UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No.          )

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MANHATTAN ASSOCIATES, INC.

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

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MANHATTAN ASSOCIATES, INC.
2300 Windy Ridge Parkway, Suite 1000
Atlanta, Georgia 30339
(770) 955-7070

NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 29, 2009

     NOTICE IS HEREBY GIVEN that the 2009 Annual Meeting of Shareholders of Manhattan Associates, Inc. (the “Company”) will be held at 2300 Windy Ridge Parkway, Atlanta, Georgia 30339, at 9:00 a.m., Atlanta, Georgia time, on Friday, May 29, 2009 (the “Annual Meeting”), to consider and act upon:

	1.		the election of three directors to the Company’s Board of Directors;
	2.		a proposal to amend the Company’s stock incentive plan;
	3.		a proposal to ratify the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2009; and
	4.		such other business as may properly come before the Annual Meeting or any adjournment thereof.

     The Board of Directors has fixed the close of business on March 31, 2009, as the record date for the determination of shareholders entitled to notice of, and to vote at, the Annual Meeting.

By Order of the Board of Directors,

/s/ David K. Dabbiere
David K. Dabbiere
Senior Vice President and Chief Legal Officer

April 21, 2009
Atlanta, Georgia

IMPORTANT

WHETHER OR NOT YOU EXPECT TO BE PRESENT AT THE MEETING, PLEASE SUBMIT YOUR VOTE THROUGH THE INTERNET, BY TELEPHONE, OR MARK, DATE AND SIGN THE ENCLOSED PROXY AND RETURN IT IN THE ENVELOPE THAT HAS BEEN PROVIDED. NO POSTAGE IS REQUIRED FOR MAILING IN THE UNITED STATES. IN THE EVENT YOU ARE ABLE TO ATTEND THE MEETING, YOU MAY REVOKE YOUR PROXY AND VOTE YOUR SHARES IN PERSON.

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE
SHAREHOLDER MEETING TO BE HELD ON MAY 29, 2009:

The proxy statement and annual report to shareholders are available at http://www.manh.com/proxy09

MANHATTAN ASSOCIATES, INC.
2300 Windy Ridge Parkway, Suite 1000
Atlanta, Georgia 30339

_______________________

Proxy Statement

_______________________

Annual Meeting of Shareholders
To Be Held May 29, 2009

_____________________

INFORMATION CONCERNING SOLICITATION AND VOTING

Shareholders Meeting

     This Proxy Statement and the enclosed proxy card (“Proxy”) are furnished on behalf of the Board of Directors of Manhattan Associates, Inc., a Georgia corporation (the “Company,” “our” or “we”), to solicit proxies for use at the Annual Meeting of Shareholders to be held on Friday, May 29, 2009, at 9:00 a.m., Atlanta, Georgia time (the “Annual Meeting”), or at any adjournment or postponement thereof, for the purposes set forth herein and in the accompanying Notice of Annual Meeting. The Annual Meeting will be held at 2300 Windy Ridge Parkway, Atlanta, Georgia 30339. The Company intends to mail this Proxy Statement and the accompanying Proxy on or about April 21, 2009, to all shareholders entitled to vote at the Annual Meeting.

Shareholders Entitled to Vote; Quorum

     Only holders of record of the Company’s $.01 par value per share common stock (the “Common Stock”) at the close of business on March 31, 2009 will be entitled to notice of and to vote at the Annual Meeting. At the close of business on March 31, 2009, the Company had outstanding and entitled to vote 23,064,608 shares of Common Stock. Each holder of record of Common Stock on such date will be entitled to one vote for each share held on all matters to be voted upon at the Annual Meeting. Any shareholder who signs and returns a Proxy has the power to revoke it at any time before it is voted at the Annual Meeting by providing written notice of revocation to the Secretary of the Company, by filing with the Secretary of the Company a Proxy bearing a later date, or by voting through the Internet or by telephone or in person at the Annual Meeting.

     The holders of a majority of the total shares of Common Stock outstanding on the record date, whether present at the Annual Meeting in person, voting through the Internet or telephone or represented by Proxy, will constitute a quorum for the transaction of business at the Annual Meeting. Abstentions and “broker non-votes” both will be counted toward fulfillment of quorum requirements. Broker non-votes occur on a matter up for vote when a broker, bank or other holder of shares you own in “street name” is not permitted to vote on that particular matter without instructions from you, you do not give such instructions, and the broker or other nominee indicates on its proxy card, or otherwise notifies us, that it does not have authority to vote its shares on that matter. Whether a broker has authority to vote its shares on uninstructed matters is determined by stock exchange rules.

