Executive Compensation 2006 Form 8-K

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 23, 2006


Community Trust Bancorp, Inc.
(Exact name of registrant as specified in its charter)

Kentucky
0-11129
61-0979818
(State or other jurisdiction of
(Commission file number)
(IRS Employer Identification Number)
Incorporation)
    
     
346 North Mayo Trail
    
Pikeville, Kentucky
  
41501
(Address of principal executive offices)
  
(Zip code)

(606) 432-1414
(Registrant's telephone number, including area code)


 
 
 
 

Item 1.01—Entry Into a Material Definitive Agreement

On January 23, 2006, the Compensation Committee (the "Committee") of the Board of Directors of Community Trust Bancorp, Inc. (the "Company") took the following actions:

Base Salary Increases

The Committee approved new annual base salaries (effective January 23, 2006) for the following named executive officers:

Name and Principal Position
2006 Base Salary ($)
   
Jean R. Hale
  
Chairman, President and Chief Executive Officer
352,000
   
Mark A. Gooch
  
Executive Vice President and Secretary
270,000
   
Michael S. Wasson
  
Executive Vice President
178,000
   
Tracy E. Little
  
Executive Vice President
162,500
   
Larry W. Jones
  
Executive Vice President
157,500


 
 
 
 

2005 Annual Incentive Compensation Awards

The Company's named executive officers were participants in the Company's Senior Management Incentive Compensation Plan (the "Plan"). On January 23, 2006, the Committee reviewed the performance measures established under the Plan for the 2005 Plan year and determined the level of performance measure actually achieved by the Company under the Plan for 2005. In addition, the Committee determined the amount earned in 2005 under the Plan (to be paid in January 2006) by each below named executive officer.

Name and Principal Position
2005 Cash Bonus Awarded Under the Senior Management Incentive Compensation Plan ($)
   
Jean R. Hale
  
Chairman, President and Chief Executive Officer
32,000
   
Mark A. Gooch
  
Executive Vice President and Secretary
24,500
   
Michael S. Wasson
  
Executive Vice President
16,800
   
Tracy E. Little
  
Executive Vice President
15,600
   
Larry W. Jones
  
Executive Vice President
15,000

The actual amounts of the Senior Management Incentive Compensation Plan awards are calculated according to a schedule comparing earnings per share ("EPS") and return on average assets ("ROAA") for the Award Period to a pre-determined performance standard. For 2005, 100% of the target ROAA of 1.21% and $2.26 EPS was required for an incentive to be earned. Each named executive officer's award was based on a percentage of his or her 2005 base salary times the Company's 2005 percent of target incentive award earned. For 2006, actual amounts of the Senior Management Incentive Compensation Plan awards will also be calculated according to a schedule comparing EPS and ROAA for the Award Period to a pre-determined performance standard.


 
 
 
 


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 thereunto duly authorized.


   
COMMUNITY TRUST BANCORP, INC.
     
   
By:
     
Date:
February 1, 2006
/s/ Jean R. Hale
   
Jean R. Hale
   
Chairman, President and Chief Executive Officer