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STMP > SEC Filings for STMP > Form 8-K on 22-Mar-2013All Recent SEC Filings

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Form 8-K for STAMPS.COM INC


22-Mar-2013

Change in Directors or Principal Officers


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

On March 20, 2013, the compensation committee of our Board of Directors approved a non-equity incentive plan for 2013 (the "2013 Plan") under which eight members of our executive management, including our named executive officers, are eligible for cash bonus awards. The 2013 Plan sets a base level aggregate bonus pool (the "Base Pool") and provides that the actual bonus pool for 2013 could range from zero to twice the Base Pool based on our performance in 2013 relative to targets for revenue, pro-forma EBITDA and customer acquisition. The compensation committee set the amount of the Base Pool so that, if executive management performs at a reasonable level, as a group they would receive a total cash compensation for 2013 at approximately the median level versus benchmarks set using comparable individuals at comparable companies. However, the compensation committee retains the discretion to adjust the size of the bonus pool, for example to take into account factors such as deterioration in the economic environment.

After it determines the final bonus pool after year end, the compensation committee will allocate the bonus pool based on its assessment of the individual performance of each participating employee as well as that employee's overall compensation level versus relevant benchmarks set using comparable individuals at comparable companies. No individual has an individual bonus guarantee under the 2013 Plan.


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