SEC Amends Form 8-K Requirements For Executive Compensatory Arrangements

In connection with the SEC’s massive overhaul of executive compensation disclosure, the SEC also amended the Form 8-K filing requirements for current reporting of compensatory arrangements with management and directors. The new rules are effective for Form 8-K filings made for triggering events that occur on or after November 7, 2006. The SEC’s amended release No. 33-8732A (as published in the Federal Register on September 8, 2006) will be available on its website at: http://sec.gov/rules/final.shtml.

Under the revised rules, executive compensation arrangements are eliminated from the scope of Form 8-K Items 1.01 and 1.02 (relating to entry into or amendment or termination of material definitive agreements). Instead, these arrangements must be disclosed under a new revised Item 5.02. Prior to the revisions, Item 5.02 was limited to the appointment and departure of directors or specified officers.