EPAM Systems, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by EPAM Systems, Inc. on April 11, 2017. The report discloses the appointment of a new Principal Accounting Officer.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation details for the new appointee:
- Annual Base Salary: $240,000
- Target Bonus: 40% of base salary
- Initial Equity Grant: 778 Restricted Stock Units (RSUs) valued at $50,000
Material Changes
On April 11, 2017, the Company appointed Gary Abrahams as Principal Accounting Officer. Mr. Abrahams previously served as Vice President and Corporate Controller since June 2016 and as an independent contractor since March 2016. This appointment formalizes his role as the Company's Principal Accounting Officer.
Management Commentary and Agreements
Mr. Abrahams brings over 25 years of experience in global corporate financial management and "Big Four" public accounting firms. His background includes senior finance roles at Shire Pharmaceuticals, Preferred Sands, and Bracco Diagnostics. The appointment is governed by an Offer Letter dated May 31, 2016, and a Restrictive Covenant Agreement which includes a perpetual nondisclosure covenant and a one-year nonsolicitation/noncompete agreement post-termination. The filing confirms no family relationships with other executives and no related person transactions.
Investor Verification Checklist
- Verify the effective date of the Principal Accounting Officer appointment (April 11, 2017).
- Confirm the total compensation package structure (salary, bonus, and equity) for the new officer.
- Review the terms of the Restrictive Covenant Agreement regarding noncompete duration.
- Note that this filing contains no financial performance data for the period.