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INAP > SEC Filings for INAP > Form 8-K on 31-Mar-2009All Recent SEC Filings

Show all filings for INTERNAP NETWORK SERVICES CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for INTERNAP NETWORK SERVICES CORP


31-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 25, 2009, the Compensation Committee of the Board of Directors of Internap Network Services Corporation (the "Company") approved the 2009 Long-Term Incentive Plan (the "2009 Plan").

Under the 2009 Plan, named executive officers and other key contributors are eligible for the award of restricted common stock and options to purchase common stock. Fifty percent of the aggregate of each award are time-based restricted common stock and 50% are options to purchase common stock. The time-based restricted common stock vests in four equal annual installments on the anniversary of the grant date. The options to purchase common stock vest 25% after one year and in equal monthly increments for three years thereafter. The options have a 10-year term.

Awards Pursuant to the 2009 Plan

The Compensation Committee awarded the following grants under the 2009 Plan on
March 25, 2009. The stock options have an exercise price of $2.54.

                Name and Title           Total Grant Time-Based Stock Options
                                                     Restricted
                                                       Stock
      George E. Kilguss III, Chief           105,600     37,700        67,900
      Financial Officer
      Timothy Sullivan, Chief Technology     105,600     37,700        67,900
      Officer
      Richard P. Dobb, Chief                 104,800     37,400        67,400
      Administrative Officer
      Randal R. Thompson, Vice President      65,200     23,300        41,900
      of Global Sales


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