MobileIron,Inc. (NASDAQ:MOBL) 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. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
This Current Report on Form8-K is being filed with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the adoption and commencement of certain material compensatory plans, contracts or arrangements between MobileIron,Inc. (the “Company” or “we,” “us” or “our”) and Simon Biddiscombe, our Chief Executive Officer, Scott Hill, our Chief Financial Officer, and Gregory Randolph, our Senior Vice President of Worldwide Sales, who are named executive officers of the Company for purposes of this Current Report on Form8-K.
On January24, 2019, upon the recommendation of our Compensation Committee of the Board of Directors of the Company (the “Committee”), our Board of Directors approved the following changes in compensation for Mr.Biddiscombe:
Mr.Biddiscombe received an increase in base salary from $485,000 to $500,000, effective as of February1, 2019 and an RSU grant of 500,000 shares, which is effective as of January24, 2019 and vests ratably on a quarterly basis over four years, subject to his continued service. His target performance bonus for 2019 is be $500,000.
Additionally, on January24, 2019, the Committee approved the following changes in compensation for Messrs.Hill and Randolph:
Mr.Hill received an increase in base salary from $365,000 to $375,000, effective as of February1, 2019 and an RSU grant of 200,000 shares, which is effective as of January24, 2019 and vests ratably on a quarterly basis over four years, subject to his continued service. His target performance bonus for 2019 is be $225,000.
Mr.Randolph received an increase in base salary from $375,000 to $385,000, effective as of February1, 2019 and an RSU grant of 180,000 shares, which is effective as of January24, 2019 and vests ratably on a quarterly basis over four years, subject to his continued service. His target performance bonus for 2019 is be $385,000 and will be made to a previously approved sales commission bonus plan.
The target performance bonuses were approved based on the Committee’s assessment of each individual’s position, as well as compensation for competitive positions at companies in peer group established annually by the Committee. The equity awards were approved to and in accordance with the terms and conditions of the Company’s Amended and Restated 2014 Equity Incentive Plan and the Company’s current form of Restricted Stock Unit Award Agreement, as previously filed with the SEC.
About MobileIron,Inc. (NASDAQ:MOBL)
MobileIron, Inc., formerly Mobile Iron, Inc., provides a purpose-built mobile Information Technology (IT) platform for enterprises to secure and manage mobile applications, content and devices. The Company offers its customers the flexibility to use its software as a cloud service or to deploy it on premise. Its platform is composed of over three integrated and distributed software components, including a mobile IT policy server or Core that allows IT departments to define security and device management policies across mobile operating systems; software on the device or Client that carries out policies at the mobile end-point, and an in-line gateway or Sentry that secures data as it moves between the device and back-end enterprise systems. Its platform enables areas of functionality, including Mobile Device Management, Mobile Application Management, Mobile Content Management and Advanced Services. Its customers include industries, such as financial services and telecommunications.