Massachusetts | 04-2787865 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] 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))
In connection with his appointment, the Company and Mr. Kouninis executed an offer letter on April 25, 2008, specifying the details of his compensation. Mr. Kouninis' offer letter provides for his employment on an "at-will" basis as its Vice President of Finance at an annual base salary of $200,000. Mr. Kouninis is eligible for an annual bonus of up to 20% of his base salary, subject to the funding provisions of the applicable bonus plan.
In the offer letter, Mr. Kouninis was also granted an option on April 25, 2008 to purchase 10,000 shares of the Company's common stock pursuant to the Company's 2004 Long-Term Incentive Plan, at an exercise price equal to the fair market value of the stock on that date. The option will vest on a five year vesting schedule, with 20% vesting after one year and the remaining 80% vesting in equal quarterly installments over the remaining four years.
A copy of Mr. Kouninis' offer letter is attached hereto as Exhibit 99.1.
Pegasystems Inc. | ||||||||
Date: June 05, 2008 | By: | /s/ Shawn Hoyt | ||||||
Shawn Hoyt | ||||||||
Vice President and General Counsel | ||||||||
Exhibit No. | Description | |
EX-99.1 | Exhibit 99.1 - Efstathios A. Kouninis Offer Letter |