8vk
 
 
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): April 21, 2009
CAMCO FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
         
DELAWARE   0-25196   51-0110823
         
(State or other jurisdiction of incorporation)   (Commission File No.)   (IRS Employer I.D. No.)
6901 Glenn Highway, Cambridge, Ohio 43725
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (740) 435-2020
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 (see General Instruction A.2. below):
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))
 
 

 

 

Section 5 — Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On April 21, 2009, the Compensation Committee and the Board of Directors of Camco Financial Corporation approved the 2009 Incentive Award Plan. The 2009 Plan provides an award for executive officers of Camco and its subsidiaries based on the achievement of certain corporate goals. It is anticipated that, for everyone other than Mr. Huston, the award will be paid 43% in cash and 57% in options to acquire Camco stock.
The Compensation Committee set specific threshold, target and maximum dollar amounts and weightings for each of the corporate goals, which are set forth below. If the threshold is not met for a particular goal, no award will be paid for that goal. For Messrs. Huston, Brooks and Caldwell, there is a discretionary amount that the Compensation Committee or full Board of Directors may award. For Ms. Tipton, there is no discretionary amount, rather there are personal goals that she must meet.
                                 
Corporate Goal   Threshold   Target   Maximum   Weighting
Pre-Tax Earnings
   $ 250,000     $ 750,000     $ 1,250,000       30 %
Classified Assets
     80,000,000       75,000,000       70,000,000       30  
Non-Performing Assets (Non-Accrual)
     59,000,000       57,000,000       55,000,000       30  
Discretionary (Tipton- Personal Goals)
     —       —       —       10  
 
                                
 
                             100 %
Below are the total amounts that may be awarded to the CEO, CFO and each of the other Named Executive Officers under the 2009 Plan:
                                                 
    Percent of Base Salary   Total Award Value Potential
Named Executive   Threshold   Target   Maximum   Threshold   Target   Maximum
James E. Huston
   75% in cash plus 100% in stock options   100% in cash plus 150% in stock options   150% in cash plus 200% in stock options   $ 516,250     $ 737,500     $ 1,032,500  
James E. Brooks
     22.50       45.00       60.00       28,125       56,250       75,000  
David S. Caldwell
     18.75       37.50       50.00       27,019       54,038       72,050  
Kristina K. Tipton
     11.25       22.50       30.00       9,000       18,000       24,000  
The number of options will be determined using the fair market value of Camco’s stock on the date the award is determined, which is expected to be in the early part of the first quarter of 2010. Options will be awarded under the 2002 Equity Incentive Plan and will vest over five years.

 

 

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 thereunto duly authorized.
         
  CAMCO FINANCIAL CORPORATION
 		  
  By:   /s/ James E. Huston    
    James E. Huston   
    Chief Executive Officer   
 
Date: August 25, 2009

 

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