WEB.COM GROUP, INC. (NASDAQ:WEB) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k
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WEB.COM GROUP, INC. (NASDAQ:WEB) 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 Principal Officers; Election
of Directors; Appointment of Principal Officers; Compensatory
Arrangements of Certain Officers

Approval of 2015 PSU and 2016 PSU Award Vesting
On February 14, 2017, the following performance-based restricted
stock units granted in 2015 (2015 PSUs) and 2016 (“2016 PSUs”) to
the following executive officers (the “Named Executive Officers”)
of Web.com Group, Inc. (the “Company”) under the Companys 2014
Equity Incentive Plan (the Plan), vested as follows:
Name
2015 PSU Shares(1)
2016 PSU Shares(2)
David L. Brown
President and Chief Executive Officer
12,274
16,364
Kevin M. Carney
Chief Financial Officer
3,682
4,909
Roseann Duran
Chief People Officer
1,534
2,455

(1) The 2015 PSUs were granted in 2015 with a vesting
period of three years. The actual number of shares that may be
earned and issued for a particular year may range from 0-200% of
1/3 of the target number of shares based upon the over
achievement or under achievement of the financial measures for
the relevant performance period. The percentage achievement in
2016 was 37%.

(2) The 2016 PSUs were granted in 2016, also with a vesting
period of three years. The actual number of shares that may be
earned and issued for a particular year may range from 0-200% of
1/3 of the target number of shares based upon the over
achievement or under achievement of the financial measures for
the relevant performance period. The percentage achievement in
2016 was 49%.
The financial measures for the 2017 period will consist of non-GAAP
revenue and adjusted EBITDA targets, with a performance multiplier
based on total stockholder return, relative to the Company’s peer
group.
Approval of 2017 Equity Awards
On February 14, 2017, the Named Executive Officers received under
the Plan performance-based restricted stock units (“Target 2017
PSUs”), and restricted stock>(“2017 RSs”), to acquire the
following numbers of shares of Web.com the Company’s common stock:
Name
2017 RSs
Target 2017 PSUs
David L. Brown
President and Chief Executive Officer
100,000
100,000
Kevin M. Carney
Chief Financial Officer
30,000
30,000
Roseann Duran
Chief People Officer
15,000
15,000
The 2017 RSs shall vest as follows: 1/4th of the number of shares
on the first anniversary of the grant date; 1/4th of the number of
shares on the second anniversary of the grant date; 1/4th of the
number of shares on the third anniversary of the grant date; and
1/4th of the number of shares on the fourth anniversary of the
grant date.
The 2017 PSUs shall vest over a three-year term based on financial
targets determined by the Compensation Committee. The financial
measures for the 2017 period will consist of non-GAAP revenue and
adjusted EBITDA targets, with a performance multiplier based on
total stockholder return, relative to the Company’s peer group.
The actual number of shares that may be earned and issued in each
vesting period may range from 0-200% of 1/3 of the
target number of shares set forth in the table above based upon the
over achievement or under achievement of the financial measures for
the relevant performance period.
No shares subject to the 2015 PSUs, 2016 PSUs, the 2017 PSUs or
2017 RSs shall vest on any vesting date if on such date the Named
Executive Officer is not providing Continuous Service (as such term
is defined in the Plan) to the Company or any of its subsidiaries.


About WEB.COM GROUP, INC. (NASDAQ:WEB)

Web.com Group, Inc. provides a range of Internet services to small businesses. The Company operates through Web services and products segment. The Company offers subscription-based solutions including domains, hosting, Website design and management, search engine optimization, online marketing campaigns, local sales leads, social media, mobile products and e-commerce solutions. The Company offers Domain Name Registration and Services, Do-It-For-Me Web Solutions, Do-It-Yourself Web Solutions and Online Marketing Services. The Company offers online advertising opportunities for companies focused on small businesses to be featured on its Websites. The Company offers directory listings, which is an online search directory that gives businesses online exposure. The Company also offers a range of domain name services, including domain name registration, transfers, renewals, expiration protection and privacy services.

WEB.COM GROUP, INC. (NASDAQ:WEB) Recent Trading Information

WEB.COM GROUP, INC. (NASDAQ:WEB) closed its last trading session down -0.10 at 20.70 with 476,815 shares trading hands.