ASPEN TECHNOLOGY INC /DE/ FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
On July 23, 2014, we approved an Executive Annual Incentive Bonus Plan (Fiscal
Year 2015) for Antonio J. Pietri, our President and Chief Executive Officer, and
for certain other members of our senior management, including each of our other
executive officers: Mark P. Sullivan, our Executive Vice President and Chief
Financial Officer; Manolis E. Kotzabasakis, our Executive Vice President,
Products; and Frederic G. Hammond, our Senior Vice President and General
Counsel. Each such plan was identical, except for the amount of the executive's
The purpose of these fiscal 2015 plans is to motivate and reward performance for
the achievement of the company's performance objectives for fiscal 2015.
Payments under each plan are based upon the achievement of annual corporate
financial metrics. Each of the target amounts is established by the board and is
weighted at 50% for purposes of determining each executive's bonus. In order for
any bonus to be payable under a plan, we must achieve at least 70% of each of
the target amounts.
Performance against the corporate financial metrics will be evaluated mid-year
and at year-end. Each executive has the potential for a mid-year payment, in an
amount not to exceed 25% of the executive's annual bonus target, based on
performance against mid-year target amounts for the corporate performance
metrics. The year-end payment is based on total annual performance against the
annual performance targets, less any payment received at mid-year. If an
executive's employment terminates prior to the end of the performance period,
eligibility for any payment will be subject to the retention agreement then in
effect between us and the executive.
Under the plans, the compensation committee of the board of directors may make a
discretionary award to an executive in such amount as the compensation committee
determines to be appropriate and in the best interests of our company.
A copy of the form of the Executive Annual Incentive Bonus Plan (Fiscal Year
2015) is included as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
10.1 Aspen Technology, Inc. Executive Annual Incentive Bonus Plan
(Fiscal Year 2015)
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