iPass Inc. (NASDAQ:IPAS) 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. |
Directors of iPass Inc. approved annual salaries and the 2017
Bonus Plan for the iPass executive officers (the 2017 Plan). For
the 2017 Plan, each executive officer is assigned a target bonus,
and actual bonuses payable will be based upon company achievement
as against established targets for the following metrics: 50% on
Revenue (the total amount of revenue for the period consistent
with how iPass calculates and reports this revenue metric in its
public filings) and 50% on Adjusted EBITDA (the total amount of
Adjusted EBITDA for the period consistent with how iPass
calculates and reports this metric in its public filings).
Bonuses are to be equally distributed per calendar quarter, with
target bonus for the quarter being 25% of annual target bonus.
The bonus for each quarter will be paid quarterly and the total
bonus earned for any period is capped at 50%.
no bonus earned for the period. The targets for 2017 were
established with difficulty of attainment similar to previous
years, and are challenging but attainable.
Plan for the iPass named executive officers (the current iPass
officers appearing in the summary compensation table in the iPass
proxy statement filed on April 28, 2017) are as follows (no
changes from 2016):
|
Officer
|
Title
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Salary
|
Annual Target Bonus
|
|
Gary Griffiths
|
Chief Executive Officer
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$260,000
|
$325,000
|
|
Patricia Hume
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Chief Commercial Officer
|
$260,000
|
$325,000
|
|
Darin Vickery
|
Chief Financial Officer
|
$260,000
|
$100,000
|
About iPass Inc. (NASDAQ:IPAS)
iPass Inc. (iPass), is a provider of global mobile connectivity, offering wireless fidelity (Wi-Fi) on mobile devices. The Company, through its Mobile Connectivity Services segment, offers a cloud-based solution allowing its customers and their users’ access to its global Wi-Fi network to stay connected to the people and information. The Company has categorized its services into two approaches: Enterprise and Strategic Partnerships. Enterprise, formerly Open Mobile Enterprise (OME), focuses on providing mobile connectivity solutions to enterprises, from large to small. Strategic Partnerships, formerly Open Mobile Exchange (OMX), is executed through business development deals intended to open channel distributions for its product to reach the consumer market. Strategic Partnerships include global Original Equipment Manufacturers (OEMs), programs, including credit card companies, software product and service providers, and communication companies. iPass Inc. (NASDAQ:IPAS) Recent Trading Information
iPass Inc. (NASDAQ:IPAS) closed its last trading session down -0.01 at 1.22 with 237,985 shares trading hands.
