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 6, 2017

PROS8-K2017_IMAGE1.JPG
PROS Holdings, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
 
 
 
 
 
333-141884
 
 
 
76-0168604
(Commission File Number)
 
 
 
(IRS Employer Identification No.)
 
3100 Main Street, Suite 900 Houston TX
 
 
 
 
77002
 
                 (Address of Principal Executive Offices)
 
 
 
 
              (Zip Code)
 
 
 
 
 
 
 
 
Registrant’s telephone number, including area code
(713) 335-5151
 
 
 
 
(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))







Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 6, 2017, PROS Holdings, Inc. (the “Company”) announced that Thomas F. Dziersk agreed to join the Company effective October 9, 2017 as its E xecutive Vice President, Worldwide Sales, a newly created position at the Company.

Prior to joining the Company, Mr. Dziersk, 54, was with Nice, Inc., a provider of software solutions specializing in telephone voice recording, data security and surveillance, where he served as President of NICE Americas from April 2014 to January 2017. Prior to Nice, Mr. Dziersk served in senior executive leadership roles with JDA Software Group, Inc. from 2006 to 2013. Mr. Dziersk holds a B.A. in Economics from the University of Michigan.

There are no family relationships between Mr. Dziersk and any director, executive officer or person nominated by the Company to become a director or executive officer, and there are no transactions between Mr. Dziersk or any of his immediate family members, on the one hand, and the Company or any of its subsidiaries, on the other, that would be required to be reported under Item 404(a) of Regulation S-K.

On October 6, 2017, the Company, through its wholly owned subsidiary, PROS, Inc., entered into an offer letter (the “Offer Letter”) with Mr. Dziersk. The terms of the Offer Letter will become effective through an employment agreement to be entered into by PROS, Inc., the Company and Mr. Dziersk upon the commencement of his employment. Pursuant to the Offer Letter, Mr. Dziersk will be entitled to an annual base salary of $375,000 and is eligible for an annual bonus of $375,000 upon achievement of targets specified by the Company’s Chief Executive Officer. Mr. Dziersk will also receive a one-time signing bonus of $100,000. Mr. Dziersk will also receive $1,440,000 in restricted stock units and $960,000 in market stock units based on the Company's total stockholder return in relation to the Russell 2000 Index over a three-year period. The foregoing description of the Offer Letter is qualified in its entirety by reference to the full text of the Offer Letter, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits

(d): The following exhibits are being filed herewith:






SIGNATURES

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.
 
 
PROS HOLDINGS, INC.
 
 
 
 Date: October 6, 2017
 
 
 
 
/s/ Damian Olthoff
 
 
Damian Olthoff
 
 
General Counsel and Secretary





Exhibit Index
Exhibit No.
 
Description
10.1
 
99.1
 





EXHIBIT 10.1

September 27, 2017


Thomas Dziersk
12600 Maidenhair Lane
Austin, TX 78738

Re:      Employment Offer

Dear Tom,

On behalf of PROS Inc. (the “ Company ”), I am pleased to extend to you this offer of employment as Executive Vice President, Worldwide Sales of the Company, reporting to Andres Reiner, President and CEO. You would be a regular, full-time exempt employee, and dedicate your best efforts and knowledge exclusively to the advancement and interest of the Company. The terms of the offer of employment, which remain subject only to final approval by the Compensation and Leadership Development Committee of the Board of Directors of PROS Holdings, Inc. (“ Compensation Committee ”) are as follows:

Base Salary. Your annualized base salary will be $375,000.00, paid $15,625.00 semi-monthly, less applicable payroll withholding taxes and deductions for benefit elections. You will be paid in accordance with the Company’s standard payroll practice on the fifteenth and last business day of each calendar month.

Bonus Compensation. You will be eligible for a full year target incentive of $375,000.00, provided that your 2017 incentive will be prorated based on your start date. Your incentive will be based on corporate objectives, with any earned payments made on both a quarterly and annual basis, as determined by the Chief Executive Officer of the Company each year. For the remainder of calendar 2017, your incentive will be based on Company attainment of preset Annual Recurring Revenue (66.7%) and Gross Profit (33.3%) targets.

Sign On Bonus. You will be eligible for a $100,000 sign on bonus to be paid 60 calendar days after your start date. If you were to leave the Company voluntarily or be terminated by the Company for good cause, as defined in the Employment Agreement, before December 31, 2018, you would be required to repay the prorated remaining portion of this bonus based on time employed between your start date and December 31, 2018. Under this scenario the Company reserves the right to offset your last paycheck to recoup any portion of the Bonus not yet repaid.

Equity. You will be issued (a) $1,440,000 in Restricted Stock Units (“ RSUs ”) vesting 25% annually on each anniversary of your start date, and (b) $960,000 in Market Stock Units (“ MSUs ”) cliff vesting three years after your start date conditional upon PROS Holdings, Inc.’s TSR performance exceeding certain thresholds against the Russell 2000 over a three-year period. Awards will be granted pursuant to PROS Holdings, Inc.’s 2017 Equity Incentive Plan (the “ 2017 Plan” ), each with terms as set forth in the 2017 Plan documents, your award agreements, and as otherwise determined by the Compensation Committee.

Benefits. PROS offers a competitive benefits package in which you can elect to enroll immediately following your hire date.

Insurance. The benefits program includes coverage for family medical, vision, dental, life insurance as well as other voluntary benefits. Please note that coverage under these plans are subject to the provisions as set forth in the respective plan documents, as updated from time to time.

