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): January 19, 2007
FORRESTER RESEARCH, INC.
(Exact Name of Registrant as Specified in Charter)
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Delaware
(State or Other Jurisdiction
of Incorporation)
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000-21433
(Commission
File Number)
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04-2797789
(I.R.S. Employer
Identification No.) |
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400 Technology Square, Cambridge, Massachusetts
(Address of Principal Executive Offices)
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02139
(Zip Code) |
Registrant’s telephone number, including area code: (617) 613-6000
N/A
(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):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 5.02. Compensatory Arrangements of Certain Officers.
2007 Bonus Plan
On January 19, 2007 the Compensation and Nominating Committee (the “Committee”) of Forrester
Research, Inc. approved the Forrester Research, Inc. 2007 Matrix Bonus Plan (the “Plan”). All
employees of Forrester Research, Inc. and its subsidiaries (collectively, the “Company”), other
than temporary employees and employees who are covered by a sales compensation or commission-based
plan, are eligible to participate in the Forrester Research, Inc. 2007 Matrix Bonus Plan, including
all of the Company’s executive officers (collectively, “Participants”). The Company may modify,
amend, revoke or suspend the Plan at any time at its sole discretion.
The purpose of the Plan is to reward employees based on achievement of quarterly booked sales
accounts (“Bookings”) and operating profit goals for 2007, as well as for individual and team
performance. Under the terms of the Plan, the Company must achieve quarterly Bookings and operating
profit above a specified level in order for quarterly bonuses to be paid under the Plan.
An individual Participant’s quarterly bonus payout under the Plan (“Bonus Payout”) is based on
three factors: (i) the Participant’s quarterly target award, (ii) Company performance, and (iii)
the Participant’s individual and, if applicable, team performance.
Annual target awards range from 5% to 60% of a Participant’s base salary, based on the
Participant’s position with the Company. This amount is divided into four equal parts, each
representing a quarterly target award.
A matrix for each quarter containing Bookings on the x axis and operating profit on the y axis
is established based on the Company’s quarterly plan. The matrix allows for the payment of 10% to
160% of Participants’ target awards for the applicable quarter, depending on Company performance
for that quarter.
The plan sets quarterly minimum Bookings (“Threshold Bookings”) and operating profit
(“Threshold Operating Profit”) levels for the Company. If the Company meets Threshold Bookings and
Threshold Operating Profit, Participants become eligible to receive a Bonus Payout, subject to
adjustment for Individual Performance (defined below) and, if applicable, team performance.
A Participant’s Bonus Payout may be increased by as much as 50% or reduced to zero, based upon
management’s evaluation of such Participant’s overall performance and contributions to the Company
(“Individual Performance”).
Bonus Payouts under the Plan generally are paid on the last day of the month following the
last day of each fiscal quarter.
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