EXTREME NETWORKS, INC. (NASDAQ:EXTR) 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
Executive Bonus Payouts for the 2nd Half of Fiscal Year 2017
On July 28, 2017, the Compensation Committee of the Board of Directors of Extreme Networks, Inc. (the “Committee”) determined the allocation of the discretionary bonus payment among the company’s executive officers under the Extreme Networks’ Incentive Plan (the “Plan”). These payments are in recognition of executive officers’ contributions to the company’s performance in the second half of fiscal year 2017. The table below sets forth the individual discretionary bonus payments to company’s named executive officers:
|
Name and Position |
BonusAmount |
|
|
Edward B. Meyercord Director, President, and Chief Executive Officer |
$ |
430,920 |
|
Robert Gault Executive Vice President, Chief Revenue and Services Officer |
$ |
206,483 |
|
Benjamin Drew Davies Executive Vice President and Chief Financial Officer |
$ |
125,685 |
Executive Bonus Targets for Fiscal Year 2018
On July 28, 2017, the Committee approved bonus targets for the executive officers as a percentage of base salary under the Plan for fiscal 2018. The table below sets forth the bonus targets as a percentage of base salary for fiscal 2017 and 2018 for the company’s named executive officers:
|
Name |
Year |
Bonus target |
|
|
Edward B. Meyercord |
|
% % |
|
|
Robert Gault |
|
% % |
|
|
Benjamin Drew Davies |
|
% % |
|
Executive Salary Increases for Fiscal Year 2018
In addition, on July 28, 2017, the Committee approved an increase to the annual base salaries (effective as of August1, 2017) of the company’s executive officers after a review of performance and competitive market data. The table below sets forth the annual base salary levels for fiscal 2017 and 2018 for the company’s named executive officers:
|
Name |
Year |
Base Salary |
|
|
Edward B. Meyercord |
|
$ $ |
625,000 600,000 |
|
Robert Gault |
|
$ $ |
410,000 345,000 |
|
Benjamin Drew Davies |
|
$ $ |
400,000 350,000 |
About EXTREME NETWORKS, INC. (NASDAQ:EXTR)
Extreme Networks, Inc. is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment. The Company’s products include ExtremeWireless, ExtremeSwitching, ExtremeControl, ExtremeManagement, ExtremeCloud, ExtremeAnalytics and ExtremeSecurity. The Company offers solutions in categories, which includes industry solutions, technology solutions and managed services solutions. The Company operates in three geographical areas: Americas, which includes the United States, Canada, Mexico, Central America and South America; EMEA, which includes Europe, Russia, Middle East and Africa, and APAC, which includes Asia Pacific, South Asia, India, Australia and Japan.
