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[January 16, 2014]
COVISINT CORP FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers Appointment of new Directors On January 10, 2014, Covisint Corporation ("Covisint") appointed three new independent directors to serve on its Board of Directors, Lawrence David Hansen, Samuel M. Inman, III, and Philip Lay. As compensation, Messrs. Hansen and Lay will receive (a) an annual option grant awarded on worth $100,000 (calculated using the Black-Scholes options pricing model at grant date), which will vest in in equal parts over four (4) years; (b) an annual cash retainer of $25,000, and (c) additional cash retainers payable annually based on their roles on the Company's various Board committees to which they are appointed. As compensation for three years of service, Mr. Inman will receive a grant of options to purchase shares of our common stock worth $375,000 (calculated using the Black-Scholes options pricing model at grant date), which will vest in equal parts over three (3) years.
The press release announcing Messrs. Hansen, Inman and Lay's appointment is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibit is filed herewith: Exhibit No. Description 99.1 Press Release, dated January 16, 2014.
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