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IPASS INC FILES (8-K) Disclosing Change in Directors or Principal Officers(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 Officers. On October 2, 2014, the Compensation Committee of the Board of Directors of iPass Inc. revised the iPass 2014 Executive Bonus Plan, which plan is described in iPass's Form 8-K filed with the Securities and Exchange Commission on April 29, 2014. The Compensation Committee made the following revisions to strengthen the retention value of existing compensation, particularly in light of the strategic process announced by iPass on September 8, 2014: 1. provided that bonuses for fourth quarter 2014 performance will be paid on March 31, 2015, and that the executive officer must be employed by iPass on that date to earn the bonus unless a change in control of iPass occurs prior to that date, in which case the bonus will be earned on the date of the change of control of iPass; 2. removed the minimum EBITDA threshold for bonuses to be earned for the fourth quarter; and 3. decreased the 2014 fourth quarter Total Open Mobile Revenue performance targets, which decreased amounts continue to remain targets that the Compensation Committee believes will be difficult to achieve. In addition, the Compensation Committee approved a discretionary bonus to iPass's Chief Financial Officer, Karen Willem, in the amount of $50,000 for her efforts in the sale of the iPass Unity business, which occurred on June 30, 2014. -------------------------------------------------------------------------------- [ Back To TMCnet.com's Homepage ] |