First Advantage 8-K 2005
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): August 5, 2005
FIRST ADVANTAGE CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
One Progress Plaza, Suite 2400
St. Petersburg, Florida 33701
(Address of principal executive offices)
(Registrants telephone number)
(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):
On August 5, 2005, the First Advantage Corporations (the Company) Board of Directors, upon recommendation of the Companys compensation committee, approved the Senior Executive Annual Incentive Program (Incentive Program), which memorializes the qualitative and quantitative measurements to be used to determine whether certain senior executives of the Company are eligible for incentive bonus awards for fiscal year 2005. Eligible participants include the Companys name executive officers and the following senior executives: General Counsel, Chief Information Officer, Chief Marketing Officer, and Division President. The Companys named executive officers comprised of, John Long, Chief Executive Officer and President, John Lamson, Chief Financial Officer and Executive Vice President, Akshaya Mehta, Chief Operating Officer and Executive Vice President, and Evan Barnett, Business Unit President, each have a target award opportunity equal to 100% of their base salary for fiscal year 2005. The target award opportunity for all participants is based upon the achievement of certain performance measurements. For Messrs. Long, Lamson and Mehta, the performance measurements are comprised of financial measurements of the Company as a whole and non-financial measurements at the following relative weight:
For Messr. Barnett, the performance measurements are also comprised of financial and non-financial measurements at the following relative weight:
The actual bonuses earned by the Companys named executive officers are then determined by comparing the Companys actual performance, or the Business Units performance, as the case may be, during fiscal year 2005 against the target performance goals for the above-mentioned performance measurements. The fiscal 2005 bonus threshold and maximum amounts will range from 25% of the target bonus amount to 150% of the target bonus amount for the Companys named executive officers based on performance achievement of between 85% of the target and 115% of target.
In the event of termination of employment of any participant during fiscal year 2005, the compensation committee may in its sole discretion, determine the amount, timing, and form or any bonus payments payable under the Incentive Program.
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.