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SHLM > SEC Filings for SHLM > Form 8-K on 30-Oct-2009All Recent SEC Filings

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Form 8-K for SCHULMAN A INC


30-Oct-2009

Change in Directors or Principal Officers


ITEM 5.02 DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.

On October 15, 2009, the Board of Directors of A. Schulman, Inc. (the "Company"), upon the recommendation of the Compensation Committee of the Board, approved a cash bonus plan (the "2010 Bonus Plan") for the Company's executive officers, including its Named Executive Officers ("NEOs").
The 2010 Bonus Plan sets forth target bonus amounts for each participating executive officer, expressed as a percentage of base salary, and provides for awards ranging from 50% (threshold) to 200% (maximum) of target. The target bonus awards under the 2010 Bonus Plan for each of the Company's NEOs are as follows:

Named Executive Officer                                             2010 Bonus Target

Joseph M. Gingo, President, Chief Executive Officer and Chairman     100% of salary

Paul F. DeSantis, Chief Financial Officer, Vice President and         55% of salary
Treasurer

Jack B. Taylor, General Manager and Chief Operating Officer -         50% of salary
Asia

Bernard Rzepka, General Manager and Chief Operating Officer -         50% of salary
Europe

Walter Belderbos, Chief Financial Officer - Europe and Asia           40% of salary

For each of the NEOs, 100% of each executive's 2010 bonus opportunity will be dependent upon the achievement of pre-established worldwide corporate and/or segment performance metrics, with upward or downward adjustments based upon individual performance. Pursuant to the 2010 Bonus Plan, performance will be evaluated based upon the following metrics: (1) Net Income; (2) Operating Income; and (3) Days of Working Capital. For Messrs. Gingo and DeSantis, each of their respective annual bonus opportunities will be measured by the Company's consolidated worldwide operations, with Net Income and Operating Income each receiving a 33.0% weighting and Days of Working Capital receiving a 34.0% weighting. For Mr. Taylor, his respective annual bonus opportunity will be based upon the performance of the Company's consolidated worldwide operations and its Asian segment, with the following metric weighting: (1) Asian Operating Income - 49.5%; (2) Asian Days of Working Capital - 25.5%; (3) consolidated worldwide Net Income - 8.3%; (4) consolidated worldwide Operating Income - 8.3%; and
(5) consolidated worldwide Days of Working Capital - 8.4%. For Messrs. Rzpeka and Belderbos, each executive's annual bonus opportunity will be based upon the performance of the Company's consolidated worldwide operations and its European segment, with the following metric weighting: (1) European Operating Income - 49.5%; (2) European Days of Working Capital - 25.5%; (3) consolidated worldwide Net Income - 8.3%; (4) consolidated worldwide Operating Income - 8.3%; and
(5) consolidated worldwide Days of Working Capital - 8.4%. Under the 2010 Bonus Plan, Mr. Gingo retains authority to adjust award payouts for all directly reporting executive officers, based upon individual performance, up to 20% more than the calculated award amount or down to 0% of such award amount.


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.

A. Schulman, Inc.

By: /s/ David C. Minc
David C. Minc
Vice President, General Counsel and Secretary

Date: October 30, 2009

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