Counting of Votes

     The purpose of the Annual Meeting is to consider and act upon the matters that are listed in the accompanying Notice of Annual Meeting and set forth in this Proxy Statement. The enclosed Proxy and other voting methods described in the Proxy provide a means for a shareholder to vote upon each of the matters listed in the accompanying Notice of Annual Meeting and described in the Proxy Statement, including a means for a shareholder to vote for all of the nominees for Director listed thereon or to withhold authority to vote for one or more of such nominees. The Company’s Bylaws provide that Directors are elected by a plurality of the votes cast—that is, the nominees who receive the most votes for the available directorships will be elected as Directors.

     The accompanying Proxy and other voting methods described in the Proxy also provide a means for a shareholder to vote for, against or abstain from voting on the other matters to be acted upon at the Annual Meeting. Each Proxy will be voted in accordance with the shareholder’s directions. Assuming a quorum is present, ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2009, approval of the amendment to our 2007 Stock Incentive Plan, and approval of any other matters as may properly come before the meeting require that the votes cast in favor of each matter exceed the votes cast against such matter. Abstentions and broker non-votes are not considered “votes cast” and therefore will have no effect on the results of the vote with respect to such proposals.

Proxies

     When the enclosed Proxy is properly signed and returned, or submitted via Internet or telephone as described on the Proxy, the shares that it represents will be voted at the Annual Meeting in accordance with the instructions noted thereon. In the absence of such instructions, the shares represented by a signed Proxy will be voted in favor of the nominees for election to the Board of Directors, in favor of approval of the amendment to our 2007 Stock Incentive Plan, and in favor of ratification of the appointment of our independent registered public accounting firm.

Proxy Solicitation Costs

     The Company will bear the entire cost of soliciting proxies to be voted at the Annual Meeting, including the preparation, printing and mailing of proxy materials. In addition to the solicitation of proxies by mail, solicitation may be made by certain directors, officers and other employees of the Company by personal interview, telephone, telegram or facsimile. No additional compensation will be paid to such persons for such solicitation. We have also hired Georgeson, Inc. to distribute and solicit proxies. We will pay Georgeson, Inc. $7,500, plus reasonable out-of-pocket expenses, for these services. The Company will reimburse brokers, banks and other nominees for their reasonable out-of-pocket expenses for forwarding the proxy materials to their customers who are beneficial owners.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth the amount and percent of shares of Common Stock that, as of January 19, 2009, unless a different date is noted below, are deemed under the rules of the Securities and Exchange Commission (the “SEC” or “Commission”) to be “beneficially owned” by (i) each member of the Board of Directors of the Company and each nominee to become a member of the Board of Directors, (ii) the Chief Executive Officer, the Chief Financial Officer and the next three most highly compensated executive officers (referred to herein as the “named executive officers”), (iii) all directors and executive officers of the Company as a group, and (iv) any person or “group” (as that term is used in the Securities Act of 1934, as amended) known to the Company as of that date to be a “beneficial owner” of more than 5% of the outstanding shares of Common Stock.

		Common Stock
		Beneficially Owned(1)
		Number of				Percentage
		Shares of				of
Name of Beneficial Owner		Common Stock				Class
Eddie Capel (2).			192,663				*
Brian J. Cassidy (3).			213,475				*
David K. Dabbiere (4).			125,802				*
Paul R. Goodwin (5).			106,075				*
John J. Huntz, Jr. (6).			158,794				*
Pervinder Johar (7).			162,413				*
Pete Kight (8).			17,717				*
Dan Lautenbach (9).			17,717				*
Jeffrey S. Mitchell (10).			512,798				2.12	%
Thomas E. Noonan (11).			141,075				*

		Common Stock
		Beneficially Owned(1)
		Number of				Percentage
		Shares of				of
Name of Beneficial Owner		Common Stock				Class
Deepak Raghavan (12).			167,045				*
Peter F. Sinisgalli (13).			829,757				3.40	%
Dennis B. Story (14).			167,646				*
Artisan Partners Limited Partnership (15).			2,371,100				10.1	%
Bank of America Corporation (16).			1,664,102				7.11	%
Barclays Global Investors NA (17).			1,779,111				7.40	%
Kornitzer Capital Management, Inc. (18).			1,676,988				6.98	%
All executive officers and directors as a group (13 persons) (19)			2,812,977				10.77	%

PROPOSAL 1

ELECTION OF DIRECTORS

Introduction

     At the Annual Meeting, three directors are to be elected for the terms described below. The Board of Directors is divided into three classes, each of whose members serve for staggered three-year terms. The Board is currently comprised of two Class I directors (Messrs. Cassidy and Goodwin), three Class II directors (Messrs. Kight, Raghavan and Sinisgalli) and three Class III directors (Messrs. Huntz, Lautenbach and Noonan). At each annual meeting of shareholders, a class of directors will be elected for a three-year term to succeed the directors of the same class whose terms are then expiring. The terms of the Class I directors, Class II directors and Class III directors will expire upon the election and qualification of successor directors at the 2011, 2009 and 2010 annual meeting of shareholders, respectively. There are no family relationships among any of the directors or director nominees of the Company.

