-----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, VFfLRdLrvrW905j0Q29488n82daIgZ9wh1GBha9764MCrCHoQA/sfTZ3XfZA2KN2 BzoUm5W1QRoRJIJWU6NZaQ== 0000893220-07-003948.txt : 20071212 0000893220-07-003948.hdr.sgml : 20071212 20071212123916 ACCESSION NUMBER: 0000893220-07-003948 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20071206 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20071212 DATE AS OF CHANGE: 20071212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 071301137 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445341 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 w44507e8vk.htm FORM 8-K ADVANTA CORP. 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) December 6, 2007
Advanta Corp.
 
(Exact name of registrant as specified in its charter)
         
Delaware   0-14120   23-1462070
 
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (IRS Employer
Identification No.)
     
Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania   19477
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code (215) 657-4000
 
(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))
 
 

 

 

Item 5.02   Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
     (e) On December 6, 2007, the Compensation Committee of the Board of Directors met and, among other things, reviewed and approved the criteria for annual bonus awards that will be payable to eligible participants (including the Company’s executive officers) in 2008 for the 2007 performance year, under AMIP VI as administered pursuant to the Advanta Corp. 2000 Omnibus Stock Incentive Plan. For 2007, bonus awards under AMIP VI to executive officers generally will be based on the Committee’s judgment regarding individual and Company performance related to the following financial business objectives and performance goals: achievement of the Company’s 2007 strategic plan objectives; achievement of the Company’s publicly disclosed guidance for 2007; performance in earnings per share, net income, receivables and transaction volume and net credit losses. Bonus awards will also be based the Committee’s evaluation of performance measured by non-financial metrics approved by the Committee. The non-financial metrics include maintaining superior credit and risk management, various other quantitative and qualitative factors intended to measure, among other things, the success of the organization within its regulatory and competitive environments, each executive officer’s contributions toward the Company’s achievements during 2007, each executive officer’s contributions toward establishing a strong foundation for the Company’s future success and also to take into account the impact of factors beyond the executive officer’s control, such as the broader competitive and economic environment.
     Under AMIP VI, the target bonus for each executive officer of the Company is a percentage of the executive officer’s base salary. In accordance with the terms of AMIP VI, 2007 annual bonus awards could range from zero to 200% of the executive officer’s target bonus.

 

 

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.
         
        Advanta Corp.      
        (Registrant)
Date: December 12, 2007    
  By:   /s/ Elizabeth Mai    
    Elizabeth H. Mai   
    Senior Vice President, Chief
Administrative Officer,
Secretary and General Counsel 		  
 

 

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