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Quotes & Info
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| SVVS > SEC Filings for SVVS > Form 8-K on 4-Nov-2009 | All Recent SEC Filings |
4-Nov-2009
Change in Directors or Principal Officers
(e) On November 3, 2009, the Compensation Committee of the Board of Directors of SAVVIS, Inc. ("Savvis" or the "Company") approved an increase in compensation for William D. Fathers, SVP, Managing Director- US, in connection with his assumption of responsibilities for US Sales. Mr. Fathers' annual base salary and incentive target were increased to $400,000 and 80%, respectively. Mr. Fathers also received 115,000 restricted stock unit awards, which will vest over a three year period. A portion of the restricted stock unit awards will vest only if the Compensation Committee determines that certain performance-based targets relating to a portion of US revenues, subject to specified adjustments, have been achieved. These performance-based awards include a catch-up feature that is further based on performance. The remaining portion of the awards will vest only if the Compensation Committee determines that annual incentive-based targets relating to global incremental revenue from specified customer(s), subject to specified adjustments, have been achieved. The 2011 and 2012 targets for the annual incentive-based portion of the awards will be selected by the Compensation Committee no later than March 30 of such year. Restricted stock unit award shares are otherwise subject to the terms and conditions set forth in the awards and the Company's Amended and Restated 2003 Incentive Compensation Plan, as amended. Shares that have not vested on or prior to March 31, 2013 will not vest and will be forfeited to the Company.
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