ZipRealty 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): March 27, 2007
(Exact name of registrant as specified in its charter)
2000 Powell Street, Suite 300
Emeryville, CA 94608
(Address of principal executive offices)
Registrants telephone number, including area code: (510) 735-2600
(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 March 27, 2007, the Compensation Committee of the Board of Directors of ZipRealty, Inc. (the Company) approved a Management Incentive Plan Fiscal Year 2007 (the MIP). Eligible persons under the MIP include all employees holding the position of Vice President or higher (other than Vice Presidents overseeing sales, who are covered under a separate incentive arrangement) and all headquarters-based full-time exempt (pursuant to federal and state wage and hour laws) employees. The MIP has been designed to motivate and retain these employees to achieve the Companys financial and operational goals for fiscal year 2007 and to promote retention. Payments under the MIP are subject to the Companys achievement of minimum revenue and earnings thresholds for fiscal year 2007 as well as, in the case of any particular employee, his or her individual performance. Incentive payments under the MIP are subject to other terms and conditions, as set forth more fully in the copy of the MIP that is filed as an exhibit to this report on Form 8-K.
(e) On March 27, 2007, at a regularly scheduled meeting, the Compensation Committee of the Board of Directors of the Company approved the following annual base salaries (effective April 1, 2007) and stock option grants for the Companys principal executive officer, principal financial officer and named executive officers. Each stock option granted vests as to 25% of the shares on the first anniversary of the date of grant and then vests ratably over the following three years, subject to the officers continued service to the Company on those dates. The options were granted at an exercise price of $7.11 per share, which was the closing price of the Companys common stock on The Nasdaq Global Market on the date of grant.
The following exhibit is furnished with this report on Form 8-K:
10.21 ZipRealty, Inc. Management Incentive Plan Fiscal Year 2007
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.
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