New Relic, Inc. (NYSE:NEWR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2018, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of New Relic, Inc. (the “Company”), approved annual base salaries and target annual cash bonus opportunities for the 2019 fiscal year for certain of the Company’s named executive officers (as defined in Item402(a)(3) of RegulationS-Kpromulgated by the Securities and Exchange Commission), effective July 1, 2018. The base salary for Lewis Cirne, the Company’s Chief Executive Officer, was increased to $450,000 to be more in line with benchmarks for CEO salaries. Mr. Cirne’s target annual cash bonus opportunity remained at the same percentage as fiscal 2018. The Company’s other two named executive officers, Mark Sachleben and James Gochee, received annual salary increases for fiscal 2019 of 10% and 5%, respectively, but no change to their target annual cash bonus opportunity percentages.
In addition, the Committee approved a stock option grant to Mr. Cirne, effective August 15, 2018, to purchase 107,876 shares of the Company’s Common Stock, which option is to vest and become exercisable with respect to 1/48th of the total number of shares subject to the award vesting in equal increments each month following the vesting commencement date of August 15, 2018, subject to his continued employment through each such vesting date. The Committee also approved equity award grants to Messrs. Sachleben and Gochee, effective August 15, 2018, split between stock options and restricted stock units (“RSUs”), the fair values of which were less than similar grants made to such executive officers in fiscal 2018. These equity awards vest in the same manner as the fiscal 2018 grants to such officers. Each stock option and RSU was granted to the Company’s 2014 Equity Incentive Plan and the form of Stock Option Grant Notice and Stock Option Grant Agreement or form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement, as applicable, in substantially the form approved previously by the Board or the Committee.
About New Relic, Inc. (NYSE:NEWR)
New Relic, Inc. (New Relic) is a provider of enterprise software. The Company’s cloud-based platform and range of products enable organizations to collect, store and analyze software data in real time. The Company’s New Relic Software Analytics Cloud consists of an integrated suite of products, a data database and an open platform. New Relic offers an integrated suite of products, namely, New Relic APM, for application performance management; New Relic Mobile, for mobile application performance management; New Relic Servers, for server monitoring for cloud and data centers; New Relic Browser, for end user experience monitoring and performance monitoring; New Relic Synthetics, for software testing through simulated usage; New Relic Plugins, plugins to extend its functionality into other applications; New Relic Alerts, for policy management and delivering alerts across entire suite of products, and New Relic Insights, for real-time big data analytics for business managers.
