-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VuGcxPHEoJd9xGe/bmVXLxLSO5UnxpnN9lYyR5MfJIrH+HnyFG1AQRjnHDeojSlx Va501yQo4zl3zBNLXnL0IQ== 0000950134-08-001686.txt : 20080205 0000950134-08-001686.hdr.sgml : 20080205 20080205135555 ACCESSION NUMBER: 0000950134-08-001686 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080130 ITEM INFORMATION: Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers FILED AS OF DATE: 20080205 DATE AS OF CHANGE: 20080205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TESORO CORP /NEW/ CENTRAL INDEX KEY: 0000050104 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] IRS NUMBER: 950862768 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03473 FILM NUMBER: 08575376 BUSINESS ADDRESS: STREET 1: 300 CONCORD PLAZA DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78216-6999 BUSINESS PHONE: 2108288484 MAIL ADDRESS: STREET 1: 300 CONCORD PLAZA DRIVE CITY: SAN ANTONIO STATE: TX ZIP: 78216-6999 FORMER COMPANY: FORMER CONFORMED NAME: TESORO PETROLEUM CORP /NEW/ DATE OF NAME CHANGE: 19920703 8-K 1 d53618e8vk.htm FORM 8-K e8vk
 

 
 
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 (Date of earliest event reported): January 30, 2008
Tesoro Corporation
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction
of incorporation) 		  1-3473
(Commission File Number) 		  95-0862768
(IRS Employer Identification No.)
         
300 Concord Plaza Drive
San Antonio, Texas
(Address of principal executive offices) 		      78216-6999
(Zip Code)
(210) 828-8484
(Registrant’s telephone number,
including area code)
Not Applicable
(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 (see General Instruction A.2.):
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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2008 Executive Compensation
On January 30, 2008, the Compensation Committee of the Board of Directors of Tesoro Corporation (“Tesoro” or the “Company”) approved long-term incentive awards for the Company’s named executive officers and certain other key employees. The long-term incentive awards which were granted under the 2006 Long-Term Incentive Compensation Plan included stock options granted at an exercise price of $40.40 per share and restricted shares of our common stock. The awarded stock options and restricted shares vest ratably over a three-year period beginning in 2009. Terms of the 2008 Incentive Compensation Plan have not been finalized and will be disclosed for our named executive officers in a subsequent Form 8-K upon approval by our Board of Directors. The following table summarizes the approved compensation for each of the Company’s named executive officers, including approved base salary increases effective January 6, 2008 and annual incentive bonus targets effective January 1, 2008.
                                 
            Annual Incentive            
            Bonus Target (% of           Shares of
Name/Title   Base Salary   Base Salary)   Stock Option Shares   Restricted Stock
Bruce A. Smith
Chairman of the Board of Directors,
President and Chief Executive Officer
   $ 1,300,000       120 %     268,700       51,500  
William J. Finnerty
Executive Vice President and
Chief Operating Officer
   $ 777,000       100 %     74,500       14,300  
Gregory A. Wright
Executive Vice President and
Chief Administrative Officer
   $ 637,000       80 %     61,100       11,700  
Everett D. Lewis
Executive Vice President, Strategy
and Asset Management
   $ 600,000       80 %     61,100       11,700  
J. William Haywood
Senior Vice President, Refining
   $ 420,000       60 %     27,000       5,200  

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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.
Date: February 5, 2008
         
  TESORO CORPORATION
 		  
  By:   /s/ OTTO C. SCHWETHELM    
    Otto C. Schwethelm   
    Vice President, Chief Financial Officer   
 

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