SONOCO PRODUCTS CO — Board/Management Information 2005

Apr 22, 2005

8-K 1 g94727e8vk.htm SONOCO PRODUCTS COMPANY Sonoco Products Company PAGEBREAK

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): April 19, 2005

SONOCO PRODUCTS COMPANY

Commission File No. 0-516

Incorporated under the laws	I.R.S. Employer Identification
of South Carolina	No. 57-0248420

1 N. Second St. Hartsville, South Carolina 29550 Telephone: 843/383-7000

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))

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Section 1 – Registrant’s Business and Operations

| Item 1.01 Entry into a Material Definitive Agreement |
| --- |
| Merit and Promotional Salary Increases On April 19, 2005, the Executive Compensation Committee of the Company’s Board of Directors
(the “Committee”) approved merit and promotional salary increases for members of the Executive
Committee as well as other officers. Merit salary increases are based on consideration of the
individual’s performance and position in his or her salary range. Promotional salary
increases are awarded to recognize increased responsibility and accountabilities. The
following table sets forth the merit and promotional salary increases for the Company’s named
executives (as defined by the Securities and Exchange Commission in Item 402(a)(3) of
Regulation S-K). All merit and promotional salary increases outlined below will become
effective on June 1, 2005. |

	Merit and
	Promotional
Name	Salary Increase
Harris E. DeLoach, Jr., President and CEO	4.0%
Charles L. Sullivan, Jr., Executive Vice President	9.4%
Ronald E. Holley, Senior Vice President	3.4%
Charles J. Hupfer, Senior Vice President	7.5%
Jim C. Bowen, Senior Vice President	3.5%

| Promotions Also on April 19, 2005, the Committee approved the promotion of Charles L. Sullivan, Jr. from
Senior Vice President to Executive Vice President and Charles J. Hupfer from Vice President
and CFO to Senior Vice President and CFO. In addition to the merit and promotional salary
increases outlined above, the Company’s Board of Directors approved increases of ten basis
points in the annual bonus plan maximum percentage for both Mr. Sullivan and Mr. Hupfer. |
| --- |
| To enhance retention, the Committee approved an adjustment to Mr. Sullivan’s supplemental
executive retirement plan to provide credit for 11.4 years of service at age 65, contingent
upon his continued employment with the Company until that time. |
| Long-Term Restricted Stock Unit Grants On April 20, 2005, the Company’s Board of Directors elected Harris E. DeLoach, Jr., 60, Sonoco
President and CEO, as Chairman of the Board, effective immediately. Mr. DeLoach, who will
continue as President and CEO of the Company, replaces Charles W. Coker, 71, who will retire
as a Director in May 2005. On April 19, 2005, the Committee approved the issuance of 50,000
restricted stock units to Harris E. DeLoach, Jr. in recognition of his anticipated election as
Chairman of the Board. This award, which became effective on April 20, 2005, vests in five
years. |

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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.

SONOCO PRODUCTS COMPANY — By:
C.J. Hupfer Senior Vice President and Chief Financial Officer

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