Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On
Under the terms of the Annual Incentive Plans, the named executive officers will be eligible to receive performance-based incentive bonuses based on the Company's achievement of fiscal 2021 non-GAAP bookings, provided an initial operating gate measured at fiscal 2021 non-GAAP operating profit margin is achieved, as detailed below.
For our anticipated named executive officers for fiscal 2021, the target funding
under the FY21 Executive Annual Incentive Plans are as follows: for
For the non-GAAP bookings metric: (a) at the threshold achievement level of less than 97% of target, the funding level is 0%; (b) above the threshold achievement level, the funding level increases incrementally, up to a level of 100% at 100% achievement; (c) above the target achievement level, funding increases incrementally, up to a cap of a 200% funding based on achievement of 107% of target; and (d) there is zero funding if the achievement is below 97% of target.
Notwithstanding the foregoing, an operating gate measured at fiscal 2021 non-GAAP operating profit margin must first be met. If fiscal 2021 non-GAAP operating profit margin is less than the target amount, no funding will be made under the Annual Incentive Plans.
With respect to the above metrics, the calculations will be made assuming that
foreign currency is held constant at plan rates. The measurement period for all
metrics is the fiscal year ending on
With the exception of
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