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 Act of 1934
Date of Report (Date of earliest event reported) January 4, 2012
CHUGACH ELECTRIC ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
| Alaska | 33-42125 | 92-0014224 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
| 5601 Electron Drive, Anchorage, Alaska | 99518 | |||
| (Address of Principal’s Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (907) 563-7494
(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:
| ¨ | Written communication 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 5 – Corporate Governance and Management
| Item 5.02 | – Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On January 4, 2012, the Board of Directors of Chugach Electric Association, Inc. adopted a CEO Incentive Program, to provide additional bonus opportunities to the CEO outside of the annual CEO performance review. The program sets goals, with specified criteria to be achieved during the 2012 calendar year. Each category of goals is allocated a percentage of a total bonus amount of $50,000. The terms of the program are as follows:
| 10% | Fuel Security | |
| 10% | Financial Performance | |
| 20% | Safety | |
| 20% | Reliability | |
| 10% | Renewable Energy Long Range Plan | |
| 20% | Job Approval | |
| 10% | Renewable Energy Integration | |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: January 5, 2012 | CHUGACH ELECTRIC ASSOCIATION, INC. | |||||
| By: | /s/ Bradley W. Evans | |||||
| Bradley W. Evans | ||||||
| Chief Executive Officer | ||||||