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): October 1, 2010

Broadview Networks Holdings, Inc.
(Exact name of registrant as specified in its charter)

         
Delaware   333-142946   11-3310798
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
800 Westchester Avenue, Rye Brook, NY
  10573
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (914) 922-7000

 
 
(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 1, 2010, Broadview Networks Holdings, Inc. (the “Company”) paid annual bonuses to each of its named executive officers for services performed during 2009. The bonuses paid to each of the named executive officers for services performed during 2009 are set forth in the Company’s Summary Compensation Table below (which has been updated to include the bonus information and to recalculate the information that was previously provided with respect to each named executive officer in the Company’s Summary Compensation Table included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 29, 2010):
                                                         
Name and Principal                           Stock     Option     All Other        
Position   Year     Salary     Bonus     Awards     Awards     Compensation     Total  
Michael K. Robinson
    2009     $ 450,000     $ 240,000     $     $     $ 95,843     $ 785,843  
President and Chief
    2008       436,264       230,000                   120,446       786,710  
Executive Officer
    2007       400,000       400,000       506,413       330,314       91,955       1,728,682  
 
                                                       
Corey Rinker
    2009       270,000       90,000                         360,000  
Executive Vice President, Chief
    2008       268,242       80,000                         348,242  
Financial Officer, Treasurer and
    2007       260,000       90,000       149,600       43,584       80,898       624,082  
Assistant Secretary
                                                       
 
                                                       
Brian P. Crotty
    2009       335,000       150,000                         485,000  
Chief Operating Officer
    2008       328,736       140,000                         468,736  
 
    2007       310,000       205,000       367,538       121,010       77,417       1,080,965  
 
                                                       
Charles C. Hunter
    2009       270,000       90,000                         360,000  
Executive Vice President,
    2008       265,000       80,000                         345,000  
General Counsel and Secretary
    2007       250,000       100,000       139,975       43,584             533,559  
 
                                                       
Terrence J. Anderson
    2009       270,000       90,000                         360,000  
Executive Vice President, Finance
    2008       265,000       80,000                         345,000  
and Corporate Development
    2007       250,000       165,000       315,288       94,376             824,664  
 
                                                       
Ken A. Shulman
    2009       270,000       90,000                         360,000  
Executive Vice President, Chief
    2008       265,000       80,000                         345,000  
Technology Officer and Chief
    2007       250,000       125,000       200,888       72,584             648,472  
Information Officer
                                                       
Individual bonus amounts for the Company’s named executive officers were determined by the board of directors of the Company, after consultation with the ad hoc compensation committee of the board of directors and the Company’s Chief Executive Officer (with respect to the individual bonus amounts for each named executive officer other than the Company’s Chief Executive Officer), based upon (i) each named executive officer’s general individual performance, including work output, and performance within the management team; (ii) each named executive officer’s contributions toward the Company’s various strategic initiatives, including increased gross margin percentage and EBITDA, growth of the Hosted VoIP platform, and market share growth; (iii) each named executive officer’s overall significance toward the short- and long-term success of the Company’s business; and (iv) the scope of each named executive officer’s duties and responsibilities within the Company.

 

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SIGNATURE
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.
Dated: October 7, 2010
         
  BROADVIEW NETWORKS HOLDINGS, INC.
 
 
  By:   /s/ Michael K. Robinson    
    Name:   Michael K. Robinson   
    Title:   Chief Executive Officer, President and Director