Buckeye Technologies, Inc. 8-K 09/14/06
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): September
14, 2006 (September 11, 2006)
BUCKEYE
TECHNOLOGIES INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
33-60032
|
62-1518973
|
|
(State
or other jurisdiction
|
(Commission
|
(I.
R. S. Employer
|
|
of
incorporation)
|
File
Number)
|
Identification
No.)
|
|
1001
Tillman Street, Memphis, Tennessee
|
38112
|
|
(Address
of Principal Executive Offices)
|
(Zip
Code)
|
Registrant's
telephone number, including area code: (901)
320-8100
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:
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
1. REGISTRANT'S
BUSINESS AND OPERATIONS
Item
1.01 Entry
into a Material Definitive Agreement.
On
September 11, 2006, Buckeye Technologies, Inc. ("Buckeye") adopted a Retirement
Replacement Plan to recognize the years of professional service of certain
officers and key employees who joined Buckeye mid-career by providing these
individuals with benefits based on prior service. This Retirement Replacement
Plan replaces a similar deferred compensation plan which Buckeye terminated
in
December 2004.
Under
the
Retirement Replacement Plan, Buckeye's Chief Executive Officer, President and
other key employees designated by the Chief Executive Officer are eligible
to
receive a cash payment each fiscal year equal to the difference between (A)
the
employer contribution that would have been made to his or her account under
Buckeye's qualified retirement plan (the "Retirement Plan") for the fiscal
year
had he or she been credited with an additional number of years of service as
determined by (1) the Compensation Committee in the case of the Chief Executive
Officer and the President, and (2) by the Chief Executive Officer in the case
of
any other employee, and (B) the employer contribution that was actually credited
to his or her account under the Retirement Plan for such fiscal year. (An
employee is entitled to an employer contribution equal to 1% of pay plus 1/2%
of
pay for each year of service with Buckeye, up to a maximum of 11% of pay.)
Cash
payments under the Retirement Replacement Plan may not exceed 4% of pay in
any
fiscal year and will be made after the end of the applicable fiscal year. The
amount of the cash payment made under the Retirement Replacement Plan plus
the
employer contribution actually credited to the employee's account under the
Retirement Plan cannot exceed 11% of pay in any fiscal year. The Retirement
Replacement Plan is effective beginning with the 2006 fiscal year.
SIGNATURE
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.
BUCKEYE
TECHNOLOGIES INC.
By: /s/
Steven G. Dean
Steven
G.
Dean
Vice
President and Chief Financial Officer
September
14, 2006