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DWCH > SEC Filings for DWCH > Form 8-K on 26-Nov-2008All Recent SEC Filings

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Form 8-K for DATAWATCH CORP


26-Nov-2008

Change in Directors or Principal Officers


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTOR; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
           OFFICERS



On November 24, 2008, the Compensation and Stock Committee of the Board of
Directors of the Company (the "Compensation Committee") approved bonus payments
to executive officers under the Corporate Officers Compensation Plan for the
2008 fiscal year, which ended on September 30, 2008. The bonuses for executive
officers were as follows:

           Name and Title                                       Bonus

           Ken Bero                                            $60,061
           President and Chief Executive Officer

           John H. Kitchen                                     $28,450
           Chief Marketing Officer and Senior Vice President

           Murray Fish                                         $28,450
           Chief Financial Officer and Vice President

           Dan Incropera                                       $ 9,483
           Corporate Controller and Vice President

The Compensation Committee also approved the fiscal 2009 Corporate Officers Compensation Plan, which provides that up to 15% of the Company's net income (before the grant of any awards) is to be available in the aggregate for bonus payments to the Company's executive officers at the end of the 2009 fiscal year. The Compensation Committee will have the final authority to determine whether any bonuses are paid and if so, the amount of such bonuses. The Compensation Committee reserves the right to make adjustments to the plan at any time. At the Compensation Committee's discretion, amounts intended for the bonus pool may be accrued at the end of each fiscal quarter, but no amounts will be awarded until the results for the 2009 fiscal year are available.

The Compensation Committee also renewed a commission plan for the 2009 fiscal year for Robert Clemens, Vice President of Worldwide Sales, which is based on world wide company software license, new maintenance, professional services and training bookings. If Mr. Clemens achieves targets for the 2009 fiscal year, he would receive a commission (payable on a monthly basis) equal to up to approximately $165,000, subject to increased commissions if he exceeds performance targets. The Company reserves the right to modify, suspend or terminate any or all terms and provisions of the commission plan, with or without notice. Mr. Clemens is not eligible for payments under the Corporate Officers Compensation Plan.

The Compensation Committee also approved a base salary of $150,000 per year for Harvey Gross, Vice President of Enterprise Product Management and Development. Mr. Gross' is also eligible for bonus payments based on the achievement of certain management objectives, which is targeted at $40,000 per year. Mr. Gross was appointed as an executive officer of the Company in October 2008, so he was not eligible for payments under the Corporate Officers Compensation Plan for the 2008 fiscal year, but will be eligible for payments under the plan for the 2009 fiscal year.


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