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RMKR > SEC Filings for RMKR > Form 8-K on 5-Oct-2009All Recent SEC Filings

Show all filings for RAINMAKER SYSTEMS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RAINMAKER SYSTEMS INC


5-Oct-2009

Change in Directors or Principal Officers


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

(e) As disclosed in our Form 8-K filed with the Commission on April 2, 2009, the following named executive officers identified in our 2008 proxy statement each voluntarily reduced their annual base salary by 20% for the period beginning April 1, 2009 through September 30, 2009: Michael Silton, President and Chief Executive Officer, Steve Valenzuela, Chief Financial Officer, and Philip Johnson, Vice President, Human Resources. Additionally, the Company's Board of Directors agreed to reduce their board fees by 30% beginning April 1, 2009 through June 30, 2009, and by 20% beginning July 1, 2009 through September 30, 2009.

On September 30, 2009, the named executive officers identified above agreed to extend the 20% reduction in their annual base salary and the Company's Board of Directors agreed to continue their 20% reduced board fees through November 30, 2009. In addition, for the period beginning December 1, 2009 through February 28, 2010, the above-referenced named executive officers voluntarily agreed to a temporary reduction in their annual base salaries of 10%, and the Board of Directors voluntarily agreed to a 10% temporary reduction in their board fees. The Board of Directors approved reinstating the annual base salaries of the above-referenced named executive officers and the board fees to the levels in effect prior to the temporary reductions, effective March 1, 2010. All other terms and conditions of the employment agreements of Messrs. Silton, Valenzuela and Johnson remain unchanged.


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