-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KstgEa/RT2XcGikV9t2BlXQXDBI+VWD0r0Q0pET8gLQpRfsAbaTPnFYeFF4hOwJL 5/MTAe6UT+tY5uB3fq1Isw== 0001193125-06-116387.txt : 20060519 0001193125-06-116387.hdr.sgml : 20060519 20060519163220 ACCESSION NUMBER: 0001193125-06-116387 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20060515 ITEM INFORMATION: Entry into a Material Definitive Agreement FILED AS OF DATE: 20060519 DATE AS OF CHANGE: 20060519 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SEACHANGE INTERNATIONAL INC CENTRAL INDEX KEY: 0001019671 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] IRS NUMBER: 043197974 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21393 FILM NUMBER: 06855717 BUSINESS ADDRESS: STREET 1: 124 ACTON ST STREET 2: 2ND FLOOR CITY: MAYNARD STATE: MA ZIP: 01754 BUSINESS PHONE: 9788970100 MAIL ADDRESS: STREET 1: 124 ACTON ST STREET 2: SECOND FLOOR CITY: MAYNARD STATE: MA ZIP: 01754 8-K 1 d8k.htm FORM 8-K Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): May 15, 2006

 

SEACHANGE INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

DELAWARE   0-21393   04-3197974

(State or Other Jurisdiction of

Incorporation or Organization)

   (Commission File Number)  

(I.R.S. Employer

Identification No.)

 

50 Nagog Park, Acton, MA   01720
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number including area code: (978) 897-0100

No change since last report

(Former Name or Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 1.01. Entry into a Material Definitive Agreement.

On May 15, 2006, the fiscal year 2007 compensation and bonus plan was established for William C. Styslinger, III, the Chairman, President and Chief Executive Officer of SeaChange International, Inc. (“SeaChange”).

Under this plan, Mr. Styslinger will receive a base salary of $375,000 per annum. In addition, Mr. Styslinger will be eligible to receive a cash bonus and an award of restricted stock units, contingent on the satisfaction by Mr. Styslinger and SeaChange of a number of criteria, including:

 

  •   achieving target fiscal year 2007 revenues; earnings before interest, taxes, depreciation and amortization (EBITDA); and cash and marketable securities positions as at January 31, 2007; and

 

  •   achieving certain other agreed upon corporate objectives.

If the target criteria are satisfied, Mr. Styslinger would receive a cash bonus of $85,000 and an award of 12,000 restricted stock units. The plan provides that if any of these criteria are not satisfied, the Compensation and Option Committee has the discretion to determine the amount, if any, of cash bonus and restricted stock units awarded to Mr. Styslinger. The plan also provides that the amount of the cash bonus and restricted stock units awarded may be adjusted upward both in predetermined amounts if certain additional financial criteria are satisfied and at the discretion of the Compensation and Option Committee if other substantial achievements related to shareholder value are realized.

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

SEACHANGE INTERNATIONAL, INC.
By:  

/s/ Kevin M. Bisson

  Kevin M. Bisson
 

Chief Financial Officer, Treasurer, Secretary

and Senior Vice President, Finance and

Administration

Dated: May 19, 2006

 

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