t61796_8k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 8-K
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):

February 24, 2008
 
 
Internap Network Services Corporation
(Exact name of registrant as specified in its charter)
 
 
Delaware
000-27265
91-2145721
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
(IRS Employer
Identification Number)
 
 
 
 
 
250 Williams Street, Atlanta, GA
 
30303
(Address of principal executive offices)
 
(Zip Code)
 
Registrant's telephone number, including area code: (404) 302-9700
 
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
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 (see General Instruction A.2. below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


 
Item 5.02(e)      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
On February 24, 2008, the Compensation Committee (the “Committee”) of Internap Network Services Corporation (the “Company”) approved bonuses for certain executives pursuant to the 2007 Executive Bonus Award Incentive Plan, as amended, which is Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 filed on May 10, 2007 and Exhibit 99.6 to the Company’s Current Report on Form 8-K filed on November 19, 2007 (the “Plan”).  Payment of the Target Award Level, as defined in the Plan, shall be paid in cash.  Payment in excess of the Target Award Level shall be paid in shares of common stock.  The Company shall pay the bonuses on March 15 and shall determine the number of shares of common stock to be awarded based on the closing price of the Company’s stock price on March 14.  The Company shall withhold the number of shares necessary to cover the taxes each participant owes the Internal Revenue Service as a result of the vesting of the shares of common stock.
 
Tamara Augustyn, Vice President, Chief Accountant and Principal Accounting Officer, shall receive a cash bonus of $90,000.  Richard Dobb, Vice President and General Counsel, shall receive a bonus award equal to $129,060 of which $108,000 shall be paid in cash and $21,060 shall be paid in shares of common stock.   Philip Kaplan, Chief Strategy Officer, shall receive a bonus award equal to $103,905 of which $87,000 shall be paid in cash and $16,905 shall be paid in shares of common stock.  Vince Molinaro, Chief Operating Officer, shall receive a cash bonus of $75,000.
 

Signature
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 


 
 INTERNAP NETWORK SERVICES CORPORATION 
Date: February 26, 2008
  
 
 
  
 
  
 
 
  
 
  
By:
/s/ Richard P. Dobb
  
 
  
 
Richard P. Dobb