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<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">UNITED STATES</FONT></P>
<P id=PARA4 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SECURITIES AND EXCHANGE COMMISSION</FONT></P>
<P id=PARA5 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">WASHINGTON, DC 20549</FONT></P>
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<P id=PARA10 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">FORM 8-K</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25">&nbsp;</P>
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<P id=PARA13 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">CURRENT REPORT</FONT></P>
<P id=PARA14 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">PURSUANT TO SECTION 13 OR 15(d) OF THE</FONT></P>
<P id=PARA15 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SECURITIES EXCHANGE ACT OF 1934</FONT></P>
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<P id=PARA118 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">Date of Report (Date of earliest event reported):&nbsp;</P></TD>
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<P id=PARA119 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">March 8, 2016</FONT></P></TD>
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<P id=PARA18 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT>&nbsp;</P>
<P id=PARA19 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
<P id=PARA20 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SPEEDWAY MOTORSPORTS, INC.</FONT></P>
<P id=PARA21 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Exact Name of Registrant as Specified in Charter)</FONT></P>
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<P id=PARA121 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">Delaware</P></TD>
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<P id=PARA123 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">1-13582</P></TD>
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<P id=PARA125 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">51-0363307</P></TD></TR>
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<P id=PARA128 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(State or other jurisdiction</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">of incorporation)</P></TD>
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<P id=PARA130 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(Commission</P>
<P style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">File Number)</P></TD>
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<P id=PARA131 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">&nbsp;</P></TD>
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<P id=PARA132 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(IRS Employer</FONT></P>
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<P id=PARA27 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Identification No.)</FONT></P></TD></TR></TABLE>
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<P id=PARA31 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">5555 Concord Parkway South, Concord, North Carolina</FONT></P></TD>
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<P id=PARA136 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">28027</P></TD></TR>
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<P id=PARA33 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Address of principal executive offices) </FONT></P></TD>
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<P id=PARA138 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(Zip Code)</P></TD></TR></TABLE>
<P id=PARA26 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp; </FONT></P>
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<P id=PARA36 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Registrant&#39;s telephone number, including area code: </FONT></P></TD>
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<P id=PARA140 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center; MARGIN-TOP: 0pt">(704) 455-3239</P></TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Not Applicable</FONT></P>
<P id=PARA42 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Former Name or Former Address, if Changed Since Last Report)</FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"></FONT></P>
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<P id=PARA44 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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:</FONT></P>
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<P id=PARA61 style="MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left; MARGIN-TOP: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P></TD></TR></TABLE>
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<P id=PARA64 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Item 5.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. </FONT></P>
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<P id=PARA66 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(e) On March 8, 2016, the Compensation Committee of the Board of Directors (the &#8220;Compensation Committee&#8221;) of Speedway Motorsports, Inc. (the &#8220;Company&#8221;) established objective criteria for the determination of performance-based incentive compensation for the calendar year ending December 31, 2016 (&#8220;2016 Incentive Compensation&#8221;) for Messrs. O. Bruton Smith, Marcus G. Smith and William R. Brooks (the &#8220;Executive Officers&#8221;) pursuant to the Company&#8217;s Incentive Compensation Plan (the &#8220;Incentive Plan&#8221;). </FONT></P>
<P id=PARA67 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The specific annual performance goals for the Executive Officers are based upon the achievement of earnings per share levels, as defined by the Compensation Committee in accordance with the Incentive Plan. The performance period is calendar year 2016.&nbsp;The 2016 Incentive Compensation, if any, will be paid to each Executive Officer based upon the Company achieving a target defined earnings per share of $1.10, calculated in accordance with the Incentive Plan, for calendar year 2016. Upon the achievement of the specified earnings per share target, Mr. O. Bruton Smith will be eligible for a 2016 Incentive Compensation payment equal to 3.0 times his 2016 base salary, and Mr. Marcus G. Smith and Mr. Brooks will each be eligible for a 2016 Incentive Compensation payment equal to 2.0 times his 2016 base salary. The amount of 2016 Incentive Compensation each Executive Officer is eligible to receive will be increased or decreased in proportion to the Company&#8217;s earnings per share achieved in relation to the target earnings per share established by the Compensation Committee, all in accordance with the terms of the Incentive Plan. No 2016 Incentive Compensation payments will be made if defined earnings per share achieved is less than 50% of the earnings per share target. </FONT></P>
<P id=PARA69 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA70 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Additionally, the Compensation Committee awarded 40 hours of personal flight usage on Company-provided aircraft to the Company&#8217;s Chief Executive Officer, effective January 1, 2016. </FONT></P>
