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Quotes & Info
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| LLNW > SEC Filings for LLNW > Form 8-K on 1-Nov-2012 | All Recent SEC Filings |
1-Nov-2012
Results of Operations and Financial Condition, Change in Directors or Pr
On November 1, 2012, Limelight Networks, Inc. (the "Company") issued a press release regarding its financial results for the third quarter ended September 30, 2012 and certain other information. The full text of this press release is furnished herewith as Exhibit 99.1.
The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities 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 filing.
(b) Limelight also announced a search for a new CEO to succeed Jeff Lunsford, who will leave the day-to-day CEO role to pursue private business interests in mid-January, 2013. Mr. Lunsford will remain active and involved as a member of Company's Board of Directors.
(e) In light of the upcoming CEO transition, and in order to better assure continuity of senior management both during the transition and beyond, the Board of Directors accelerated its review of senior management compensation, which normally occurs annually in the early part of the first quarter of each year, and made the following equity incentive awards:
Restricted
Name and Title Options (1)(2) Stock Units (2)
Nathan F. Raciborski
Co-Founder and Strategic Advisor 250,000 167,000
David M. Hatfield
Executive Vice President, Limelight Global
Sales and Consulting 375,000 250,000
Douglas S. Lindroth
Senior Vice President, Chief Financial
Officer & Treasurer 375,000 250,000
Philip C. Maynard
Senior Vice President, Chief Legal Officer &
Secretary 250,000 167,000
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(1) Each stock option will have an exercise price per share equal to the fair market value per share of the Company's common stock as of November 6, 2012, which is the third business day following the Company's public announcement of its third quarter 2012 financial results.
(2) Subject to the provisions of the 2007 Equity Incentive Plan or each recipient's respective employment agreement, 1) a total of 50% of the stock options and restricted stock units subject to the grants shall vest quarterly in four equal installments during the first year beginning on March 1, 2013, and then on each of June 1, September 1 and December 1 thereafter; 2) a total of 33% of the stock options and restricted stock units subject to the grants shall vest quarterly in four equal installments during the second year beginning on March 1, 2014, and then on each of June 1, September 1 and December 1 thereafter; and 3) a total of 17% of the stock options and restricted stock units subject to the grants shall vest quarterly in four equal installments during the third year beginning on March 1, 2015, and then on each of June 1, September 1 and December 1 thereafter, provided the officer remains a Service Provider to the Company through the vesting date.
During the third quarter, the Company completed its second repurchase program. On November 1, 2012, the Company announced its plans to commence a new repurchase program. The Board approved the repurchase of up to $10 million of the Company's common stock.
Reference is made to the news release attached hereto and incorporated herein as Exhibit 99.1.
(d) Exhibits
Exhibit
Number Description
99.1 Limelight Networks, Inc. Press Release dated November 1, 2012
(furnished herewith).
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