Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Cash Compensation
The Committee approved annual cash compensation (consisting of base salary and
on-target incentive compensation) for each of the Executive Officers as set
forth in the table below, to be effective from
On-Target Incentive Name Title Base Salary Compensation Nicholas Cumins Chief Operating Officer €587,709 €587,709 (USD$652,944 ) (USD$652,944 ) Werner Andre Chief Financial Officer$400,000 $400,000
On-Target Incentive compensation payouts are made quarterly and are based upon the achievement of certain management-by-objectives ("MBO") annual goals. These MBO goals are set at the beginning of the annual performance period and contain a mix of quantitative and qualitative goals.
Annual Restricted Stock Unit Awards
As part of its annual equity award grant cycle, the Committee also approved an
annual grant of time-based restricted stock units covering shares of the
Company's Class B common stock (the "RSUs") to each of the Executive Officers
pursuant to the Company's 2020 Omnibus Incentive Plan (the "Plan"). The grant
date of the annual RSUs is
Name Title RSUs Nicholas Cumins Chief Operating Officer 22,525 Werner Andre Chief Financial Officer 13,580
As part of its annual equity award grant cycle, the Committee also approved an
annual grant of performance-based restricted stock units covering shares of the
Company's Class B common stock (the "PSUs") to each of the Executive Officers
pursuant to the Plan. The annual PSUs have a twelve-month performance period and
vest based on the same targets and criteria applicable to the first year of the
PSUs described below under "Extraordinary Restricted Stock Unit Awards" except
that, with respect to
The grant date of the annual PSUs is
Name Title On-Target PSUs
Nicholas Cumins Chief Operating Officer 22,525 (28,156 maximum)
Extraordinary Restricted Stock Unit Awards
The Committee also approved an extraordinary grant of time-based RSUs to the
Executive Officers pursuant to the Plan. The grant date of the RSUs is
Name Title RSUs Nicholas Cumins Chief Operating Officer 77,161 Werner Andre Chief Financial Officer 23,148
The Committee also approved an extraordinary grant of PSUs to the Executive Officers pursuant to the Plan.
The PSUs will vest subject to the attainment of performance goals over a
three-year performance period (the "Performance Period"). For each year of the
Performance Period, one-third of the PSUs will be subject to a cliff, whereby no
vesting of that portion will occur unless the Company's Adjusted EBITDA margin
(as defined in the Company's quarterly public filings) also equals or exceeds
the relevant target level for such year. Provided Adjusted EBITDA margin targets
are met, the total number of PSUs that will vest is based on a measurement of
New Business during the Performance Period against a cumulative New Business
target for the Performance Period. Final actual vesting will be determined on
For the purposes of the PSUs:
Annual New Business targets are weighted measures of the growth of recurring subscriptions, sales of licenses as booked and billed, and recognized revenues for services delivered. New Business targets exclude certain acquired revenues and control for the impacts of Company price increases and currency exchange fluctuations.
The grant date of the PSUs is
Name Title PSUs
Nicholas Cumins Chief Operating Officer 77,161
.
The foregoing is only a brief description of the material terms of the cash compensation, RSUs and PSUs. The Company intends to provide additional information regarding these compensation components in the Company's proxy statement for the 2023 Annual Meeting of Stockholders of the Company.
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