<P id=PARA71 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Compensation Committee also approved a grant of performance-based restricted shares of the Company&#8217;s common stock and performance-based restricted stock units under the Company&#8217;s 2013 Stock Incentive Plan (the &#8220;Stock Incentive Plan&#8221;) for Mr. Brooks and Mr. Marcus G. Smith, respectively. Mr. Brooks was awarded 35,000 performance-based restricted shares of the Company&#8217;s common stock, and Mr. Smith was awarded 35,000 performance-based restricted stock units. Mr. Smith&#8217;s restricted stock units may be settled only in shares of common stock upon vesting. As provided in the Stock Incentive Plan, the performance-based restricted stock and performance-based restricted stock unit awards generally remain subject to forfeiture and restrictions on transferability, with one-third of each award vesting one year from the date of grant, another one-third vesting two years from the date of grant, and the last one-third vesting three years from the date of grant. The awards are also subject to forfeiture, in whole or in part, based on achievement of defined earnings per share of $1.10, calculated in accordance with the Stock Incentive Plan, for calendar year 2016. All of the restricted shares and units will be forfeited if defined earnings per share achieved is less than 50% of the earnings per share target and partial forfeiture will occur in proportion to earnings per share achieved between 50% of the target and the target. </FONT></P>
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<P id=PARA76 style="TEXT-ALIGN: center; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SIGNATURES</FONT></P>
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<P id=PARA80 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">registrant has duly caused this report to be signed on its behalf by the</FONT> <FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">undersigned hereunto duly authorized.</FONT></P>
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<P id=PARA94 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">SPEEDWAY MOTORSPORTS, INC.</FONT></P></TD></TR>
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<P id=PARA158 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">Date: March 11, 2016&nbsp;</P></TD>
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<P id=PARA159 style="MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt">By:</P></TD>
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<P id=PARA95 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25">/s/ <U>J. Cary Tharrington IV</U></P></TD></TR>
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<TD width=880>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; J. Cary Tharrington IV</TD></TR>
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<TD width=880>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President </FONT><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">and General Counsel</FONT></TD></TR></TABLE>
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trk20160308_8k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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):
March 8, 2016
SPEEDWAY MOTORSPORTS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-13582
51-0363307
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
5555 Concord Parkway South, Concord, North Carolina
28027
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(704) 455-3239
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:
☐
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))
Item 5.02.     Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On March 8, 2016, the Compensation Committee of the Board of Directors (the "Compensation Committee") of Speedway Motorsports, Inc. (the "Company") established objective criteria for the determination of performance-based incentive compensation for the calendar year ending December 31, 2016 ("2016 Incentive Compensation") for Messrs. O. Bruton Smith, Marcus G. Smith and William R. Brooks (the "Executive Officers") pursuant to the Company's Incentive Compensation Plan (the "Incentive Plan").
The specific annual performance goals for the Executive Officers are based upon the achievement of earnings per share levels, as defined by the Compensation Committee in accordance with the Incentive Plan. The performance period is calendar year 2016. The 2016 Incentive Compensation, if any, will be paid to each Executive Officer based upon the Company achieving a target defined earnings per share of $1.10, calculated in accordance with the Incentive Plan, for calendar year 2016. Upon the achievement of the specified earnings per share target, Mr. O. Bruton Smith will be eligible for a 2016 Incentive Compensation payment equal to 3.0 times his 2016 base salary, and Mr. Marcus G. Smith and Mr. Brooks will each be eligible for a 2016 Incentive Compensation payment equal to 2.0 times his 2016 base salary. The amount of 2016 Incentive Compensation each Executive Officer is eligible to receive will be increased or decreased in proportion to the Company's earnings per share achieved in relation to the target earnings per share established by the Compensation Committee, all in accordance with the terms of the Incentive Plan. No 2016 Incentive Compensation payments will be made if defined earnings per share achieved is less than 50% of the earnings per share target.
Additionally, the Compensation Committee awarded 40 hours of personal flight usage on Company-provided aircraft to the Company's Chief Executive Officer, effective January 1, 2016.
The Compensation Committee also approved a grant of performance-based restricted shares of the Company's common stock and performance-based restricted stock units under the Company's 2013 Stock Incentive Plan (the "Stock Incentive Plan") for Mr. Brooks and Mr. Marcus G. Smith, respectively. Mr. Brooks was awarded 35,000 performance-based restricted shares of the Company's common stock, and Mr. Smith was awarded 35,000 performance-based restricted stock units. Mr. Smith's restricted stock units may be settled only in shares of common stock upon vesting. As provided in the Stock Incentive Plan, the performance-based restricted stock and performance-based restricted stock unit awards generally remain subject to forfeiture and restrictions on transferability, with one-third of each award vesting one year from the date of grant, another one-third vesting two years from the date of grant, and the last one-third vesting three years from the date of grant. The awards are also subject to forfeiture, in whole or in part, based on achievement of defined earnings per share of $1.10, calculated in accordance with the Stock Incentive Plan, for calendar year 2016. All of the restricted shares and units will be forfeited if defined earnings per share achieved is less than 50% of the earnings per share target and partial forfeiture will occur in proportion to earnings per share achieved between 50% of the target and the target.
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.
SPEEDWAY MOTORSPORTS, INC.
Date: March 11, 2016
By:
/s/
J. Cary Tharrington IV
J. Cary Tharrington IV
Senior Vice President
and General Counsel