Business Context and Reporting Period
This Form 8-K filing by Commvault Systems, Inc. (CVLT) reports a corporate governance event dated April 6, 2021. The filing details the promotion of an executive officer and associated compensatory arrangements.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to executive compensation:
- Annual Base Salary: Increased to $400,000 for the promoted executive.
- Cash Bonus: Eligible for up to 50% of the annual base salary, subject to performance criteria.
- Long-Term Incentive: Anticipated award with an estimated value of $1,000,000, subject to Compensation Committee approval and vesting requirements.
Material Changes
The primary material change is the appointment of Gary Merrill as Chief - Business Operations, effective April 1, 2021. Mr. Merrill was previously the Vice President of Operations (April 2019–March 2021) and held prior finance roles including Vice President Finance and Chief Accounting Officer. His new responsibilities include financial planning & analysis, business operations, Customer Success Management, and Renewals teams.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, market outlook, or discussion of risks and contingencies. It confirms there are no undisclosed arrangements or family relationships influencing the appointment and that Mr. Merrill has no material interest in transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the final approval of the $1,000,000 estimated long-term incentive award by the Compensation Committee.
- Review the specific performance criteria required to achieve the 50% cash bonus.
- Confirm the vesting schedule and terms for the long-term incentive award.
- Check subsequent filings for any changes to the executive's role or compensation structure.