Form 8-K
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:
September 27, 2006
BEAZER
HOMES USA, INC.
(Exact
name of registrant as specified in its charter)
|
DELAWARE
|
|
001-12822
|
|
54-2086934
|
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File
Number)
|
|
(IRS
Employer
Identification
No.)
|
1000
Abernathy Road, Suite 1200
Atlanta
Georgia 30328
(Address
of Principal
Executive
Offices)
(770)
829-3700
(Registrant’s
telephone number, including area code)
None
(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
1.01. Entry into a Material Definitive Agreement.
On
September 27, 2006, Beazer Homes USA, Inc.’s (the “Company”) Compensation
Committee (the “Committee”) approved the establishment of a discretionary bonus
plan (the “Plan”) for certain of the Company’s employees, including executive
officers. Discretionary bonus awards may be granted to participants in the
Plan
for fiscal year 2007 and future fiscal years based on the achievement of
certain
to be established performance targets, which will relate to, without limitation,
reductions in selling, general and administrative expenses, enhancements
to
liquidity, revenue, EBIT and safety records, customer relations and
environmental compliance. The Committee will establish the relevant targets
for
each employee or category of employees covered by the Plan. The Committee
established a sub-committee comprised of the Chairman of the Committee, the
Chairman of the Board of Directors and the Chief Executive Officer to review
employee performance for purposes of the Plan and recommend bonus awards
to the
Committee. The Committee also established a floor of one-half of an employee’s
salary for purposes of beginning bank balances under the Company’s Executive
Value Created Incentive Plan and Value Created Incentive Plan for fiscal
year
2007 and future years.
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.
| |
|
|
| |
BEAZER
HOMES USA, INC.
|
|
|
|
| Date: September
29, 2006 |
By: |
/s/ James
O’Leary |
| |
James
O’Leary
|
| |
Executive
Vice President and Chief Financial
Officer
|