- Current report filing (8-K)
07 March 2009 - 8:06AM
Edgar (US Regulatory)
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): March 3, 2009
ZIPREALTY, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-51002
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94-3319956
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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2000 Powell Street, Suite 300
Emeryville, CA 94608
(Address of principal executive offices)
(Zip Code)
Registrants
telephone number, including area code: (510) 735-2600
Not Applicable
(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
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(e) On March 3, 2009, upon the recommendation of the Compensation Committee (the Committee) of the Board of Directors (the
Board) of ZipRealty, Inc. (the Company), the Board approved a Management Incentive Plan Fiscal Year 2009 (the MIP). Eligible persons under the MIP include all persons holding the position of Vice President
or higher (other than certain Vice Presidents overseeing sales, who are covered under a separate incentive arrangement). The MIP has been designed to motivate these employees to achieve the Companys financial and operational goals for fiscal
year 2009 and to promote retention. Payments under the MIP are subject to the Companys achievement of minimum revenue and earnings thresholds for fiscal year 2009. The MIP also provides for additional incentives based on the Company achieving
greater profitability, the Companys agents meeting certain productivity targets, and the Companys achievement of a target average customer service satisfaction rating. The Committee may, at any time and in its sole discretion, modify any
performance targets by taking into account various factors, including but not limited to general business and market conditions. Incentives earned under the MIP are structured to be paid semi-annually and to be paid partially in restricted stock and
partially in cash. The Committee reserves the right to modify payments under the MIP for any individual based on substandard or exceptionally outstanding 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.
Item 9.01
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Financial Statements and Exhibits.
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(d) Exhibits.
The following exhibit is furnished with this report on Form 8-K:
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10.1
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ZipRealty, Inc. Management Incentive Plan Fiscal Year 2009
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SIGNATURE
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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ZIPREALTY, INC.
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a Delaware corporation
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Dated: March 6, 2009
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By:
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/s/ Larry S. Bercovich
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Larry S. Bercovich
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Vice President and General Counsel
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INDEX TO EXHIBITS
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Exhibit
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Description
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10.1
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ZipRealty, Inc. Management Incentive Plan Fiscal Year 2009
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