ServiceSource International, Inc. (NASDAQ:SREV) 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.
As discussed in Item 5.07 below, at the 2020 annual meeting of stockholders of ServiceSource International, Inc. (the “Company”) held on May 14, 2020 (the “Annual Meeting”), the stockholders voted to approve the Company’s 2020 Equity Incentive Plan (the “2020 Equity Incentive Plan”). The 2020 Equity Incentive Plan provides for (i) a reserve of 6,200,000 shares of the Company’s common stock that may be issued to awards under the 2020 Equity Incentive Plan and (ii) a term that expires on March 4, 2025. Permitted awards under the 2020 Equity Incentive Plan include, but are not limited to, options, stock appreciation rights, restricted stock, restricted stock units, performance stock units, and other cash and stock-based awards. The principal terms of the 2020 Equity Incentive Plan are described in the Company’s definitive proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on April 1, 2020 (the “Proxy Statement”), which description is incorporated herein by reference and is qualified in its entirety by the full text of the 2020 Equity Incentive Plan, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
On May 14, 2020, following the approval of the 2020 Equity Incentive Plan by the Company’s stockholders, the Company’s board of directors (the “Board”) terminated the 2011 Equity Incentive Plan (the “2011 Equity Incentive Plan”) with the effect that (i) no further awards may be issued under the 2011 Equity Incentive Plan, and (ii) all outstanding awards under the 2011 Equity Incentive Plan shall continue on and be unaffected by the termination of the 2011 Equity Incentive Plan.
Item 5.07. Submission of Matters to a Vote of Security Holders.
At the Annual Meeting, 83,610,303 of the 95,037,592 shares of common stock outstanding as of March 19, 2020, the record date, were represented at the meeting in person or by proxy, constituting 88% of the outstanding shares entitled to vote and a valid quorum. The stockholders of the Company voted on the following proposals at the Annual Meeting, each of which is more fully described in the Proxy Statement:
1. To elect eight nominees for director;
2. To authorize the Board, in its discretion, to amend the Company’s certificate of incorporation to effect a reverse stock split of the Company’s common stock in a ratio of not less than one-for-five and not more than one-for-ten, to be determined by the Board;
3. To approve the 2020 Equity Incentive Plan;
4. To approve, on an advisory basis, the Company’s 2019 executive compensation; and
5. To ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the Company’s fiscal year ending December 31, 2020.
The voting results for each of these proposals are detailed below.
1. Election of Directors
SERVICESOURCE INTERNATIONAL, INC. Exhibit
EX-10.1 2 exhibit1012020.htm EX-10.1 exhibit1012020 SERVICESOURCE INTERNATIONAL,…
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About ServiceSource International, Inc. (NASDAQ:SREV)
ServiceSource International, Inc. (ServiceSource) is a provider of customer and revenue lifecycle solutions that improve enterprise revenue relationships. The Company operates through two segments: Managed Services, and Cloud and Business Intelligence (CBI). Based on the science of Revenue Lifecycle Management (RLM), the Company provides business to business (B2B) companies with technology-enabled services and solutions that allow growing and retaining revenue from existing customers, directly or through a channel. Its solutions are based on solutions in the Revenue Lifecycle category. The components of its cloud solution consist of a suite of managed services and cloud technologies, and include ServiceSource Revenue Analytics, Renew OnDemand and ServiceSource Customer Success. Its managed services include renewal selling services, up-sell and cross-sell services, enablement and quoting services, warranty services, customer success services and onboarding services.
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