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MITK > SEC Filings for MITK > Form 8-K on 17-Dec-2013All Recent SEC Filings

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Change in Directors or Principal Officers, Financial Statements and Exhibits

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

On December 16, 2013, the Board of Directors (the "Board") of Mitek Systems, Inc. (the "Company"), based upon the recommendation of the Compensation Committee of the Board, approved the Company's executive bonus program for the fiscal year ending September 30, 2014 (the "2014 Plan"). Pursuant to the terms of the 2014 Plan, certain of the Company's executives will be eligible to receive cash bonuses based upon the achievement of certain corporate and individual performance goals during the 2014 fiscal year. These bonuses are designed to attract, motivate, retain and reward the Company's executives.

Under the 2014 Plan, the Chief Executive Officer ("CEO") of the Company has a bonus target equal to 80% of his annualized salary, and the Company's Chief Financial Officer, Chief Technology Officer and Chief Marketing Officer each have a bonus target equal to 40% of their respective annualized salaries. The bonus target for the Company's Chief Scientific Officer is 20% of his annualized salary.

The CEO's bonus will be determined at the discretion of the Compensation Committee of the Board. For the Company's Chief Financial Officer, Chief Technology Officer, Chief Marketing Officer, and Chief Scientific Officer, up to 75% of the bonus target is based upon achievement of two financial metrics (revenue and adjusted net income) and the remaining 25% of the bonus target is based upon achievement of certain individual performance goals. The maximum bonus payable to the Company's Chief Financial Officer, Chief Technology Officer, Chief Marketing Officer, and Chief Scientific Officer is 150% of their respective bonus targets.

The foregoing description is intended only as a summary of the material terms of the 2014 Plan and is qualified in its entirety by reference to the full text of the 2014 Plan, a copy of which is attached as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

10.1 Executive Bonus Program Fiscal Year 2014

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