TELENAV, INC. (NASDAQ:TNAV) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On August 1, 2017, the Compensation Committee of the Board of Directors (the “Committee”) of Telenav, Inc. (the “Company”) approved the compensation arrangements of and grants of restricted stock units (“RSUs”) to certain executive officers of the Company for the fiscal year ending June 30, 2018 (“fiscal 2018”). The fiscal 2018 compensation arrangements for and RSUs granted to such executive officers are as follows:
|
Name |
Base Salary |
Bonus Target for Fiscal 2018 as a Percentage of Base Salary |
Restricted Stock Units |
|
|
H.P. Jin President, Chief Executive Officer and Chairman |
$380,000 |
% |
||
|
Michael W. Strambi Chief Financial Officer and Treasurer |
$315,000 |
% |
90,000 |
|
|
SalmanDhanani Co-President, Automotive Business Unit |
$280,000 |
% |
100,000 |
|
|
Philipp Kandal Senior Vice President, Engineering |
€268,791 |
% |
40,000 |
|
|
Hassan Wahla Co-President, Automotive Business Unit |
$280,000 |
% |
80,000 |
The base salaries listed for the executive officers in the table above are effective as of September 1, 2017. The bonus targets specified for the executive officers in the table above are for use under the Company's Executive Bonus Plan for fiscal 2018. The Company's Chief Executive Officer may make adjustments to the bonus targets of up to 15% of each bonus target to the terms of the Executive Bonus Plan.
The RSUs granted to the Company's executive officers listed in the table above will be effective as of August 10, 2017, or the vesting commencement date, and will vest as to 1/4th of the shares each year after the vesting commencement date on the same day of the year as the vesting commencement date, subject to the executive officer's continuous status as a service provider. The RSUs were granted under the Company's 2009Equity Incentive Plan, as amended.
Also on August 1, 2017, the Compensation Committee and Board of Directors of the Company appointed Lily M. Toy as General Counsel and Secretary of the Company.
About TELENAV, INC. (NASDAQ:TNAV)
TeleNav, Inc. (Telenav) is a provider of location-based platform services. The Company’s services consist of its automotive and mobile navigation platform and its advertising delivery platform. The Company operates through three segments: automotive, advertising and mobile navigation. The automotive segment provides its map and navigation platform to auto manufacturers and original equipment manufacturers (OEMs) for distribution with their vehicles. The advertising segment provides interactive mobile advertisements on behalf of its advertising clients to consumers based on the location of the user and other targeting capabilities. The mobile navigation segment provides its map and navigation platform to end users through mobile devices. The Company’s auto and mobile navigation platform allows it to deliver location-based services to auto manufacturers, developers and end users through various distribution channels, including wireless carriers.