     Shares represented by executed Proxies will be voted, if authority to do so is not withheld, for the election of the nominees named below. In the event that any nominee should be unavailable for election as a result of an unexpected occurrence, such shares will be voted for the election of such substitute nominee as the Board of Directors may select. Each person nominated for election has agreed to serve if elected, and management has no reason to believe that any nominee will be unable to serve.

     The Board of Directors recommends a vote FOR the named nominees.

Nominees

Nominees to Serve as Class II Directors (Term Expires in 2012)

     Peter J. Kight, age 53, was appointed to the Board of Directors on October 18, 2007. Mr. Kight is the Vice Chairman and a director of Fiserv, Inc., a provider of information management systems and services to the financial and insurance industries. Mr. Kight founded CheckFree Corporation, a leading provider of electronic banking and payment services, and served as its Chairman and Chief Executive Officer from December 1997 until CheckFree’s acquisition by Fiserv in December 2007. Mr. Kight also served as Chairman and Chief Executive Officer of CheckFree Services Corporation from 1981 until 2007 and as its President from 1981 to 1999, and as President of CheckFree Corporation from 1997 to 1999. He is also director of Akamai Technologies, Inc., a publicly held company that distributes computing solutions and services.

     Deepak Raghavan, age 42, has served as a member of our Board of Directors since August 1998. Mr. Raghavan served as our Senior Vice President — Product Strategy from January 2001 until June 2002, as Senior Vice President and Chief Technology Officer from August 1998 until January 2001 and as Chief Technology Officer from our inception in October 1990 until August 1998. From 1987 until 1990, Mr. Raghavan served as a Senior Software Engineer for Infosys Technologies Limited, a software development company, where he specialized in the design and implementation of information systems for the apparel manufacturing industry. Since January 2003, Mr. Raghavan has been enrolled as a full-time Graduate Student with the Department of Physics and Astronomy at Georgia State University, Atlanta, Georgia.

     Peter F. Sinisgalli, age 53, has served as our President and Chief Executive Officer and a member of our Board of Directors since July 1, 2004. Mr. Sinisgalli joined the Company in March 2004 as President and Chief Operating Officer, and assumed the role of Chief Executive Officer in July 2004. From April 2003 until February 2004, Mr. Sinisgalli served as President and Chief Executive Officer of NewRoads, Inc., a provider of outsourced solutions for fulfillment and customer care to companies engaged in one-to-one direct commerce. From November 1996 until January 2003, Mr. Sinisgalli served as President and Chief Operating Officer of CheckFree Corporation.

Current Directors

     The members of the Board of Directors continuing in office as Class I directors, elected to serve until the 2011 Annual Meeting, are as follows:

     Brian J. Cassidy, age 63, has served as a member of our Board of Directors since May 1998. Mr. Cassidy was the co-founder of Webforia Inc., a developer and supplier of computer software applications, and served as Webforia’s Vice Chairman from April 1996 until February 2003. Prior to forming Webforia, Mr. Cassidy served as Vice President of Business Development of Saros Corporation, a developer of document management software, from January 1993 until March 1996. Prior to joining Saros Corporation, Mr. Cassidy was employed by Oracle Corporation, as Joint Management Director of European Operations and a member of the Executive Management Board from 1983 until 1988 and as Worldwide Vice President of Business Development from 1988 until 1990.

     Paul R. Goodwin, age 66, has served as a member of our Board of Directors since April 2003. From June 2003 through 2004, Mr. Goodwin served as a consultant to CSX Corporation, which, through its subsidiaries, operates the largest rail network in the eastern United States. Mr. Goodwin served on the Board of the National Railroad Retirement Investment Trust from 2003 through 2006. From April 2000 until June 2003 when he retired, Mr. Goodwin served as Vice-Chairman and Chief Financial Officer of CSX Corporation. From April 1995 until April 2000, Mr. Goodwin served as Executive Vice President — Finance and Chief Financial Officer of CSX Corporation. Mr. Goodwin started with CSX Corporation in 1965 and held various senior management positions with entities affiliated with CSX Corporation. Mr. Goodwin chairs or serves on the investment committees for several foundations.

