Date of Report (Date of earliest event reported): April 3, 2009
GOLDEN MINERALS COMPANY
(Exact name of registrant as specified in its charter)
DELAWARE |
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1-13627 |
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26-4413382 |
(State or other jurisdiction of |
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(Commission |
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(I.R.S. Employer |
1700 Lincoln Street, Suite 3050
Denver, Colorado 80203
Registrants telephone number, including area code: (303) 839-5060
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 (see General Instruction A.2. below):
¨ Written communications 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))
TABLE OF CONTENTS
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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Signature |
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Compensation Arrangements of Certain Officers
On April 3, 2009, the board of directors of Golden Minerals Company (the Company) approved 2009 salary amounts for the Companys executive officers. The board of directors also implemented an annual incentive bonus plan which is similar to the plan that was used by Apex Silver Mines Limited, the Companys predecessor for purposes of reporting under U.S. federal securities laws (Apex Silver), and approved the target cash bonus amount that each officer may be eligible to receive based on his or her 2009 performance. The amount of each bonus payment will be determined in the discretion of the Compensation Committee and the board and will be based, among other things, on the Company's achievement of certain performance objectives, including certain capital raising and growth objectives, and control of general and administrative expenses. The salaries and cash bonus targets are consistent with amounts previously reported in Apex Silvers annual report on Form 10-K for the year ended December 31, 2008.
In addition, on April 3, 2009, the Companys board of directors granted shares of restricted common stock to the Companys executive officers pursuant to the Companys 2009 Equity Incentive Plan. One-half of the shares awarded to each officer will vest on the first anniversary of the grant date and one-half will vest on the second anniversary of the grant date, provided that the officer is employed by the Company on the applicable vesting date. The number of shares granted to each executive officer is set forth in the table below:
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Title |
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Shares of Restricted |
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Jeffrey G. Clevenger |
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President, Chief Executive Officer |
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95,000 |
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Terry L. Owen |
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Senior Vice President and Chief Operating Officer |
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25,000 |
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Robert P. Vogels |
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Senior Vice President and Chief Financial Officer |
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20,000 |
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Robert B. Blakestad |
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Senior Vice President, Exploration and Chief Geologist |
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20,000 |
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Jerry W. Danni |
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Senior Vice President, Corporate Affairs |
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20,000 |
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Deborah J. Friedman |
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Senior Vice President, General Counsel and Corporate Secretary |
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15,000 |
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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 hereunto duly authorized.
Date: April 9, 2009 |
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Golden Minerals Company |
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By: |
/s/ Robert P. Vogels |
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Name: Robert P. Vogels |
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Title: Senior Vice President and Chief Financial Officer |
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