LIMELIGHT NETWORKS, INC. (NASDAQ:LLNW) 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.
On November 20, 2018, the Compensation Committee (the "Committee") of the Board of Directors of Limelight Networks, Inc. (the "Company") made the following compensation decisions in connection with its annual review of executive officer compensation:
The Committee approved certain equity incentive awards to members of the senior leadership team, including the awards to the following named executive officers:
|
Name and Title |
Options(1)(2) |
Restricted StockUnits(2) |
|
Robert A. Lento President, Chief Executive Officer and Director |
672,619 |
300,346 |
|
Sajid Malhotra SVP, Chief Financial Officer & Treasurer |
297,619 |
132,896 |
|
Michael DiSanto SVP, Chief Administrative and Legal Officer & Secretary |
238,095 |
106,317 |
|
Kurt Silverman SVP, Development and Delivery |
200,893 |
89,705 |
|
(1) |
Each stock option has an exercise price per share equal to the fair market value per share of the Company’s common stock on the date of grant, November 21, 2018. |
|
(2) |
Subject to the provisions of the Amended and Restated 2007 Equity Incentive Plan or each recipient’s respective employment agreement, one-third (1/3rd) of the RSUs will vest on December 1, 2019, one-twelfth (1/12th) of the RSUs will vest on March 1, 2020, and an additional one- twelfth (1/12th) will vest on the first day of each June, September, December and March thereafter for eight (8) consecutive quarters, provided the recipient continues to be a Service Provider through each such vesting date. One-third (1/3rd) of the shares subject to the stock option will vest on December 1, 2019, and one-thirty-sixth (1/36th) of the stock options will vest on the 1stday of January, 2020 and on the 1stday of each month thereafter until all of the stock options have vested (three years), provided the recipient continues to be a Service Provider through each such vesting date. |
2019 Target Annual Cash Bonus Amounts and Salary Determination
The Committee approved 2019 target annual cash bonus amounts and salaries for the Company’s senior executive officers, including the Company’s principal executive officer, principal financial officer, and other named executive officers. The target cash bonus amounts pertain to services to be performed in fiscal 2019 (which bonuses will be paid in 2020) to the Master Executive and Management Bonus Plan, a copy of which was furnished with a Current Report on Form 8-K on May19, 2009. We anticipate that each bonus plan participant may earn between zero and 200% of the target bonus depending upon the level of attainment or over-attainment of specified corporate financial and operational performance goals. The target annual incentive compensation shall be subject to the terms and conditions of the applicable 2018 incentive compensation plan(s) approved by the Committee.
The 2019 salary and target annual cash bonus amounts for the Company’s current named executive officers are summarized below:
|
Name |
2019Salary |
2019TargetAnnualIncentive |
|
Robert A. Lento |
$480,000 |
$465,000 |
|
Sajid Malhotra |
$365,000 |
$245,000 |
|
Michael DiSanto |
$328,000 |
$177,000 |
|
Kurt Silverman |
$305,000 |
$170,000 |
About LIMELIGHT NETWORKS, INC. (NASDAQ:LLNW)
Limelight Networks, Inc. provides content delivery network services to deliver content over Internet. The Company operates a globally distributed, computing platform and provides services under the Orchestrate Platform, which include content delivery, video content management, Website and Web application acceleration, Website and content security and cloud storage services. The Company’s services include content delivery services, mobile delivery services, video content management services, performance services, cloud-based storage services and cloud-based content security services. It provides solutions to deliver digital content to its customers, such as software and device manufacturers, media and broadcasters, and gaming. It provides services to deliver digital content to Web, mobile, social, gaming, large screen and other digital channels. Its services offer various features, which include video publishing, mobile enablement, content delivery, Website and cloud storage.
