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EPAY > SEC Filings for EPAY > Form 8-K on 28-Apr-2009All Recent SEC Filings

Show all filings for BOTTOMLINE TECHNOLOGIES INC /DE/ | Request a Trial to NEW EDGAR Online Pro

Form 8-K for BOTTOMLINE TECHNOLOGIES INC /DE/

28-Apr-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 April 23, 2009, Bottomline Technologies (de), Inc. (the "Company") entered into a Compromise Agreement (the "Agreement") with Peter Fortune, the Company's Chief Operating Officer and President of Bottomline Europe. Mr. Fortune will be retiring from the Company effective May 15, 2009. Under the Agreement, Mr. Fortune will receive a lump sum payment of £368,000 (approximately $542,000) the majority of which represents the payment of one year's base salary and bonus. The Agreement also provides for the continuation of current benefits including private medical and health insurance until May 14, 2010. In addition, any stock options and restricted stock held by Mr. Fortune will accelerate and become vested in full as of May 15, 2009 and, in the case of stock options, will remain exercisable until May 15, 2011. Mr. Fortune has agreed to a six-month non-compete and non-solicitation relating to customers, prospective customers (as defined in the Agreement) and employees of the Company.

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