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): February 8,
2008
Kirby
Corporation
(Exact
name of registrant as specified in its charter)
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Nevada
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1-7615
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75-1884980
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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55
Waugh Drive, Suite 1000
Houston,
Texas 77007
(Address
of principal executive offices)
Registrant’s
telephone number, including area code: (713) 435-1000
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:
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£
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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£
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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£
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR
240.14d-2(b))
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£
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR
240.13e-4(c))
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Item
5.02.
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Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain Officers.
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Performance
Awards for
2008-2010
On
February 8, 2008, the Compensation Committee of the Board of Directors of
Kirby
Corporation (“Kirby”) granted performance awards under Kirby’s 2005 Stock and
Incentive Plan to Joseph H. Pyne, President and Chief Executive Officer of
Kirby, Stephen P. Valerius, President of Kirby Inland Marine, LP, Norman
W.
Nolen, Executive Vice President and Chief Financial Officer of Kirby, and
Dorman
L. Strahan, President of Kirby Engine Systems, Inc. The performance
awards are based on a three-year performance period beginning January 1,
2008. The target amounts for the performance awards established for
the four executive officers were $1,200,000 for Mr. Pyne, $295,600 for Mr.
Valerius, $264,000 for Mr. Nolen and $122,000 for Mr. Strahan. The
percentage of the target award paid at the end of the performance period
will be
based on Kirby’s achievement on a cumulative basis for the three-year period of
the objective levels of EBITDA, return on total capital and earnings per
share
established under its annual incentive bonus plan, with the three factors
equally weighted. The officers will be paid the target amount if 100%
of the objective performance measures is achieved over the three-year
period. The payment can range from zero if less than 80% of the
objective performance measures is achieved to a maximum of 200% of the target
award for the achievement of 130% or more of the objective performance
measures.
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.
Dated: February
12, 2008
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KIRBY
CORPORATION
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(Registrant)
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By
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/s/
G. Stephen Holcomb
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G.
Stephen Holcomb
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Vice
President
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