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) March 24, 2008

 

 

RADIANT SYSTEMS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Georgia   0-22065   11-2749765

(State or other jurisdiction

of incorporation)

  (Commission File Number)  

(IRS Employer

Identification No.)

 

3925 Brookside Parkway, Alpharetta, Georgia   30022
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (770) 576-6000

N/A

(Former name or former 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On March 24, 2008, the board of directors (the “Board”) of Radiant Systems, Inc. (the “Company”) determined the base salaries to be paid to the Company’s named executive officers for the fiscal year ending December 31, 2008:

 

Name

  

Title

   Base Salary

John H. Heyman

   Chief Executive Officer    $ 475,000

Alon Goren

   Chief Technology Officer    $ 300,000

Andrew S. Heyman

   Chief Operating Officer    $ 360,000

Mark E. Haidet

   Chief Technology Officer    $ 285,000

The Company also entered into short-term incentive plans (“STIPs”) with each of the named executive officers. The STIPs are designed with two performance levels: the expected performance level, which the Company refers to as “Budget,” and the aspirational performance level, which the Company refers to as “Target.” Budget represents the expected level of achievement and Target represents a higher, more challenging level of achievement. In order for the full potential bonus to be earned, Target must be achieved. Certain portions of the full potential bonus are paid in a proportionate fashion between Budget and Target. Below are the terms of the STIPs for the Company’s named executive officers for the 2008 fiscal year:

John H. Heyman – Chief Executive Officer

 

   

Potential bonus = 100% of base salary

 

   

Performance measure = operating income

 

   

Payout calculation

 

   

67% paid on Budget

 

   

33% paid proportionately between Budget and Target

 

   

Payout timing

 

   

100% paid out annually

Alon Goren – Chief Technology Officer

 

   

Potential bonus = 70% of base salary

 

   

Performance measure = operating income

 

   

Payout calculation

 

   

67% paid on Budget

 

   

33% paid proportionately between Budget and Target

 

   

Payout timing

 

   

100% paid out annually

Andrew S. Heyman – Chief Operating Officer

 

   

Potential bonus = 100% of base salary

 

   

Performance measure = operating income

 

   

Payout calculation

 

   

67% paid on Budget

 

   

33% paid proportionately between Budget and Target

 

   

Payout timing

 

   

100% paid out annually


Mark E. Haidet – Chief Financial Officer

 

   

Potential bonus = 70% of base salary

 

   

Performance measure = operating income, specified costs as a percent of revenues, and other objectives as defined by the Chief Executive Officer of the Company

 

   

Payout calculation

 

   

67% paid on Budget

 

   

33% paid on specified costs as a percent of revenues budget (paid proportionately between Budget and Target) and the achievement of other objectives as defined by the Chief Executive Officer of the Company

 

   

Payout timing

 

   

100% paid out annually

The Board also awarded non-qualified stock options and shares of restricted common stock to each of the named executive officers under the Company’s 2005 Long-Term Incentive Plan:

 

Name

   Number of Stock Options    Number of Restricted Shares

John H. Heyman

   166,174    26,634

Alon Goren

   29,081    4,661

Andrew S. Heyman

   110,783    17,756

Mark E. Haidet

   41,544    6,658


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.

 

RADIANT SYSTEMS, INC.
By:  

/s/ John H. Heyman

Name:   John H. Heyman
Title:   Chief Executive Officer

Dated: March 28, 2008