01—Abstract
Summary
Summary of the 8-K filed June 30, 2014. Cited figures are marked; the original filing is the authoritative source.
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.
02—Key points
Key Highlights
- Appointment of Mark J. Hawkins as Chief Financial Officer (CFO) effective August 1, 2014.
- Graham Smith, the previous CFO, will remain with the company in an advisory capacity until his retirement on March 31, 2015.
- Mr. Hawkins brings extensive financial leadership experience from previous roles at Autodesk, Logitech, Dell, and Hewlett-Packard.
- Hawkins' 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.
- Equity awards for Mr. Hawkins include 30,000 restricted stock units and an option to purchase 413,000 shares of common stock, subject to vesting.
- The 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.
- Hawkins' compensation is subject to Salesforce's "clawback" policies.
03—Questions
Frequently Asked Questions
Who is the new Chief Financial Officer (CFO) for Salesforce?
Mark J. Hawkins has been appointed as the new CFO of Salesforce, effective August 1, 2014. He has a strong background in finance from his previous roles at companies such as Autodesk and Logitech.
What is the financial compensation package for Mark J. Hawkins?
Mr. Hawkins will receive an annual base salary of $650,000, a target annual bonus of 100% of his base salary, and a $500,000 sign-on bonus. He will also be granted 30,000 restricted stock units and an option to purchase 413,000 shares of common stock, both subject to standard vesting provisions.
What is the role of the outgoing CFO, Graham Smith?
Graham Smith, the former CFO, will remain with Salesforce in an advisory role until his planned retirement on March 31, 2015. His transition terms were previously disclosed.
What are the severance terms for Mark J. Hawkins?
If Mr. Hawkins' employment is terminated by the company without cause, or if he voluntarily resigns for good reason, he is entitled to receive a payment equal to one year of his annual base salary and target bonus, paid in monthly installments. This benefit is contingent upon him signing a release of claims.
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