SiliconBeat

Selectica filed an 8-K Monday, making its Friday press release regarding the replacement of its chief executive because of his involvement and/or awareness with stock option backdating practices an official part of its SEC record.

Included is the employment agreement with the company’s new CEO, Robert Jurkowski., who will receive a $360,000 yearly salary and a target bonus of $90,000. He will be granted an option for 600,000 shares “as soon as reasonably practicable on or after the date of this Agreement”, which was dated Aug. 21.

So far, no Form 4 filing has landed regarding the option grant. Selectica shares hit a 52-week low of $1.42 earlier this month and closed at $1.46 on the date the agreement was made. In the meantime the shares have risen 13 percent and closed at $1.65 today. Ouch.

He’s also getting a restricted stock grant of 400,000 shares. Their vesting, however, will depend on the “attainment of strategic objectives” to be set by the compensation committee.

The contract calls for accelerated vesting in case of a “change in control” and a year’s worth of salary in case Jurkowski is terminated and he and any dependents will get the company’s portion of the health care premium paid for 12 months.

One other benefit: “The Company shall also pay, or reimburse the Employee for, his membership fees for Vistage International “, a CEO-mentoring organization, whose chief executive program lists the following benefits for its clients: fresh thinking, enhanced decision making, improved performance and accountability for success — no mention of accountability for failure, however.