401(k). You will be eligible to enroll in the PROS 401(k) plan in accordance with the eligibility requirements under the plan. Currently, you are eligible to begin deferring compensation into the plan





immediately following your hire date. PROS will make a matching contribution of 50% up to the first 6% of your contribution each pay period. Contributions are allowed up to the annual IRS limits.

PTO . You will be eligible for 30 days of paid time away from work to include 20 paid time off (“ PTO ”) days and 10 holidays with 7 of the holidays set by the Company and 3 floating holidays to take at your discretion, subject to Company policy. Your PTO for the remainder of 2017 will be pro-rated based on your start date.

We will provide you with more detailed information regarding these benefits, including copies of the summary plan descriptions for the plans, by separate communication. Note, the Company reserves the right to make changes or terminate any of its benefits plans without advance notice and at any time.

Employment Agreement . The Company will enter into an employment agreement with you in the form enclosed (“ Employment Agreement ”) which details other terms and benefits, including confidentiality and severance. You understand that you are obligated to your previous employer(s) to protect the confidentiality of confidential information learned while in their employ and you agree not to disclose any such information to us.

Office . You live in Austin, Texas, and will occasionally work remotely. However you will also manage your time to travel to visit sales prospects, customers, and PROS employees in other locations, including our headquarters office, as needed to ensure success.

Contingencies . This offer is also contingent upon our standard background and reference check. Finally, should you accept this offer, it will be necessary for you to verify your eligibility to work in the United States by completing an I-9 form and providing appropriate documentation on your first day of employment. If you are unable to provide such documentation within 3 business days of the effective date of your employment, your employment relationship with the Company may be terminated.

This offer letter, together with the attached agreements, sets forth the terms of your employment with the Company and supersedes any and all prior representations and agreements, whether written or oral, with the exception of the nondisclosure agreement previously signed by you. Any waiver of a right under this agreement must be in writing. This agreement is governed by Texas law.

PROS success depends directly upon the quality of its people. We will endeavor to provide all employees with a stimulating, rewarding environment where they can maximize their potential. If you have any questions regarding this offer, please feel free to contact me.

If the foregoing terms are agreeable, please indicate your acceptance below and return a signed copy to us. Your start date will be October 9, 2017 or such other date as mutually agreed. We look forward to beginning a relationship that we feel will be mutually beneficial and rewarding.

Regards,

PROS, Inc.

/s/ Andres Reiner
Andres Reiner
President and Chief Executive Officer







Agreed and Accepted By:


Signed: /s/ Thomas Dziersk                     
Thomas Dziersk
Date: October 6, 2017                     


Attachment





EXHIBIT 99.1

For Immediate Release

PROS Appoints Tom Dziersk as
Executive Vice President, Worldwide Sales

HOUSTON, Oct. 6, 2017 - PROS ® (NYSE: PRO), a cloud software company powering the shift to modern commerce, today expanded its sales leadership team with the appointment of Thomas F. Dziersk as Executive Vice President, Worldwide Sales effective October 9, 2017. In this newly created role, Dziersk will lead PROS global sales teams and sales operations, reporting directly to President and CEO Andres Reiner.

An accomplished sales and business leader, Dziersk brings to PROS more than 30 years of consistent success leading a variety of publicly traded and private enterprise software companies. He most recently served as President of the Americas for NICE, Inc., a provider of cloud solutions, where he was responsible for covering the core businesses for North, South and Central Americas.

Dziersk previously served as Executive Vice President of Worldwide Sales and Marketing for JDA, Inc., an on-premise and cloud-based supply chain planning and execution software. He also served as Senior Vice President of the Americas. Under his leadership, Dziersk successfully drove significant growth and scale.

“As we continue to expand the global footprint for our cloud-based solutions, we identified Tom Dziersk as a leader who brings tremendous experience in accelerating sales growth by building and growing enterprise software sales teams,” said Reiner. “Tom has been recognized on many occasion for his customer-centric selling approach and creating great value for customers. He will add even greater depth to our leadership team, and we welcome him to PROS.”

“PROS vision for growth and its extraordinary corporate culture combined with its commitment to innovation and customer success were all important elements in my decision to join the company,” said Dziersk. “PROS leadership team is impressive. I look forward to helping scale the sales organization, driving new growth and delivering even greater value for our customers around the world with our modern commerce solutions for pricing, selling and revenue management.”

Dziersk earned a B.A. in Economics from the University of Michigan.

To learn more about PROS, visit www.pros.com or follow PROS on Twitter at @PROS_Inc.

About PROS
PROS Holdings, Inc. (NYSE: PRO) is a cloud software company powering the shift to modern commerce by helping companies create personalized and frictionless buying experiences for their customers. Fueled by dynamic pricing science and machine learning, PROS solutions make it possible for companies to price, configure and sell their products and services in an omnichannel environment with speed, precision and consistency. Our customers, who are leaders in their markets, benefit from decades of data science expertise infused into our industry solutions. To learn more, visit pros.com.






Forward-looking Statements
This press release contains forward-looking statements, including statements about the functionality and benefits of modern commerce software to organizations generally. Additional information relating to the uncertainty affecting the PROS business is contained in PROS filings with the Securities and Exchange Commission. These forward-looking statements represent PROS expectations as of the date of this press release. Subsequent events may cause these expectations to change, and PROS disclaims any obligations to update or alter these forward-looking statements in the future whether as a result of new information, future events or otherwise.

# # #
Media Contact:
Yvonne Donaldson
ydonaldson@pros.com
713.335.5310