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 Officers

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 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.

On February 1, 2019, the Compensation Committee (“Committee”) of the Board of Directors of Limelight Networks, Inc. (“Limelight”) reviewed the attainment levels for the annual cash bonus payout with respect to services performed in fiscal year 2018 for participants under Limelight’s Master Executive and Management Bonus Plan, a copy of which was furnished with a Current Report on Form 8-K on May19, 2009 (the “Plan”). The Committee acknowledged that, despite Limelight’s performance against the Plan, there was significant progress made in 2018 by Limelight toward its long-term operational and financial goals. The Committee also acknowledged current market conditions and recent performance of Limelight’s stock, and determined that it was in the best interests of Limelight and the Shareholders to set payout under the Plan to participants at 50% of each participant’s target bonus, and a grant of restricted stock units valued at 50% of the participant’s target bonus. Participants included Limelight’s principal executive officer, principal financial officer, and the other named executive officers, with the exception of Mr. Vonderhaar, whose bonus amount was based on the terms of his Transition Agreement and Release, as described in a Current Report on Form 8-K on November 26, 2018. The table below sets forth the bonuses and restricted stock units awarded to Limelight’s principal executive officer, principal financial officer, and other named executive officers:

Executive Officer

Cash Bonus

RSU

Grant value

Robert A. Lento

President, Chief Executive Officer and Director

$219,000

$219,000

Sajid Malhotra

Senior Vice President, Chief FinancialOfficer

$117,500

$117,500

George Vonderhaar

FormerSenior Vice President, Chief Sales Officer

$206,000

Michael DiSanto

Senior Vice President, Chief Administrative and Legal Officer & Secretary

$83,500

$83,500

Kurt Silverman

Senior Vice President, Development and Delivery

$82,500

$82,500

Also on February 1, 2019, Limelight announced that the Committee approved a stock for salary program, wherein Messrs. Lento, Malhotra, and DiSanto each elected to receive payment of half of their respective base salary in shares of Limelight’s common stock. to this program, on the last trading day of each calendar month, each participant will receive the number of shares of the Limelight’s common stock determined by dividing (i) 1/12th of his or her enrolled salary by (ii) the trailing 30-day closing average of the Limelight’s common stock, rounded up to the nearest whole share. The election by Messrs. Lento, Malhotra and DiSanto is irrevocable, and the program will automatically terminate on the earlier to occur of January 1, 2020, or the date upon which the Limelight’s common stock trades on Nasdaq at $4.00 per share or greater. Once purchased, there is no vesting period for the shares.The shares of common stock will be issued under Limelight’s Amended and Restated 2007 Equity Incentive Plan. The program isdesigned to comply with the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended.

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.

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