AppFolio, Inc. (NASDAQ:APPF) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
recommendation of the Compensation Committee of the Board (the
Committee) of AppFolio, Inc. (the Company), adopted a short-term
cash incentive plan (the Cash Bonus Plan) that will be utilized
to calculate the cash bonuses that may become payable to Brian
Donahoo, the Companys President and Chief Executive Officer, Ida
Kane, the Companys Chief Financial Officer, Jonathan Walker, the
Companys Chief Technology Officer and Jason Randall, SVP,
AppFolio Property Manager (together, the Executive Officers).
Companys achievement relative to a pre-established target related
to free cash flow for fiscal year 2017 (the 2017 Financial
Performance Target). For Messrs. Donahoo and Randall and Ms.
Kane, the cash bonus amount will be based 50% on the Companys
achievement relative to the 2017 Financial Performance Target.
For Mr. Walker, the cash bonus amount will be based 50% on the
Companys achievement relative to the 2017 Financial Performance
Target, and 50% on the achievement of individual MBOs. The target
cash bonus amount for each Executive Officer under the Cash Bonus
Plan is $100,000 (Target Cash Bonus Amount).
the Cash Bonus Plan will be determined based on the Companys
achievement relative to the 2017 Financial Performance Target
(and, in the case of Mr. Walker, achievement with respect to the
individual MBOs) as follows:
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For Company performance equal to or greater than 150% of
the 2017 Financial Performance Target, 150% of the Target Cash Bonus Amount will be earned. |
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For Company performance equal to 50% of the 2017 Financial
Performance Target, 50% of the Target Cash Bonus Amount will be earned. |
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For Company performance below 90% of the 2017 Financial
Performance Target, no cash bonus will be earned. |
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For Company performance between 90% and 150% of the 2017
Financial Performance Target, the cash bonus will be determined by reference to a sliding payout scale approved by the Committee. |
Committee, approved the grant of incentive stock options under
the Companys 2015 Stock Incentive Plan to each of Ms. Kane and
Mr. Randall in the amount of 66,000 shares (the Performance
Options). The Performance Options were granted with an exercise
price equal to the closing price of the Companys Class A Common
Stock on the NASDAQ Global Market on the date of grant, and are
exercisable for shares of Class A Common Stock. The Board did not
approve the grant of Performance Options to the other Executive
Officers as it believes such persons already own a substantial
number of outstanding shares of the Companys capital stock, which
serves to align their interests with those of the Companys
stockholders.
vesting, if any, will be determined by reference to the Companys
achievement relative to a pre-established target related to free
cash flow for fiscal year 2019 (the 2019 Financial Performance
Target) as follows:
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For Company performance at or above 165% of the 2019
Financial Performance Target, 50% of the Performance Options will vest. |
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For Company performance at 50% of the 2019 Financial
Performance Target, approximately 61% of the Performance Options will vest. |
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For Company performance below 80% of the 2019 Financial
Performance Target, no Performance Options will vest. |
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For Company performance between 80% and 165% of the 2019
Financial Performance Target, the vesting percentage will be determined by reference to a sliding vesting scale approved by the Committee. |
About AppFolio, Inc. (NASDAQ:APPF)
AppFolio, Inc. is a provider of industry-specific, cloud-based software solutions for small and medium-sized businesses (SMBs) in the property management and legal industries. The Company’s mobile-optimized software solutions enable its customers to work at any time and from anywhere across multiple devices. Its property management software provides small and medium-sized property managers with an end-to-end solution to their business needs. The Company’s legal software provides solo practitioners and small law firms with a streamlined practice and case management solution, allowing them to manage their practices and case load. It also offers Value+ services, such as its professionally designed Websites and electronic payment services. The Company’s property manager customers include third-party managers and owner-operators, managing single- and multi-family residences, commercial property and student housing, as well as mixed real estate portfolios. AppFolio, Inc. (NASDAQ:APPF) Recent Trading Information
AppFolio, Inc. (NASDAQ:APPF) closed its last trading session down -0.20 at 24.85 with 25,217 shares trading hands.