eGain CORPORATION (NASDAQ:EGAN) 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.
(e)Compensatory Arrangement of Certain Officers.
On September19, 2017 the Board of Directors (the “Board”) of eGain Corporation (the “Company”) granted options to purchase common stock to certain executive officers of the Company. Each such option has an exercise price of $2.50 per share, the closing price of the Company’s common stock on the Nasdaq Stock Market on the date of grant, and vests in equalmonthly increments over 48months from September1, 2017, subject to continued service. Such option grants are set forth below:
|
Name, Title |
Shares Subject to Option |
|
Ashutosh Roy, Chief Executive Officer |
200,000 |
|
Eric Smit, Chief Financial Officer |
112,000 |
|
Promo Narong, Senior Vice President of Products |
112,000 |
Item 5.02. Other Events
On September19, 2017 the Board approved cash and equity compensation for non-employee directors, with effect from September1, 2017, as set forth below:
|
· |
An annual fee of $50,000 in cash payable quarterly (such cash fee was already being paid to the Company’s most recently appointed directors, Brett Shockley and Christine Russell and it was extended to the Company’s other non-employee directors, Gunjan Sinha and Phiroz P. Darukhanavala, with effect from September1, 2017); |
|
· |
An additional annual fee of $10,000 payable quarterly to Mr.Shockley for service as the Lead Independent Director, with effect from September1, 2017; |
|
· |
The grant of options to purchase common stock. Each option was granted at an exercise price of $2.50 per share, the closing price of the Company’s common stock on the Nasdaq Stock Market on the date of grant, and vests in equalmonthly increments over 48months from September1, 2017, subject to continued service. Such option grants are set forth below: |
|
Non-employee Director |
Shares Subject to Option |
|
Gunjan Sinha |
70,000 |
|
Phiroz P. Darukhanavala |
70,000 |
|
Christine Russell |
26,250 |
|
Brett Shockley |
62,291 |
The grants to Ms.Russell and to Mr.Shockley reflect the number of option shares determined by subtracting from 70,000 the number of shares remaining unvested in such director’s original option grant from the Company and, in the case of Mr.Shockley only, an additional 10,000 option shares granted for his service as Lead Independent Director.
