ePlus inc. (NASDAQ:PLUS) 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 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers
of the Board of Directors (the “Board”) of ePlus inc. (the
“Company”) finalized the structure of cash incentive award
agreements for the fiscal year ending March 31, 2018, under the
Company’s Executive Incentive Plan (the “EIP”), in which
Phillip G. Norton (President and Chief Executive Officer), Mark
P. Marron (Chief Operating Officer) and Elaine D. Marion (Chief
Financial Officer) will participate.
Awards (as defined in the EIP). The fiscal year 2018 performance
goals and their relative proportions, which are the same for all
three executives, are as follows:
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2018 Performance Goals
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Weighting
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Earnings before tax
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85%
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Financing origination volume
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15%
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Covered Awards that the performance goals were met. Any awards
earned under the EIP will be paid in cash.
actual results will be adjusted to exclude the following, as
applicable:
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(i) the incentive compensation expensed by ePlus for
payments under the plan; |
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(ii) all items of revenue, gain or loss determined by the
ePlus Board of Directors to be extraordinary or unusual in nature and not incurred or realized in the ordinary course of business; and |
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(iii) any revenue, gain or loss attributable to the
business operations of any entity acquired by ePlus during the 2018 fiscal year. |
from $0 to a maximum of: for Mr. Norton, $300,000; for Mr.
Marron, $800,000; and for Ms. Marion, $415,000.
attainment of the applicable performance goals as set forth in
the participant’s award agreement. The Committee may not waive
or amend performance goals or increase the amount payable to
Covered Awards (as defined in the EIP) after the performance
goals have been established but has discretionary authority to
reduce the amount that would otherwise be payable with respect to
any award. In the event it is determined that an award was paid
based on incorrect financial results, the Committee may lower the
payment, and to the extent permitted by applicable law, require
the participant to reimburse the Company for any amount paid with
respect to such an award. Additionally, the EIP provides that
cash payments are subject to recovery by the Company to the
extent required by the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 and the Sarbanes-Oxley Act of 2002 and any
regulations promulgated thereunder.
About ePlus inc. (NASDAQ:PLUS)
ePlus inc. is a holding company. The Company is engaged in the business of selling, leasing, financing and managing information technology. It operates through two segments: technology and financing. The technology segment sells information technology (IT) hardware products, third-party software and maintenance contracts, its own and third-party professional and managed services, and its software. The financing segment operations primarily consist of the financing of information technology equipment, software and related services. Both segments sell to commercial entities, state and local governments, government contractors and educational institutions. The Company is a provider of IT solutions, which enable organizations to optimize their IT environment and supply chain processes. It delivers and integrates IT products and software from various vendors, and provides private, hybrid, and public cloud solutions. ePlus inc. (NASDAQ:PLUS) Recent Trading Information
ePlus inc. (NASDAQ:PLUS) closed its last trading session up +0.15 at 64.50 with 106,217 shares trading hands.