Cornerstone OnDemand, Inc. (NASDAQ:CSOD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June1, 2018, Cornerstone OnDemand, Inc. (the “Company”) entered into a fiscal year 2018 sales commission plan with Vincent Belliveau, the Company’s Executive Vice President and General Manager of Europe, Middle East and Africa (the “Belliveau Commission Plan”). The Belliveau Commission Plan is effective as of January1, 2018.
Under the Belliveau Commission Plan, Mr.Belliveau is eligible to receive commissions based on direct sales in Europe, the Middle East and Africa. To the extent Mr.Belliveau exceeds his sales quota for revenue in 2018, his commission rate for 2018 sales will be increased with respect to revenue exceeding his sales quota. In addition, Mr.Belliveau is eligible to receive bonuses totaling up to €20,000 if he meets certain milestone sales targets by specified dates.
For fiscal year 2018, the following table shows the target commission and target bonus that Mr.Belliveau is eligible to earn under the Belliveau Commission Plan:
| Target2018Commission(1) | Target2018Bonus(2) |
|
$337,500 |
$23,350 |
| (1) | This amount represents the total performance-based commissions that will be earned under the Belliveau Commission Plan if Mr.Belliveau achieves the sales quota established under the Belliveau Commission Plan. |
| (2) | Mr.Belliveau’s target bonus is €20,000, which has been converted into U.S. Dollars at a rate of $1.1675 Dollars per Euro, the exchange rate in effect on June1, 2018. The target bonus of €20,000 represents the amount that Mr.Belliveau is eligible to receive if he meets all milestone sales targets by the dates specified in the Belliveau Commission Plan. |
The foregoing description of the Belliveau Commission Plan is qualified in its entirety by reference to the full text of such plan, which will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the three months ending June30, 2018.
About Cornerstone OnDemand, Inc. (NASDAQ:CSOD)
Cornerstone OnDemand, Inc. (Cornerstone) is a provider of talent management solutions delivered as Software-as-a-Service (SaaS). Cornerstone’s Enterprise and Mid-Market solution is a cloud-based suite that addresses needs throughout the entire employee lifecycle, from recruitment, onboarding, training and collaboration, to performance management, compensation, succession planning and analytics. The platform is composed of several products, focused on recruiting, learning management, performance management and analytics. The platform also helps manage business execution through integrating with an organization’s extended enterprise of clients, vendors and distributors by delivering training, certification programs and other content. The Company also offers Cornerstone for Salesforce and Cornerstone Growth Edition. Cornerstone for Salesforce is a cloud-based learning solution developed on the Salesforce.com platform.
