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EOPN > SEC Filings for EOPN > Form 8-K on 19-Apr-2013All Recent SEC Filings

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Form 8-K for E2OPEN INC


19-Apr-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 April 15, 2013, fiscal year 2013 cash bonuses for the named executive officers of E2open, Inc. (the "Company") were approved and the number of shares subject to performance-based options that were previously granted to the named executive officers that became eligible for time-based vesting was determined.

For fiscal 2013, the target incentive amount and year-end payments for the Company's named executive officers under the fiscal 2013 Executive Incentive Plan (the "Plan") were as follows:

                                                                 Target
                                                               Incentive        Actual
Name and Position                                                 ($)          Paid ($)
Mark E. Woodward-President and Chief Executive Officer            350,000        525,000
Peter J. Maloney-Chief Financial Officer                          150,000        225,000
David W. Packer-Senior Vice President, Worldwide Field
Operations                                                        150,000        225,000

For fiscal 2013, the amount of bonuses paid to the Company's named executive officers was determined based upon the achievement of performance targets relating to bookings, billings, free cash flow and accounts receivables performance against Plan targets. The target payment was based upon the percentage achievement of the performance targets as follows:

                                                             Percentage
                                                             of Target
         Average Achievement Level of Performance Targets     Payment
         < 85.00%                                                      0 %
         85.00% - 99.99%                                              50 %
         100.00% - 104.99%                                           100 %
         105.00% - 109.99%                                           120 %
         >110.00%                                                    150 %

Based on the actual average achievement level of the four performance targets for fiscal year 2013, each of the Company's named executive officers earned 150% of their target bonus amount for fiscal 2013 under the Plan.

On July 18, 2011, the named executive officers of the Company were granted options to purchase shares of Common Stock of the Company based on satisfaction of certain performance goals for the two year period ended February 28, 2013, which would then become eligible for time-based vesting. The target and maximum number of shares under each performance-based option, as well as the actual number of shares that became eligible for time-based vesting, were as follows:

                                                Maximum             Actual
                                                Number              Number
                                               of Shares          of Shares
                                            that could have          that
                                                become              became
                                               Eligible            Eligible
                              Target           for Time-          for  Time-
                              Number             Based              Based
            Name            of Shares           Vesting            Vesting
            Mark Woodward      271,428               407,142          271,428
            Peter Maloney       50,000                75,000           50,000
            David Packer        42,857                64,285           42,857

The number of shares subject to each performance-based option that became eligible for time-based vesting (that is, became "eligible shares"), and the time-based vesting schedule of such shares, were determined based upon the percentage achievement of goals relating to bookings, billings, free cash flow and free cash flow plus receivables performance against the established targets for the two-year period encompassing fiscal 2012 and 2013, which performance was measured as of February 28, 2013. The time-based vesting schedule of the shares subject to the performance-based option that became eligible for time-based vesting is as follows: 1/36th of the eligible shares will vest in equal monthly installments over the 3-year period following the vesting commencement date of March 1, 2013.


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