Entry into a Material Definitive Agreement
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): June 27, 2006
BUCKEYE
TECHNOLOGIES INC.
(Exact
name of registrant as specified in its charter)
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DELAWARE
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33-60032
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62-1518973
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(State
or other
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(Commission
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(IRS
Employer
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jurisdiction
of incorporation)
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File
Number)
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Identification
Number)
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1001
Tillman Street, Memphis, Tennessee
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38112
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (901) 320-8100
N/A
(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):
[
] 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))
Section
1. Registrant’s
Business and Operations
Item
1.01 Entry
into a Material Definitive Agreement.
On
June
1, 2006, Buckeye Technologies Inc. (the “Company”) announced the upcoming
retirement of David B. Ferraro, Chairman and Chief Executive Officer, and
several other key management changes in connection with his departure. These
developments were initially reported in the current report filed with the
Commission on Form 8-K (Commission File No. 33-60032) on June 1, 2006, which
report is incorporated herein by reference.
In
connection with Mr. Ferraro’s retirement and the related management changes, on
June 23, 2006, the Compensation Committee of the Board of Directors made the
following compensation decisions:
1) Mr.
Ferraro will be awarded a cash bonus in the amount of $274,000 in recognition
of
his past contributions and service to the Company.
2) In
connection with his promotion from President and Chief Operating Officer to
Chairman and Chief Executive Officer, John B. Crowe will receive an increase
in
his base salary from $475,000 per year to $575,000 per year. The increased
base
salary will go into effect July 1, 2006, the effective date of Mr. Crowe’s
promotion.
3) In
connection with his promotion from Executive Vice President and Chief Financial
Officer, to President and Chief Operating Officer, Kristopher J. Matula will
receive an increase in his base salary from $365,000 per year to $425,000 per
year. The increased base salary will go into effect July 1, 2006, the effective
date of Mr. Matula’s promotion.
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,
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BUCKEYE
TECHNOLOGIES INC.
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______________________________________
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Kristopher
J. Matula
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Executive
Vice President and Chief Financial Officer
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June
27, 2006
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