Five9, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Five9, Inc. on September 10, 2015. The filing addresses Item 5.02 regarding the departure of a director and the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance changes and director compensation arrangements.
Material Changes
- Board Appointment: Michael J. Burdiek was appointed to the Board of Directors and the Audit Committee, effective September 10, 2015. He serves as a Class I Director with a term expiring in 2018.
- Board Resignation: Tim Wilson resigned from the Board and the Audit Committee effective immediately prior to Mr. Burdiek's appointment.
- Compensation Policy Amendment: The Board amended the Non-Employee Director Compensation Policy. Newly appointed directors will no longer receive a $300,000 initial RSU grant. Instead, they receive a prorated portion of the annual $150,000 grant.
- Specific Grant: Mr. Burdiek was granted 26,809 Restricted Stock Units (RSUs) valued at $100,000 based on the September 10, 2015 closing stock price of $3.73.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business performance. The primary risk disclosure relates to the indemnification agreement entered into with Mr. Burdiek, requiring the Company to indemnify him to the fullest extent permitted under Delaware law against liabilities arising from his service.
Key Facts for Investor Verification
- Confirmation of Michael J. Burdiek's background and qualifications as a new Class I Director.
- Verification of the amended Non-Employee Director Compensation Policy regarding the reduction of initial RSU grants from $300,000 to a prorated $150,000 annual value.
- Details of the indemnification agreement filed as Exhibit 10.1 to the August 5, 2015 Form 10-Q.
- Confirmation that no other understandings or arrangements existed regarding Mr. Burdiek's selection.