MICROSTRATEGY INCORPORATED (NASDAQ:MSTR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
The Company elected Kevin Norlin to succeed Mr.Rennyson as its Senior Executive Vice President, Worldwide Sales, effective as of April3, 2018 (the “Start Date”).
Prior to his position with the Company, Mr.Norlin, age 49, served as senior vice president, global sales, financial services for NCR Corporation, a publicly-traded technology company, since August 2017. Prior to NCR, Mr.Norlin worked at Hewlett Packard Enterprise, where he served as vice president and general manager, worldwide sales, operations and strategy from April 2016 to February 2017. From October 2012 to February 2016, Mr.Norlin held various senior positions at Dell Software Group, including vice president and general manager, Americas and EMEA. Mr.Norlin received a B.A. from Louisiana State University.
Mr.Norlin’s annual base salary is $450,000 and he is eligible for an annual cash bonus with a target of $400,000, which will be subject to the terms and conditions of a performance-based bonus plan. His bonus potential will be pro-rated for 2018 to reflect the time he is employed by the Company in 2018. In connection with the commencement of his employment with the Company, Mr.Norlin will receive a one-time reporting bonus of $75,000, payable in the first pay period following the Start Date and recoverable by the Company if Mr.Norlin resigns from his employment with the Company within twelve (12)months of the Start Date. Management plans to recommend to the Compensation Committee that it grant to Mr.Norlin an option to purchase 35,000 shares of Common Stock under the Plan, with such option vesting in equal annual installments of 25% over a four-year vesting period. Mr.Norlin is also entitled to perquisites and other personal benefits to which all other executive officers below the CEO level are entitled, as described in Exhibit 10.7 to the Company’s Annual Report on Form 10-K filed with the SEC on February7, 2018, which description is incorporated herein by reference.
About MICROSTRATEGY INCORPORATED (NASDAQ:MSTR)
MicroStrategy Incorporated (MicroStrategy) is a provider of enterprise software platforms. The Company is engaged in providing enterprise analytics, mobile and security platforms. The Company’s MicroStrategy 10 consolidates analytics, mobility and security in a single integrated platform, available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud. MicroStrategy’s enterprise platform combines traditional business intelligence functionality with data discovery, mobile analytics and enterprise security. MicroStrategy 10 consists of MicroStrategy Analytics, MicroStrategy Mobile and Usher. MicroStrategy Analytics delivers reports and dashboards, and enables users to conduct ad hoc analysis and share insights. MicroStrategy Mobile is available both as on-premises software and as a hosted service offering in MicroStrategy Secure Cloud. Usher is a mobile security platform designed to dematerialize traditional forms of identity verification.
