Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 13, 2009, NaviSite, Inc. (the "Company") announced that R. Brooks
Borcherding was appointed the Company's Senior Vice President of Sales and Chief
Revenue Officer, which appointment will be effective as of April 13, 2009. In
connection with Mr. Borcherding's appointment as Senior Vice President of Sales
and Chief Revenue Officer, the Company set his annual base salary at $200,000
and agreed to grant to Mr. Borcherding 200,000 shares of the Company's common
stock under the Company's Amended and Restated 2003 Stock Incentive Plan. The
shares issued to Mr. Borcherding will be restricted and will vest at the rate of
25% on the six month anniversary of the date of grant and thereafter in equal
amounts monthly over the following three year period until fully vested on the
42nd monthly anniversary of the date of grant, provided Mr. Borcherding remains
an employee of the Company on each such vesting date. Mr. Borcherding is
eligible to receive an annual bonus of up to 115% of $325,000 upon the
achievement of certain corporate objectives. Mr. Borcherding is guaranteed a
fiscal fourth quarter of 2009 bonus of at least $60,938.
From 2005 until April 2009, Mr. Borcherding served as the Strategy, Planning and
Operations Director of Cisco Systems, Inc. From 1997 to 2005, Mr. Borcherding
served as the Global Solutions Director of Avaya Inc.
Mr. Borcherding is 42 years old. There are no family relationships between
Mr. Borcherding and any director or other executive officer of the Company.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
The exhibit listed in the Exhibit Index below is filed with this report.
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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.
Date: April 13, 2009 NaviSite, Inc.
By: /s/ James W. Pluntze
James W. Pluntze
Chief Financial Officer
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