Internap Corporation (NASDAQ:INAP) 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. |
Appointment of Principal Accounting
Officer
Mark D. Weaver was appointed Vice President, Corporate
Controller, effective December 12, 2016. Mr. Weaver has been
designated as the Companys Principal Accounting Officer.
Mr. Weaver, age 56, has over 30 years of financial and accounting
leadership experience covering a diverse set of industries. Mr.
Weaver most recently served as a Finance and Accounting
Consultant for Resources Global Professionals. From 2011 to 2014,
Mr. Weaver was Chief Accounting Officer and Vice President, US
GAAP Reporting and Compliance at NXP Semiconductors N.V.
(NASDAQ), a global semiconductor company. From 2007 until 2011,
Mr. Weaver served as Principal Accounting Officer, Vice President
and Controller of Orleans Homebuilders, Inc. (NYSE). Prior to
Orleans, Mr. Weaver served as Vice President and Corporate
Controller at Agere Systems, Inc. (NYSE), a global manufacturer
and designer of semiconductors for computing and communications
applications. Before Agere, Mr. Weaver served 18 years at Nabisco
Holdings Corp., an international packaged foods company, where he
held various financial and accounting positions.
Mr. Weaver is a Certified Public Accountant and earned a Masters
of Business Administration in Finance from Fairleigh Dickenson
University. He also has a Bachelors of Science in Accounting from
Kings College.
to the terms of an Offer Letter dated as of November 22, 2016
between the Company and Mr. Weaver, Mr. Weaver will receive (1)
an annual base salary of $185,000; (2) an annual cash incentive
bonus based upon criteria established by the Companys Board of
Directors at a target level of 25% of base salary; (3) an annual
restricted stock grant, subject to three-year vesting, 50% of
which shall be subject to time-based vesting and 50% of which
shall be subject to performance-based vesting as determined by
the Companys Board of Directors; (4) a signing bonus of $10,000,
and (5) customary benefits including paid time off. Mr. Weaver
will be eligible to receive three months of severance pay for a
termination without cause and up to six months of severance pay
as a result of a change of control where no position is
available. The foregoing description of the Offer Letter does not
purport to be complete and is qualified in its entirety by
reference to the Offer letter, which is attached to this Current
Report as Exhibit 10.1 and incorporated herein by reference. Mr.
Weaver and the Company also entered into an Indemnity Agreement
substantially in the form filed as Exhibit 10.1 to the Companys
Current Report on Form 8-K, filed May 29, 2009.
There are no family relationships between Mr. Weaver and any
director or other executive officer, nor are there any
transactions to which the Company was or is a participant and in
which Mr. Weaver has a material interest subject to disclosure
under Item 404(a) of Regulation S-K. There are no arrangements or
understandings between Mr. Weaver and any other persons to which
he was selected as an officer.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
The following exhibits are furnished with this Current Report on
Form 8-K:
| Exhibit No. | Description | |
| 10.1 | Employment Agreement, effective December 12, 2016. |
About Internap Corporation (NASDAQ:INAP)
Internap Corporation, formerly InterNAP Network Services Corporation, provides Internet infrastructure services. The Company operates through two segments: Data Center Services segment and Internet Protocol Services segment. It offers hybrid Internet infrastructure services, which enables customers to mix and match cloud, hosting and colocation for the combination of services. It also offers availability across a global network of data centers, and services backed by service level agreements (SLAs). The Company serves approximately 11,000 customers in various industries, including software and Internet; media and entertainment; business services; healthcare technology infrastructure, and telecommunications. Its Data Center Services segment includes colocation, hosting and cloud services. IP Services segment includes its performance IP service, content delivery network (CDN) services, IP routing hardware and software platform, and Managed Internet Route Optimizer Controller. Internap Corporation (NASDAQ:INAP) Recent Trading Information
Internap Corporation (NASDAQ:INAP) closed its last trading session up +0.16 at 1.09 with 1,279,939 shares trading hands.
