Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of
report (Date of earliest event
reported) January
29, 2008
(Exact
Name of Registrant as Specified in Its Charter)
(State
or
Other Jurisdiction of Incorporation)
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000-19960
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02-0405716
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Quorum
Office Park
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271
Mill Road
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Chelmsford,
Massachusetts
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01824
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(Registrant’s
Telephone Number, Including Area Code)
Check
the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation
of
the registrant under any of the following provisions (see General Instruction
A.2.
below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act
(17 CFR 240.13e-4(c))
Item
5.02 Departure of
Directors or Certain Officers; Election of Director; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers
(c)
Appointment
of Worldwide
Vice President of Sales.
On
January 29, 2008, the Company's Board
of Directors approved the appointment of Robert Clemens as Worldwide Vice
President of Sales. Mr. Clemens base salary will be $180,000. In
addition, the Board's Compensation and Stock Committee approved a commission
plan for Mr. Clemens based on world wide company software license, new
maintenance, professional services and training bookings, effective beginning
January 1, 2008. If Mr. Clemens achieves aggregate pro rated FY08
sales targets, he would receive a commission equal to approximately $125,000,
subject to increased commissions if he exceeds performance targets. The Company
reserves the right to modify, suspend or terminate any or all terms and
provisions of the commission plan, with or without notice. Mr.
Clemens is not included in the Company’s executive bonus
plans.
Clemens,
age 50, was Datawatch’s Vice President of North American Sales from April 2007
to January 2008. Prior to Datawatch, Clemens was Director of Sales for Zantaz
from April 2006 to April 2007, Vice President, Worldwide Sales of GaleForce
Solutions from February 2005 to March 2006 and Director of Channel Sales, North
America at Business Objects from September 1999 to January 2005.
(e)
Compensation
Plan.
The
Compensation and Stock Committee of the Board of Directors (the “Committee”)
also approved a fiscal 2008 Executive Sales Commission Plan, which provides
that
Messrs. Bero (as to the first quarter of FY 2008) and Kitchen (as to the
full
year of FY 2008) are eligible for commissions equal to 1% of any increase
in the
Company’s total revenue, as compared to the same quarter of the prior fiscal
year. For purposes of determining the prior year revenue amounts, revenues
that
were received by Clearstory Systems, Inc., from which the Company purchased
its
Datawatch|BDS product in May 2006, will be included with respect to such
product
to compute any increase in revenues. The payments under the Executive Sales
Commission Plan will be measured and paid on a quarterly
basis.
SIGNATURES
Pursuant
to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report
to
be signed on its behalf by the undersigned hereunto duly
authorized.
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DATAWATCH
CORPORATION
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Date: January
31, 2008
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By:
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/s/ Kenneth
P. Bero |
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Name:
Kenneth P. Bero |
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Title:
President and Chief Executive Officer |
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