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 2, 2005
ARTESIAN RESOURCES CORPORATION
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(exact name of registrant as specified in its charter)
Delaware 0-18516 51-0002090
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(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification Number)
664 Churchmans Road, Newark, Delaware 19702
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 302-453-6900
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(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 1.01 Entry into a Material Definitive Agreement
On February 2, 2005, the Compensation Committee of the Board of Directors of
Artesian Resources Corporation approved the grant of shares of Class A
Non-voting Common stock and cash under the Company's Cash and Stock Bonus
Compensation Plan to the executive officers in the amounts indicated below:
NAME SHARES CASH
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Dian C. Taylor, Chair, CEO & President 1,500 $36,760
Joseph A. DiNunzio, Sr. Vice President 750 $17,765
David B. Spacht, V.P., CFO & Treasurer 500 $10,974
John M. Thaeder, V.P. Operations 750 $17,798
Bruce P. Kraeuter, V.P. Engineering & Planning 750 $17,798
John J. Schreppler, II, V.P., General Counsel and Assistant 500 $10,706
Secretary
Nicholle R. Taylor, Vice President 500 $11,661
The cash portion of the bonuses were issued to cover the estimated individual
tax liability associated with the stock bonus issued. The fair market value of
the Class A Non-voting Common stock issued was $28.11 per share based on the
closing price on the NASDAQ National Market on the date of the award.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ARTESIAN RESOURCES CORPORATION
Date: February 4, 2005 By: /s/Dian C. Taylor
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Dian C. Taylor
President, Chief Executive Officer
and Chair of the Board
ARTESIAN RESOURCES CORPORATION
Date: February 4, 2005 By: /s/David B. Spacht
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David B. Spacht
Vice President, Chief Financial Officer
and Treasurer