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ELNK > SEC Filings for ELNK > Form 8-K on 21-Mar-2014All Recent SEC Filings

Show all filings for EARTHLINK HOLDINGS CORP.



Change in Directors or Principal Officers

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

On March 20, 2014 (the "Grant Date"), the Leadership and Compensation Committee of the Board of Directors of EarthLink Holdings Corp. (the "Company") approved an Executive Incentive Award Agreement (the "Incentive Agreement") with Michael D. Toplisek, Executive Vice President, Sales and Marketing. The Incentive Agreement provides for cash payments of $250,000 on each of June 1, 2014, November 1, 2014 and March 1, 2015. The Incentive Agreement also provides for a cash payment on March 15, 2015 of up to $500,000 based on the Company's achievement of certain revenue and Adjusted EBITDA targets in fiscal 2014. To receive a payment, Mr. Toplisek must be continuously employed by the Company from the Grant Date through the payment date, except in the event the Company terminates Mr. Toplisek's employment without "cause" or Mr. Toplisek terminates his employment for "good reason." Mr. Toplisek must repay to the Company amounts paid to him in the event he voluntarily terminates his employment or is terminated by the Company for "cause" on or before March 1, 2016.

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