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WWWW > SEC Filings for WWWW > Form 8-K on 20-Mar-2009All Recent SEC Filings

Show all filings for WEB.COM GROUP, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for WEB.COM GROUP, INC.


20-Mar-2009

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On March 18, 2009, the Compensation Committee (the "Committee") of the Board of Directors of Web.com Group, Inc. (the "Company") approved the Fiscal Year 2009 Executive Bonus Plan (the "Bonus Plan") for the Company's named executive officers (as defined in Item 402(a)(3) of Regulation S-K) (each, an "Officer"), as follows:

                                                        Bonus Target
                                                     (% of base salary)
David L. Brown, Chief Executive Officer and Chairman        100%
Jeffrey Stibel, President                                   75%
Kevin Carney, Chief Financial Officer                       65%

Bonuses will be earned based on Company performance as against the 2009 Bonus Plan's established pro forma earnings per share ("EPS") target, and may be awarded in a mixture of cash and stock awards at the discretion of the Committee. The achievement of a pro forma EPS threshold by the Company will result in a recommendation of bonus payments to the Officers of 75% of the bonus target, subject to adjustment by the Committee as described below. To the extent that 2009 EPS is above the threshold, the actual bonus payment may increase, up to 125% of the bonus target. To the extent that 2009 EPS is below the threshold, any bonus payment will be based on the Company's achievements and the Committee's evaluation, in its sole discretion, of that Officer's performance in 2009. Bonus payments to individual Officers may be modified by such Officer's contribution toward corporate and department-specific goals and objectives, as determined by the Committee.


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