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): March 6, 2007
(Exact name of registrant as specified in its charter)
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| Delaware
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1-5759
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65-0949535 |
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(State of other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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| 100 S.E. Second Street, Miami, Florida
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33131 |
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| (Address of principal executive offices)
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(Zip Code) |
(Registrant’s telephone number, including area code)
(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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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.
On March 6, 2007, the Compensation Committee
(“Committee”) of the Board of Directors of Vector Group Ltd.
(the “Company”) approved the performance criteria which will be used to determine the extent to
which bonuses will be payable for the 2007 fiscal year under the Vector Group Ltd. Senior Executive
Annual Bonus Plan (the “Bonus Plan”). The Committee
selected the following performance criteria for
Howard M. Lorber, President and Chief Executive Officer; Richard J. Lampen,
Executive Vice President; J. Bryant Kirkland III, Vice President,
Chief Financial Officer and Treasurer; and Marc N. Bell, Vice
President, General Counsel and Secretary of the Company: adjusted earnings before interest and taxes (“Adjusted EBIT”)
for Liggett Group LLC (“Liggett”), cash distributions to
stockholders of the Company and adjusted earnings before
interest, taxes and amortization for Douglas Elliman Realty, LLC. For
Ronald J. Bernstein, President and Chief Executive Officer of Liggett
and Liggett Vector Brands Inc., the Committee selected Adjusted EBIT for
Liggett and Vector Tobacco Inc. as the performance criteria.
Messrs.
Lorber, Lampen, Kirkland, Bell and Bernstein are eligible to receive a
target bonus of 100%, 33%, 25%, 25% and 50% of their base salary,
respectively. The Committee may exercise negative discretion with respect to any
award to reduce any amount that would otherwise be payable under the
Bonus Plan. However, depending on the level of achievement of the
performance criteria, the actual amounts of incentive bonuses could
also exceed the target bonus amounts.
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