Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
INAP > SEC Filings for INAP > Form 8-K on 21-Aug-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


21-Aug-2009

Change in Directors or Principal Officers, Financial Statements an


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

On August 19, 2009, the Compensation Committee of the Board of Directors of Internap Network Services Corporation (the "Company") formalized the 2009 Short Term Incentive Plan (the "2009 STIP"), which previously had been described in the Company's 2009 proxy statement.

Under the 2009 STIP, all full time exempt and eligible non-exempt employees (including executive officers) may be eligible for the award of a cash bonus after the Company's 2009 fiscal year end.

The cash bonus of each participant is determined based on achievement of corporate and individual/business unit objectives, with a target award level expressed as a percentage of salary. The corporate objectives are based on revenue, EBITDA (earnings before interest, taxes, depreciation and amortization) and cash flow. The personal/business unit objectives are individualized for each participant.

The table below identifies the target incentives as a percentage of base salary and the split between corporate and personal/business unit objectives.

STI Participation Level Target Incentive Corporate Objectives Personal/BU

                                   %                               Objectives
    Section 16 Officer      Up to 100%       70                   30
    Vice Presidents         Up to 50%,       70                   30
    Directors and below     Up to 25%        50                   50
    Non-exempt              Up to 10%        Discretionary        Discretionary

The Compensation Committee of the Company's Board of Directors has the discretion to determine payment relative to corporate objectives for all participants and the personal/business unit objectives for participants at the Vice President level and above, after consideration of any recommendation by the Chief Executive Officer. Payment of the personal/business unit component for exempt employees below the Vice President level is based on management's assessment of the level of achievement relative to specific, measurable, pre-defined objectives.

If a participant is not an employee on the date awards from the 2009 STIP are paid (other than by reason of death or disability), the participant forfeits all rights to any payments under the 2009 STIP.

If the Compensation Committee determines that any participant has engaged in fraud or intentional misconduct that has caused a restatement of the Company's financial statements, the Compensation Committee will review the payment received by that participant under the 2009 STIP on the basis of the Company's performance during the periods affected by the restatement. If the payment under the 2009 STIP would have been lower if it had been based on the restated results, the Compensation Committee has the power to seek recoupment of such payment.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibit is furnished with this Current Report on Form 8-K:

Exhibit No. Description

10.1 2009 Short Term Incentive Plan.


  Add INAP to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for INAP - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now


Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.