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
AMERICAN ECOLOGY
CORPORATION
(Exact name of registrant as
specified in its charter)
| DELAWARE | 0-11688 | 95-3889638 | ||
| (State or other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
Lakepointe Centre I, 300 E. Mallard Drive, Suite 300 Boise, Idaho |
83706 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (208) 331-8400
| (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))
Item 5.02. Departure of
Directors or Certain 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 of American Ecology
Corporation (the “Company”) approved the annual base salary and
bonus opportunity for each of the members of the executive leadership team for
fiscal year 2008. The fiscal year 2008 base salary for each of the
Company’s named executive officers is as follows:
| FY 2008 | ||||||||
| Named Executive Officer | Title | Base Salary | ||||||
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Stephen A. Romano
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President and Chief Executive Officer | $ | 275,000 | |||||
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Simon G. Bell
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Vice President of Operations | $ | 162,000 | |||||
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Jeffrey R. Feeler
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Vice President and Chief Financial Officer | $ | 160,000 | |||||
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John M. Cooper
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Vice President and Chief Information Officer | $ | 135,000 | |||||
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Steven D. Welling
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Vice President of Sales and Marketing | $ | 130,000 | |||||
The Compensation Committee
also approved a bonus opportunity for each of the members of the executive
leadership team. Each executive officer will be eligible to receive a bonus
payment for fiscal year 2008 if the base financial performance target (the
“Base Budget Target”) is achieved. The bonus opportunity for
achieving the 2008 Base Budget Target is up to 75% of base salary for
Mr. Romano, up to 35% of base salary for Messrs. Bell, Feeler and
Cooper and up to 25% of base salary for Mr. Welling. In the event the
Company exceeds the Base Budget Target, Mr. Romano will be eligible for an
additional bonus payment calculated by multiplying his base salary by 2.5% for
every 1% increase over the Base Budget Target. Similarly, Messrs. Bell,
Feeler, Cooper and Welling will be eligible for an additional bonus payment
calculated by multiplying their respective salaries by 1% for every 1% increase
over the Base Budget Target. There is no maximum payout.
Mr. Welling will also be compensated under the Company’s 2004 Executive Sales Incentive Plan (the “Plan”). The Plan is designed to, among other things, leverage Mr. Welling’s sales and leadership skills to improve the performance of individual sales team members and drive overall team performance and efficiency.
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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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AMERICAN ECOLOGY CORPORATION | |
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(Registrant) | |
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Date: December 10, 2007
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By: | /S/ Jeffrey R. Feeler |
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Jeffrey R. Feeler | |
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Vice President and Chief Financial Officer | |
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