SUPPORT.COM, INC. (NASDAQ:SPRT) 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. |
Directors (the Committee) amended the 2008 Executive Incentive
Compensation Plan, as amended (the Plan). The amended Plan is
called the Second Amended and Restated Executive Incentive
Compensation Plan (Revised Plan). The Revised Plan motivates
and rewards select employees whose performance is critical to
the success of the Company. The amendments to the Revised Plan
added additional clarification surrounding the procedural
aspects of the plan operation including clarification on the
nomination and approval process for an eligible employee, the
determination of whether both Company and individual goals are
utilized for a specific bonus, and clarification that bonus
metrics may include thresholds and caps. No changes were made
to the definition of an eligible employee, designated
performance objectives or payment provisions.
Plan is qualified in its entirety by the full terms of the
Revised Plan (which is attached hereto as Exhibits 10.1).
thousand dollars ($50,000), less applicable withholdings (the
Bonus) to be provided to Chris Koverman, Vice President, Product
and Engineering, to certain conditions set out in the attached
letter (Bonus Letter). The material terms of the Bonus Letter are
summarized below.
duties in a fully satisfactory manner (as determined by the
Company in its good faith discretion) through October 31, 2017,
and he remains an employee of the Company in good standing
through that date.
the Bonus) if his employment is terminated by the Company prior
to the Payment Date for Cause (as defined in the Bonus Letter),
or if he resigns from his employment with the Company for any
reason prior to the Payment Date. If he is terminated by the
Company without Cause prior to the Payment Date, he will receive
the Bonus, less applicable withholdings.
| Item 9.01. |
Financial Statements and Exhibits.
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| (d) |
Exhibits.
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10.1
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Second Amended and Restated Executive Incentive
Compensation Plan |
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10.2
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Chris Koverman Bonus Letter
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About SUPPORT.COM, INC. (NASDAQ:SPRT)
Support.com, Inc. is a provider of cloud-based software and services for technology support. The Company offers outsourced support services for service providers, retailers, Internet of Things (IoT) solution providers and technology companies. It offers technology support services programs for both the consumer and small business markets, and includes computer and mobile device set-up, security and support, virus and malware removal, wireless network set-up, and home security and automation system support. Its cloud-based offering, Nexus, is a software-as-a-service solution for companies to support interactions with their customers. Its end user software products are designed to maintain, optimize and secure computers and mobile devices. Its principal software products include products designed for malware protection and removal (SUPERAntiSpyware); personal computer (PC), smartphone and tablet maintenance and optimization (Cosmos), and PC registry cleaning and repair (ARO). SUPPORT.COM, INC. (NASDAQ:SPRT) Recent Trading Information
SUPPORT.COM, INC. (NASDAQ:SPRT) closed its last trading session up +0.04 at 2.29 with 50,083 shares trading hands.