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): July 24, 2013

 

ASPEN TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in Charter)

 

 

 

Registrant’s telephone number, including area code: (781) 221-6400

 

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

 

On July 24, 2013, the board of directors and the compensation committee approved an Executive Annual Incentive Bonus Plan (Fiscal Year 2014) for Mark Fusco, our President and Chief Executive Officer, and for certain other members of our senior management, including each of our other executive officers: Mark P. Sullivan, our Executive Vice President and Chief Financial Officer; Antonio J. Pietri, our Executive Vice President, Field Operations; Manolis E. Kotzabasakis, our Executive Vice President, Products; and Frederic

G. Hammond, our Senior Vice President and General Counsel. Each such plan was identical, except for the amount of the executive’s target award.

 

The purpose of these fiscal 2014 plans is to motivate and reward performance for the achievement of the company’s performance objectives for fiscal 2014. Payments under each plan are based upon the achievement of predetermined annual corporate financial metrics consisting of target amounts for growth in total license contract value and cash flow from operations. Each of the target amounts is established by the board and is weighted at 50% for purposes of determining each executive’s bonus. In order for any bonus to be payable under a plan, we must achieve at least 70% of each of the target amounts.

 

Performance against the corporate financial metrics will be evaluated mid-year and at year-end. Each executive has the potential for a mid-year payment, in an amount not to exceed 25% of the executive’s annual bonus target, based on performance against mid-year target amounts for the corporate performance metrics. The year-end payment is based on total annual performance against the annual performance targets, less any payment received at mid-year. If an executive’s employment terminates prior to the end of the performance period, eligibility for any payment will be subject to the retention agreement then in effect between us and the executive.

 

Under the plans, the compensation committee or the Board may make a discretionary award to an executive in such amount as the compensation committee determines to be appropriate and in the best interests of our company.

 

A copy of the form of the Executive Annual Incentive Bonus Plan (Fiscal Year 2014) is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
10.1		Aspen Technology, Inc. Executive Annual Incentive Bonus Plan (Fiscal Year 2014)

 

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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 hereunto duly authorized.

 

	ASPEN TECHNOLOGY, INC.
Date: July 25, 2013	By:	/s/ Frederic G. Hammond
		Frederic G. Hammond Senior Vice President and General Counsel

 

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EXHIBIT INDEX

 

Exhibit No.		Description
10.1		Aspen Technology, Inc. Executive Annual Incentive Bonus Plan (Fiscal Year 2014)

 

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