Business Context and Reporting Period
This Form 8-K Current Report was filed by Network Appliance, Inc. on December 9, 2005, covering events occurring on December 7, 2005. The filing addresses a change in the company's principal officers.
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 executive compensation and appointment details.
Material Changes
Rob Salmon was promoted to Executive Vice President, Field Operations, effective December 7, 2005. Previously, he served as Executive Vice President of Worldwide Sales since September 2004. His employment remains on an "at-will" basis.
Management Commentary and Compensation Details
- Salary: Mr. Salmon's annual salary was increased to $375,000.
- Incentive Compensation: He is eligible for the FY06 Incentive Compensation Plan with a target payout of 60%.
- Stock Options: He received an option to purchase 75,000 shares of Common Stock at fair market value on the grant date.
- Vesting Schedule: 25% of the options vest on the first anniversary of the promotion date; the remainder vests monthly over the following three years.
Investor Verification Checklist
- Verify the exact vesting schedule and grant date for the 75,000 stock options.
- Confirm the specific terms of the FY06 Incentive Compensation Plan referenced in the filing.
- Review the company's most recent 10-K or 10-Q for current financial performance metrics, as this 8-K contains no financial data.