Summary
This 8-K filing from Priceline.com Incorporated (later renamed Booking Holdings Inc.) on March 10, 2010, primarily details the granting of performance share units to key executive officers. The grants are tied to specific performance targets over a three-year period (2010-2012) and require continued service through March 1, 2013, for vesting, with certain exceptions. This aligns executive compensation with the company's long-term performance and retention goals. Investors should note that the specific performance metrics and targets are not fully disclosed due to confidential treatment requests, but the structure indicates a focus on driving sustained growth and achieving strategic objectives across different segments of the business, including consolidated operations, domestic operations, and the international Booking.com B.V. entity. The filing signifies management's commitment to the company's future success and incentivizes them to deliver results over the medium term.
Key Highlights
- 1Priceline.com Incorporated granted performance share units to executive officers on March 4, 2010.
- 2Key executives receiving grants include the CEO, Vice Chairman, Head of Worldwide Strategy, CEO of priceline.com International, General Counsel, and President of North American Travel.
- 3The performance share units are tied to achieving specific performance targets over a three-year period (January 1, 2010, to December 31, 2012).
- 4Vesting of these units requires executive officers to remain employed through March 1, 2013, subject to certain exceptions (e.g., change in control, termination for cause or good reason).
- 5Performance targets are segmented, with some grants based on consolidated operations, others on unconsolidated domestic operations, and one on the performance of Booking.com B.V.
- 6Specific performance metrics and targets are confidential and have been filed separately with the SEC.
- 7The grants are made under the company's stockholder-approved 1999 Omnibus Plan, as amended.