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| EGAN.OB > SEC Filings for EGAN.OB > Form 8-K on 14-Sep-2009 | All Recent SEC Filings |
14-Sep-2009
Results of Operations and Financial Condition, Change in Directors or P
The following information is being furnished and shall not be deemed "filed" for 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, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On September 14, 2009, eGain Communications Corporation ("eGain") issued a press release announcing operating results for the three month period ended June 30, 2009 and fiscal year ended June 30, 2009. The press release contains forward-looking statements regarding eGain and includes cautionary statements identifying important factors that may cause actual results to differ materially from those anticipated. A copy of the release is furnished herewith as Exhibit 99.1.
(e) On September 10, 2009, the Compensation Committee ("Committee") of the Board of Directors of eGain Communications Corporation (the "Company") reviewed the base salary and non equity incentive compensation for certain of its executive officers in accordance with the Company's executive compensation strategy.
In light of the current macroeconomic business environment, the Committee approved no changes to the base salary or to non-equity (variable) incentive compensation targets for any of its executive officers.
The Committee approved a bonus for Eric Smit, the Company's Chief Financial Officer, in the amount of $22,500 in connection with Mr. Smit's performance during fiscal 2008. In addition, the Committee approved a bonus for Mr. Smit in the amount of $40,000 in connection with Mr. Smit's performance during fiscal 2009.
The Committee approved a bonus for Promod Narang, the Company's Senior Vice President of Products, in the amount of $36,000 in connection with Mr. Narang's performance during fiscal 2008. In addition, the Committee approved a bonus for Mr. Narang in the amount of $40,000 in connection with Mr. Narang's performance during fiscal 2009.
On September 14, 2009, the Company announced that its board of directors has approved a repurchase program under which it may begin purchasing up to 1,000,000 shares of its Common Stock. The duration of the repurchase program is open-ended. Under the program, the Company could purchase shares of Common Stock from time to time through open market and privately negotiated transactions at prices deemed appropriate by management. The repurchase will be funded by cash on hand. As of June 30, 2009, the Company had 22.2 million shares of Common Stock outstanding.
(d) Exhibits
99.1 Press release, dated as of September 14, 2009.
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