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Quotes & Info
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| SPRT > SEC Filings for SPRT > Form 8-K on 7-Jul-2009 | All Recent SEC Filings |
7-Jul-2009
Change in Directors or Principal Officers
(e) In connection with the sale of the Company's Enterprise business, which closed on June 23, 2009, the Compensation Committee of the Board of Directors (the "Committee") of support.com, Inc. (the "Company") undertook a review of the Company's executive compensation program. The purpose of the review was to assess and re-align the Company's executive compensation structure to the Company's smaller scale and focus on its consumer business following the Enterprise sale. The Committee retained Compensia, a compensation consulting firm, to advise the Company on the identification of a peer group of companies for compensation benchmarking purposes; to gather data on the Company's executive officer cash and equity compensation relative to the peer group; and to advise on potential changes to the Company's compensation program.
On June 30, 2009, based on the results of the compensation benchmarking exercise, the Committee determined to adjust executive compensation to reduce executive cash compensation levels and increase the amount of long-term equity incentive compensation. These adjustments were consistent with the Company's current executive compensation philosophy and reflected the change in the Company's scale after the Enterprise sale. The Committee reduced cash compensation for the individual executive officers effective July 1, 2009, in the amounts set forth below:
Prior Cash Cash Incentive
Prior Base Base Salary eff. Incentive Potential eff.
Name and Title Salary July 1, 2009 Potential July 1, 2009
Joshua Pickus $ 350,000 $ 325,000 $ 300,000 $ 170,000
President and Chief Executive Officer
Anthony Rodio $ 250,000 $ 240,000 $ 125,000 $ 85,000
Chief Operating Officer
Richard Mandeberg $ 250,000 $ 225,000 $ 125,000 $ 100,000
Chief Revenue Officer
Shelly Schaffer $ 265,000 $ 255,000 $ 132,500 $ 92,000
Chief Financial Officer
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Also on June 30, 2009, in order to have the flexibility to grant additional stock options as appropriate to retain and motivate its employees to create long-term shareholder value, the Committee amended the Company's 2000 Omnibus Equity Incentive Plan (the "Plan") to remove the annual limit on the number of stock options that may be granted to individual employees. Prior to the June 30, 2009 amendment, Section 4(c) of the Plan provided that no employee shall be granted options to purchase more than one million shares in any fiscal year. The amendment removing the limitation took effect on June 30, 2009.
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