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| LIOX > SEC Filings for LIOX > Form 8-K on 4-Aug-2009 | All Recent SEC Filings |
4-Aug-2009
Results of Operations and Financial Condition, Change in Directo
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for the registrant for the second quarter of fiscal 2009 and forward-looking statements relating to 2009, as presented in a press release of August 4, 2009. The information in this Current Report on Form 8-K is furnished under Item 2.02 - "Results of Operations and Financial Condition." Such information, including the exhibits attached hereto, shall not be deemed "filed" for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.
On August 3, 2009, the Nominating and Compensation Committee of the Board of Directors of Lionbridge Technologies, Inc. ("Lionbridge") approved a special performance-based compensation plan (the "Strategic Incentive Plan") designed to provide a cash-based award to key employees of Lionbridge, including its executive officers, upon achievement of key strategic priorities identified by the Board in July 2009. Under the terms of the Strategic Incentive Plan, a participating employee is eligible to receive a cash bonus, calculated on a specified percent of his or her 2009 base salary, upon achievement of the strategic performance metrics identified by the Board of Directors (the "Strategic Metrics"). The Strategic Metrics are tied to the development, release and deployment of commercial web-based service, product and technology offerings.
Payment of cash awards under the Strategic Incentive Plan will be made only if the Strategic Targets are achieved, as determined by the Nominating and Compensation Committee. The specified percent of base salary applicable to each participating employee who is an executive officer is as follows:
Rory Cowan, Chief Executive Officer: 36.7%
Satish Maripuri, Chief Operating Officer: 20%
Donald Muir, Chief Financial Officer: 20%
Paula Shannon, General Manager, Senior Vice President and Chief Sales Officer:
20%
Henri Broekmate, General Manager and Senior Vice President: 20%
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