SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of earliest event reported: February 29, 2008
Internet Capital Group, Inc.
(Exact name of registrant as specified in charter)
Delaware | 001-16249 | 23-2996071 |
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
690 Lee Road, Suite 310, Wayne, PA 19087
(Address of Principal Executive Offices) (Zip Code)
(610) 727-6900
(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 |
2008 Performance Plan
On February 29, 2008, Internet Capital Group, Inc.'s (the "Company's") Board of Directors (the "Board") established the Internet Capital Group 2008 Performance Plan (the "Performance Plan"). The Performance Plan sets forth specific business goals against which the Company's executive officers, employees and other service providers will be measured for purposes of awarding bonuses in respect of the Company's fiscal year ending December 31, 2008. Awards under the Performance Plan can range between 0% and 200% of an individual's target amount.
The Company's 2008 goals include quantitative and qualitative goals. The relative weighting of each element of the Company-specific goals is described below.
Eighty percent of the bonus potential related to Company goals is tied to the accomplishment of quantitative goals. Realization of specified revenue goals for the Company's "core" and other key partner companies (the "Key Companies") accounts for 30% of the potential bonus award, and achievement of a specified EBITDA performance for the Key Companies accounts for 10% of the potential bonus award. Twenty percent of the potential bonus award is tied to attainment of a specified increase in the aggregate value of the Key Companies, and 20% of the potential bonus award relates to the Company's deployment of capital and strategic monetizations.
Twenty percent of the bonus is tied to execution against the following qualitative goals: (1) improvement in communicating the value of the Company's underlying assets, (2) building the ICG brand, (3) expansion of the ICG platform, (4) performance and competency of partner company executives, (5) reaction to unforeseen market/business conditions and (6) overall execution of strategic initiatives.
Following the end of the Company's fiscal year, the Compensation Committee of the Board (the "Compensation Committee") will evaluate the Company's 2008 performance and determine the extent to which the 2008 Company goals and individual goals were achieved. Based upon this assessment, the Compensation Committee will award bonuses in accordance with the terms of the Performance Plan.
The foregoing description of the Performance Plan does not purport to be complete and is qualified in its entirety by reference to the actual text of the Performance Plan. A copy of the Performance Plan is attached hereto as Exhibit 10.1 and is incorporated by reference herein.
Termination of Executive Deferred Compensation Plan
On February 29, 2008, the Company terminated the Internet Capital Group, Inc. Executive Deferred Compensation Plan.
Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are filed herewith:
Exhibit No. | Description |
10.1 | Internet Capital Group 2008 Performance Plan |
SIGNATURE
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, thereunto duly authorized.
| | INTERNET CAPITAL GROUP, INC. |
Date: March 5, 2008 | | By: | /s/ Suzanne L. Niemeyer |
| | Name: | Suzanne L. Niemeyer |
| | Title: | Managing Director, General Counsel and Secretary |
EXHIBIT INDEX
Exhibit No. | Description |
10.1 | Internet Capital Group 2008 Performance Plan
|
