|
April
5, 2005 - April 1, 2005 |
|
(Date
of Report - Date of earliest event
reported) |
|
KERR-McGEE
CORPORATION |
|
(Exact
name of registrant as specified in its
charter) |
|
Delaware |
1-16619 |
73-1612389 | ||
|
(State
of Incorporation) |
(Commission
File Number) |
(IRS
Employer Identification No.) |
|
Kerr-McGee
Center |
||
|
Oklahoma
City, Oklahoma |
73125 | |
|
(Address
of principal executive offices) |
(Zip
Code) |
|
(405) 270-1313 |
|
(Registrant's
telephone number) |
|
Item
1.01 |
Entry
into a Material Definitive Agreement. |
|
Effective
April 1, 2005, the Company adopted the Kerr-McGee Corporation 2005 Success
Bonus Program (“Program”). The Program was adopted for the purposes of (i)
providing an incentive to critical employees to complete a successful
sale/spin-off of the Company’s chemical business unit and (ii) retaining
critical employees during the period leading up to the
sale/spin-off.
Under
the terms of the Program, a participant will receive a cash benefit equal
to 100% of the participant’s annual base salary ("Success Bonus"). The
Success Bonus payable under an award will be paid within 30 days after the
earlier of the (i) closing date of the sale/spin-off, or (ii) the end of a
one year period beginning on the date a person becomes a participant in
the Program.
With
the approval of the CEO, a participant may receive an additional bonus of
up to 100% of annual base salary ("Discretionary Bonus") if the
sale/spin-off of the chemical business unit is successfully completed.
On
April 1, 2005, it was determined that Thomas W. Adams, Vice President,
would participate in the program.
A
copy of the Program is attached hereto as Exhibit
99.1. |
|
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. |
|
KERR-MCGEE
CORPORATION | ||
|
By: |
(John
M. Rauh) | |
|
John
M. Rauh | ||
|
Vice
President and Controller | ||
|
Dated:
April 5, 2005 |