Summary
This Form 8-K filing from Salesforce.com, Inc. (now Salesforce, Inc.) on June 30, 2014, primarily announces a significant leadership change within its finance department. Mark J. Hawkins has been appointed as the new Chief Financial Officer (CFO), effective August 1, 2014. This appointment brings an experienced executive with a background at companies like Autodesk, Logitech, Dell, and Hewlett-Packard to Salesforce's leadership team. The filing details the terms of Mr. Hawkins' employment, including his base salary, target bonus, a substantial sign-on bonus, and significant equity awards in the form of restricted stock units and stock options. The outgoing CFO, Graham Smith, will transition to an advisory role until his retirement in March 2015.
Key Highlights
- 1Appointment of Mark J. Hawkins as Chief Financial Officer (CFO) effective August 1, 2014.
- 2Graham Smith, the previous CFO, will remain with the company in an advisory capacity until his retirement on March 31, 2015.
- 3Mr. Hawkins brings extensive financial leadership experience from previous roles at Autodesk, Logitech, Dell, and Hewlett-Packard.
- 4Hawkins' compensation package includes an annual base salary of $650,000, a target annual bonus of 100% of base salary, and a $500,000 sign-on bonus.
- 5Equity awards for Mr. Hawkins include 30,000 restricted stock units and an option to purchase 413,000 shares of common stock, subject to vesting.
- 6The employment agreement includes severance provisions for termination without cause or voluntary termination for good reason, entitling Mr. Hawkins to one year of base salary and target bonus.
- 7Hawkins' compensation is subject to Salesforce's "clawback" policies.