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JMBA > SEC Filings for JMBA > Form 8-K on 6-Nov-2012All Recent SEC Filings

Show all filings for JAMBA, INC.

Form 8-K for JAMBA, 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.


2013 Management Incentive Plan Criteria

On October 29, 2012 the Compensation and Executive Development Committee (the "Committee") of the Board of Directors of Jamba, Inc. (the "Company") established criteria for cash incentive awards that may be paid under the Company's Management Incentive Plan for the first performance period in fiscal year 2013 which covers the period of January 2, 2013 through July 2, 2013 (the "2013 First Half Criteria"). Under the 2013 First Half Criteria, cash incentive awards will be earned by participants upon the achievement of specified Company financial objectives, department strategic objectives and individual personal objectives. Depending on a participant's position, the financial metrics account for 60% to 75% of the 2013 First Half Criteria. The strategic and personal metrics account for 25% to 30% and 0% to 10%, respectively, of the 2013 First Half Criteria and are dependent and vary based upon an employee's job title, department and individual duties.

If each of the target metrics is achieved in the first performance period for fiscal year 2013, participants will be eligible for a target award, based on the participant's position, as follows:

                                                         Target Award as a % of
                                                           Base Salary During
 Position                                                  Performance Period
 CEO and President                                                           100 %
 EVP, Chief Financial Officer and Chief
 Administrative Officer                                                       65 %
 EVP and Chief Operating Officer                                              65 %
 Sr. VP/ Group VP                                                             50 %

Directors and Managers are also participants in the Management Incentive Plan with 2013 First Half Criteria target award percentages similarly based on base salary during the performance period.

Under the 2013 First Half Criteria, if the Company's adjusted EBITDA for the performance period does not reach 85% of the target amount determined by the Committee, no amounts shall be payable with respect to the financial metrics. If the Company's adjusted EBITDA for the performance period exceeds 85% of the target amount determined by the Committee, and if (i) the Company's company store comparable sales for the performance period is positive and (ii) general and administrative expenses (excluding bonus and one-time expenses) are under the target maximum amount (unless the requirements in clauses (i) or (ii) are otherwise waived by the Committee), a participant is eligible for a portion of a bonus payout between 85% and 140% of participant's targeted amounts with respect to the financial metrics.

Fiscal Year 2013 Salary Increases

On October 29, 2012, after consideration of peer group compensation data for the industry and the relative contributions of the executive officers, the Committee increased the annual salaries of certain of the Company's executive officers, including the Company's Named Executive Officers listed below, effective as of January 1, 2013.

 Name                     Position                 Increase     Adjusted Salary
 James White              CEO & President               $25,000           $600,000
                          EVP, Chief Financial
 Karen Luey               Officer and Chief             $24,000           $352,000
                          Administrative Officer
 Bruce Schroder           EVP and Chief Operating       $24,000           $324,000
 Julie Washington         SVP & Chief Brand             $15,000           $300,000
 Susan Shields            SVP & Chief Innovation        $15,000           $290,000

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