Business Context and Reporting Period
This Form 8-K filing by Commvault Systems, Inc. was submitted on July 31, 2018. The report addresses corporate governance changes, specifically the departure of a director and the appointment of a new director to the Board of Directors.
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 personnel changes and does not contain financial performance data.
Material Changes
- Director Resignation: Joseph F. Eazor resigned from the Board of Directors and all associated committees effective July 31, 2018. The filing states this resignation was not due to any disagreement regarding the company's operations, policies, or practices.
- Director Appointment: Nicholas Adamo was appointed as a Class I Director, effective August 1, 2018, to serve until the 2019 Annual Meeting of Stockholders. He was also appointed to the Operations Committee.
Guidance, Outlook, and Compensation
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. Regarding compensation for the new appointment:
- Mr. Adamo will receive an annual director retainer in cash, prorated for his partial year term.
- He is anticipated to receive a grant of restricted stock units at the 2018 Annual Meeting of Stockholders, consistent with the equity grant cycle for other directors.
- Compensation terms align with the company's non-employee director compensation policy detailed in the 2018 Proxy Statement.
Key Facts for Investor Verification
- Confirm the effective dates of Joseph F. Eazor's resignation (July 31, 2018) and Nicholas Adamo's appointment (August 1, 2018).
- Verify the specific terms of the restricted stock unit grant for Mr. Adamo in the 2018 Annual Meeting materials.
- Review the attached Press Release (Exhibit 99.1) for additional context on the board transition.
- Note that this filing contains no financial data; refer to the most recent 10-Q or 10-K for financial metrics.