RNOW » Topics » Item 1.01. Entry into a Material Definitive Agreement.

This excerpt taken from the RNOW 8-K filed May 8, 2007.

Item 1.01.              Entry into a Material Definitive Agreement.

On March 7, 2007, RightNow Technologies, Inc. (the “Company”) amended its employment offer letters with its Chief Executive Officer and its other executive officers to provide that if such executive officer’s employment with the Company is terminated by the Company without cause within twelve months following the date of a change in control of the Company, or such executive officer terminates his or her employment with the Company for good reason within twelve months following the date of a change in control of the Company, then such executive officer will receive: (i) acceleration of 100% of his or her then unvested stock options in connection with stock option awards made after the date of such letter, subject to the terms and conditions of each stock option agreement, and (ii) a minimum of twelve months’ salary and bonus as severance in the form of salary continuation in the case of the Chief Executive Officer, and a minimum of six months’ salary and bonus as severance in the form of salary continuation in the case of any executive officer other than the Chief Executive Officer.  This amendment was made to incorporate a similar policy that the Company’s board of directors had adopted in 2004.

On March 23, 2007, the term of a lease the Company signed with Genesis Partners, LLC on November 1, 2005 for approximately 29,148 square feet of office space at 136 Enterprise Boulevard, Bozeman, Montana, commenced due to the premises becoming available for occupancy on March 23, 2007.  Greg Gianforte, the Company’s Chairman, Chief Executive Officer and President, and Steve Daines, the Company’s Vice President of Customer Delivery, beneficially own, directly or indirectly, 50% and 25% membership interests in Genesis Partners, respectively.  The remaining 25% of Genesis Partners is beneficially owned by Mr. Daines’ father, Clair Daines, who is a commercial real estate developer and builder.  The 136 Enterprise Boulevard lease has a 120-month term that commenced on March 23, 2007, with two options to extend each for an additional 60-month period, and the right to terminate after 84 months of occupancy with 24 months prior written notice of termination.  The Company’s current rent is $35,220.50 per month for the 136 Enterprise Boulevard lease, including insurance, taxes and common area maintenance, but excluding utilities.  The Company believes that the terms of this lease is no less favorable to it than they would have been if obtained from unaffiliated third parties.

This excerpt taken from the RNOW 8-K filed Apr 1, 2005.

Item 1.01  Entry into a Material Definitive Agreement

 

On March 28, 2005, RightNow Technologies, Inc. (the “Company”) entered into an office lease agreement with Genesis Partners, LLC.  The lease is for approximately 12,912 square feet of office space located at 110 Enterprise Boulevard, Bozeman, Montana.  The term of the lease is 60 months, which is expected to commence on or about May 1, 2005, and includes renewal options for two additional 60 month periods.  The monthly lease rate for the initial year will be $15,613, and increases by 2% on each anniversary date beginning in 2007.  An estimated additional $3,134 per month is payable for tenant improvements over the initial term.  The lease agreement is filed herewith as Exhibit 10.16 and is incorporated in its entirety herein by this reference.

 

Also on March 28, 2005, the Company renewed its other lease agreements with Genesis Partners, LLC for office space located at 45 Discovery Drive and 77 Discovery Drive in Bozeman, Montana.  The renewals include the same terms and conditions as the original leases, except for the negotiated rent.  The 45 Discovery Drive lease was renewed for a period of twelve months and includes an option to extend for one additional twelve-month period.  The renewed monthly rent for the 45 Discovery Drive has an initial term lease rate of $4,164, which declines to $2,776 per month approximately two weeks following the commencement of the lease at 110 Enterprise Boulevard.  The 77 Discovery Drive lease was renewed for a period of 60 months at a monthly rent of $11,105, and includes renewal options for two additional 60 month periods. The renewals of the 77 and 45 Discovery Drive leases are filed herewith as Exhibits 10.17 and 10.18, respectively, and are incorporated in their entirety herein by this reference.

 

Greg Gianforte, the Company’s Chairman, Chief Executive Officer and President, and Steve Daines, the Company’s Vice President of North American Sales, beneficially own, directly or indirectly, 50% and 25% membership interests in Genesis Partners LLC, respectively.  The remaining 25% of Genesis Partners is beneficially owned by Mr. Daines’ father, Clair Daines, who is a commercial real estate developer and builder.

 

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EXCERPTS ON THIS PAGE:

8-K
May 8, 2007
8-K
Apr 1, 2005
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