Apollo Education Group logo

SEC Filings

APOLLO EDUCATION GROUP INC filed this Form DEF 14C on 12/27/2013
Entire Document

of adjusted net income of not less than $190 million for the fiscal year ending August 31, 2013 and was attained. Consequently, one fourth of the restricted stock units vested August 31, 2013, and the balance of the restricted stock units will vest in three successive equal annual installments on each of the July 2, 2014, July 2, 2015 and July 2, 2016 vesting dates, provided the named executive officer continues in the Company’s employ through each such annual vesting date, subject to full vesting acceleration upon a change in control of the Company.
Executive Officer Performance Incentive Plan. On November 20, 2012, the Compensation Committee approved and implemented the Executive Officer Performance Incentive Plan for the 2013 fiscal year. The Plan was last approved by shareholders on October 6, 2011. The potential cash bonus payable under such plan was tied to the Company’s attainment of certain financial and non-financial performance goals that were established by the Compensation Committee for the 2013 fiscal year within the time prescribed by Code Section 162(m). The first two performance metrics were financial and were tied to operating income and net revenue, weighted at 50% and 30%, respectively, of the total bonus potential for the 2013 fiscal year, subject to certain adjustments also pre-authorized by the Compensation Committee. An additional non-financial performance metric, weighted at 20% of the total bonus potential, was pre-established in the area of employee productivity. Further information concerning such performance goals, the authorized adjustments to the operating income and net revenue metrics, and the threshold, target and maximum levels of attainment set for each goal may be found in the “Annual Cash Incentive Plan” subsection of the “Compensation Discussion & Analysis” section above.
The actual cash bonus amount that each named executive officer could earn under the plan for the 2013 fiscal year ranged from 0% to 200% of the target bonus amount.
Information concerning the actual incentive bonus earned under the plan by each named executive officer is set forth in the “Summary Compensation Information” table above. For further information concerning the Executive Officer Performance Incentive Plan, please see the “Compensation Discussion & Analysis” section above.