-----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, MDBLeTO8ai7xCMh13yun0505TTKMR7UY0fEY8FGnIOqZR2k2c6FIpZaSrobWv6J2 1ZZHpOLlQkcXTV5uBtIioA== 0001157523-05-010281.txt : 20051117 0001157523-05-010281.hdr.sgml : 20051117 20051117141432 ACCESSION NUMBER: 0001157523-05-010281 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20051111 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20051117 DATE AS OF CHANGE: 20051117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROGERS CORP CENTRAL INDEX KEY: 0000084748 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821] IRS NUMBER: 060513860 STATE OF INCORPORATION: MA FISCAL YEAR END: 0101 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04347 FILM NUMBER: 051212189 BUSINESS ADDRESS: STREET 1: P.O. BOX 188 STREET 2: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263-0188 BUSINESS PHONE: 8607749605 MAIL ADDRESS: STREET 1: ONE TECHNOLOGY DRIVE CITY: ROGERS STATE: CT ZIP: 06263 8-K 1 a5023672.txt ROGERS CORPORATION 8K 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) November 11, 2005 Rogers Corporation -------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) Massachusetts 1-4347 06-0513860 ------------------- ------------------- ------------------ (State or other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification No.) One Technology Drive P.O. Box 188 Rogers, Connecticut 06263-0188 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (860) 774-9605 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 November 11, 2005, the Compensation and Organization Committee of the Board of Directors (the "Compensation Committee") of Rogers Corporation (the "Company") authorized the acceleration of the vesting of certain outstanding out-of-the-money unvested non-qualified stock options granted in 2003 by the Company and held by current officers and other option holders of the Company. The stock options which were accelerated had an exercise price of either $38.53 per share or $43.00 per share, in all cases greater than $37.84, the fair market value of a share of the Company's Common Stock as of November 11, 2005. As a result of the vesting acceleration, portions of options to acquire 298,862 shares of the Company's Common Stock, which otherwise would have vested from time to time between December 2005 and December 2007, became immediately exercisable. Of the options to acquire 298,862 shares of the Company's Common Stock, (i) options to acquire 294,362 shares of the Company's Common Stock had been granted in October 2003 and had vested as to approximately 1/3 of the options in October 2005; therefore, approximately 2/3 of these options were accelerated on November 11, 2005; and (ii) options to acquire 4,500 shares of the Company's Common Stock were granted in December 2003, but no portion had vested prior to November 11, 2005; therefore, all of these options were accelerated on November 11, 2005. The accelerated options represent approximately 8% of the Company's total outstanding options. The option plans under which the accelerated options were granted are the Company's 1988 Stock Option Plan, 1990 Stock Option Plan and 1998 Stock Incentive Plan. All other terms and conditions applicable to such stock options remained in effect, which effectively means that generally, the option holders, while continued to be employed by the Company, will not be allowed to sell any shares acquired pursuant to the accelerated vesting schedule until the earliest time that such shares could have been acquired pursuant to the original vesting schedule of the options. The accelerated vesting schedules will permit the acquisition of 194,625 shares of the Company's Common Stock prior to the original vesting schedules of the related stock options. Of this amount, current officers of the Company may exercise their 2003 stock options and acquire 58,748 shares of the Company's Common Stock earlier than was originally prescribed in the 2003 stock option agreements, and other option holders may exercise their 2003 stock options and acquire 135,877 shares of the Company's Common Stock earlier than was originally prescribed in the 2003 stock option agreements. The Compensation Committee's decision to accelerate the vesting of the out-of-the-money unvested stock options was based upon the issuance by the Financial Accounting Standards Board of Statement of Financial Accounting Standard No. 123 (Revised 2004), "Share-Based Payment" ("SFAS No. 123R"), which will require the Company to treat unvested stock options as compensation expense in future periods effective January 2, 2006. The acceleration eliminates future compensation expense the Company would otherwise have been required to recognize in its income statements in such future periods. By accelerating the vesting of these out-of-the-money unvested stock options, the Company has elected to recognize compensation expense in the fourth quarter of fiscal 2005 for such accelerated stock options. Since the Company accounts for its stock options granted to employees, officers and directors using the intrinsic-value method under the guidelines of Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued to Employees," the Company will report the compensation expense related to the accelerated options for disclosure purposes only in its financial statements for its fourth fiscal quarter ending January 1, 2006 as permitted by Statement of Financial Accounting Standard No. 148, "Accounting for Stock-Based Compensation -- Transition and Disclosure -- an Amendment of SFAS No. 123." The Company believes that acceleration of vesting of the 2003 stock options will eliminate the need for recognizing future pre-tax compensation expense of approximately $1.3 million in fiscal 2006 and approximately $1.1 million in fiscal 2007. This compensation expense was estimated using the Black-Scholes option-pricing model, which is used by the Company to calculate the fair value of its options in determining the pro forma impact of Statement of Financial Accounting Standards No. 123, "Accounting for Stock-Based Compensation," for disclosure purposes only. 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 hereunto duly authorized. ROGERS CORPORATION By: /s/ Robert M. Soffer ------------------------------------------------- Name: Robert M. Soffer Title: Vice President, Treasurer and Secretary Date: November 17, 2005 -----END PRIVACY-ENHANCED MESSAGE-----