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LLNW > SEC Filings for LLNW > Form 8-K on 2-Oct-2013All Recent SEC Filings

Show all filings for LIMELIGHT NETWORKS, INC.

Form 8-K for LIMELIGHT NETWORKS, INC.


2-Oct-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.

In connection with organizational changes aimed at accelerating focus on product excellence, operational excellence, and customer satisfaction, on October 2, 2013, Limelight Networks, Inc. (the "Company") announced that it will be eliminating the position of Chief Operating Officer. As a result, Indu Kodukula's employment with the Company will terminate. The responsibilities of this position will be distributed among the current management team.

Following his departure, pursuant to the terms of his employment agreement, Mr. Kodukula will receive continued payment of his annual base salary for six months, with such amounts to be paid in accordance with the Company's normal payroll policies, reimbursement for premiums paid for continued health benefits for Mr. Kodukula (and any eligible dependents) under the Company's health plans until the earlier of six months or the date upon which he and his eligible dependents become covered under similar plans, and he will remain eligible to receive a cash incentive bonus payable upon achievement of performance goals established by the Compensation Committee pursuant to the 2013 Management Bonus Plan. Any payouts of the annual cash incentive bonus to Mr. Kodukula will be prorated through the date of termination and will be paid after the Company's 2013 financial results have been reviewed and approved by the Audit Committee or the Board of Directors. Also, the Compensation Committee of the Board of Directors delegated authority to the Chief Executive Officer to authorize, in his discretion, the accelerated vesting of 29,688 restricted stock units currently scheduled to vest on December 1, 2013, all of which would otherwise forfeit upon Mr. Kodukula's termination of employment prior to December 1, 2013, on the condition that Mr. Kodukula remain a service provider to the Company through October 31, 2013 to assist in the transition of his responsibilities. None of the above-referenced amounts will be paid or provided until a separation agreement and release of claims is signed and becomes effective and irrevocable.


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