0001437749-15-012341.txt : 20150616 0001437749-15-012341.hdr.sgml : 20150616 20150616060245 ACCESSION NUMBER: 0001437749-15-012341 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20150611 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20150616 DATE AS OF CHANGE: 20150616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Internet Patents Corp CENTRAL INDEX KEY: 0001077370 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 943220749 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35359 FILM NUMBER: 15933142 BUSINESS ADDRESS: STREET 1: 10850 GOLD CENTER DR STREET 2: SUITE 250B CITY: RANCHO CORDOVA STATE: CA ZIP: 95670 BUSINESS PHONE: 9168533300 MAIL ADDRESS: STREET 1: 10850 GOLD CENTER DR STREET 2: SUITE 250B CITY: RANCHO CORDOVA STATE: CA ZIP: 95670 FORMER COMPANY: FORMER CONFORMED NAME: INSWEB CORP DATE OF NAME CHANGE: 19990507 8-K 1 ptnt20150615_8k.htm FORM 8-K ptnt20150615_8k.htm

 

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): June 11, 2015

 

 

 Internet Patents Corporation

(Exact name of registrant as specified in its charter)

 

 

Delaware

0-26083

94-3220749

(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
     
 

101 Parkshore Dr., Suite 100 

  
  Folsom, California 95630  
  (Address of principal executive offices including zip code)   
     
 

(916) 932-2860

  
  (Registrant’s telephone number,  
  including area code)  

 

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:

 

[ ]

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 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On June 11, 2015, the Compensation Committee (the “Compensation Committee”) of the Board of Directors of Internet Patents Corporation (“IPC”) approved compensation plans for Hussein A. Enan, Chief Executive Officer; Steven J. Yasuda, Chief Financial Officer and Chief Accounting Officer; and L. Eric Loewe, General Counsel and Secretary for fiscal year 2015. The compensation plan for each executive consists of base salary and stock options as described below:

 

Name

Salary1

Stock Options2

Hussein A. Enan

$300,000

75,0003

Steven J. Yasuda

$175,000

40,0004

L. Eric Loewe

$240,000

100,0005

 

 

1

Mr. Enan’s salary is unchanged from 2014. Mr. Yasuda’s salary is retroactive to January 1, 2015; Mr. Loewe’s salary is retroactive to May 8, 2015.

 

 

2

All options expire on June 11, 2020 and have an exercise price of $2.76 per share.

 

 

3

12,500 vest on June 11, 2016; 25,000 vest in equal monthly installments from June 11, 2016 to June 11, 2018; 37,500 vest over three years in three equal installments based on achieving annual performance criteria.

 

 

4

20,000 vest immediately; 3,334 vest on June11, 2016; 6,666 vest in equal monthly installments from June 11, 2016 to June 11, 2018; 10,000 vest over three years in three equal installments based on achieving annual performance criteria.

 

 

5

50,000 vest immediately; 8,334 vest on June 11, 2016; 16,666 vest in equal monthly installments from June 11, 2016 to June 11, 2018; 25,000 vest over three years in three equal installments based on achieving annual performance criteria.                                                                           

 

 

SIGNATURES

 

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, hereunto duly authorized.

 

 

INTERNET PATENTS CORPORATION

   
   

Date: June 16, 2015

   By:

/s/ L. Eric Loewe

  
     

Name: L. Eric Loewe

  
      Title: Senior Vice President, General Counsel and Secretary