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SPRT > SEC Filings for SPRT > Form 8-K on 14-Mar-2014All Recent SEC Filings

Show all filings for SUPPORT.COM, INC.

Form 8-K for SUPPORT.COM, INC.


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

(b) As previously disclosed, Josh Pickus, the President and CEO of, Inc. (the "Company"), gave notice of his resignation from all Company positions effective April 1, 2014. Beginning on March 25, 2014, Jim Stephens, the Company's Chairman of the Board of Directors (the "Board") will serve as Executive Chairman and Interim CEO until a successor to Mr. Pickus is found and joins the Company.

On March 10, 2014, the Compensation Committee (the "Committee") of the Board met (excluding Mr. Stephens who was not present and did not take part in the deliberations) and approved the following compensation for Mr. Stephens, in addition to existing compensation as a director, in relation to and for the duration of his full-time service as Executive Chairman and Interim CEO commencing March 25, 2014: (i) a monthly cash retainer of $30,000, pro-rated for any partial calendar months at the beginning and end of his service in this position; and (ii) grants of vested restricted stock units as permitted by the Company's 2010 Equity and Incentive Compensation Plan and to be confirmed each month by the Committee during Mr. Stephens' service as Executive Chairman and Interim CEO, to be made on the last trading day of each calendar month commencing April 30, 2014, with the number of shares issued to be calculated based on dividing $45,000 per month (pro-rata for any partial calendar month) by the Fair Market Value of a share of Company common stock on the date of grant.

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