     The members of the Board of Directors continuing in office as Class III directors, elected to serve until the 2010 Annual Meeting, are as follows:

     John J. Huntz, Jr., age 58, has served as Chairman of our Board of Directors since April 2003 and has served as a member of our Board of Directors since January 1999. Mr. Huntz also serves as the Executive Director and the Head of Venture Capital at Arcapita, Inc., a leading international investment firm. Mr. Huntz has more than 25 years of private equity, venture capital and operational experience. Prior to joining Arcapita, Mr. Huntz worked from March 1994 through 2005 at the Fuqua companies, most recently as Managing Director of Fuqua Ventures. Mr. Huntz also served as Executive Vice President and Chief Operating Officer of Fuqua Enterprises, Inc., a NYSE company. Mr. Huntz’s prior experience includes, from September 1989 to January 1994, Managing Partner of Noble Ventures International, a private equity firm. From 1984 to 1989, Mr. Huntz provided financial and investment management as Director of Capital Resources for Arthur Young & Company, and from 1979 until 1984, he was an investment professional at Harrison Capital, a private equity investment subsidiary of Texaco. Mr. Huntz has served as a member of the Board of Directors of the National Venture Capital Association and the Securities and Exchange Commission’s Small Business Capital Formation Task Force Executive Committee, and founded and leads the Atlanta Venture Forum. Mr. Huntz also serves on the Board of Directors of Alloptic Inc., CardioMEMS, Inc. and Prenova, Inc. In addition, he is a Board member of the Metro Atlanta Chamber of Commerce, a Board member and past Chairman of the Georgia Logistics Innovation Council, a member of the Commission for a New Georgia, member of the Advisory Board of Imperial Innovations (Imperial College — London), the Advisory Board of the MIT Enterprise Forum, the Board of Georgia Advanced Technology Ventures (Georgia Tech), and Board of the Entrepreneurs Foundation. He also served as Chairman of the Atlanta Botanical Garden and is past President of the Atlanta Chapter of the Association for Corporate Growth.

     Dan J. Lautenbach, age 63, was appointed to the Board of Directors on October 18, 2007. He served as Chairman of Witness Systems, Inc., a provider of workforce optimization software and services, from December 2006, and as a director of that company from 2002, until it was acquired in May 2007. Since December 2001, Mr. Lautenbach has served as Chairman of DJL Consulting, a sales consulting organization. From May 2002 until March 2003, he served as the Executive Vice President, Worldwide Field Operations, for Centive Systems, Inc, an enterprise software incentive management system provider. From April 2001 to December 2001, he served as Senior Vice President of Global Sales and Operations for Vignette Corporation, a provider of content management software and services. Mr. Lautenbach was Vice President of Worldwide Software Sales for IBM and was General Manager for Software, Europe, Middle East and Africa, from 1997 to 2001, and prior to that held various management positions with IBM.

     Thomas E. Noonan, age 48, has served as a member of our Board of Directors since January 1999. From November 2006 until February 2008, Mr. Noonan served as the General Manager of IBM Internet Security Systems, a division of IBM providing information technology system security products and services. Mr. Noonan served as the President and member of the board of directors of Internet Security Systems, Inc., since May 1995, and as its Chief Executive Officer and Chairman of the board of directors from November 1996 until its acquisition by IBM in November 2006. Prior to joining Internet Security Systems, Mr. Noonan served as Vice President, Sales and Marketing with TSI International, Inc., an electronic commerce company, from October 1994 until April 1995. From November 1989 until October 1994, Mr. Noonan held high-level sales and marketing positions at Dun & Bradstreet Software, a developer of enterprise business software.

Board of Directors Meetings and Committees

     The Board of Directors currently consists of eight members, all of whom, with the exception of our President and Chief Executive Officer have been determined by the Board of Directors to be “independent” as that term is defined under the corporate governance rules of The Nasdaq Stock Market. In making these independence determinations, the Board of Directors considered the following immaterial relationship: the firm of which Mr. Huntz is Executive Director owns one of the Company’s customers from which the Company derives an immaterial amount of revenue. In compliance with Nasdaq corporate governance rules, the independent Directors of the Company conduct regularly scheduled meetings without the presence of non-independent directors or management. The Board’s standing independent committees also regularly meet without management present.

     During the fiscal year ended December 31, 2008, the Board of Directors held four meetings. All of the incumbent directors attended at least 75% of the aggregate total number of meetings of the Board of Directors and meetings of committees of the Board of Directors on which they served that occurred during the portion of fiscal year 2008 during which each served as a director. Our Directors are invited to the annual meeting of shareholders, and one Director attended our 2008 annual meeting.

Director Compensation

     The non-employee Chairman of the Board of Directors receives an annual retainer of $150,000, payable in monthly installments on the first business day of each month. Non-employee members of the Board of Directors receive an annual retainer of $35,000 payable in quarterly installments on the first business day of each quarter. All non-employee members of the Board of Directors received $1,500 for each board meeting attended in 2008 and $1,500 for each committee meeting held independently of a board meeting. In 2008, we granted to each non-employee director stock options to purchase 2,500 shares of Common Stock and 833 shares of Common Stock at the beginning of each quarter during which they served as a director. All of these options have an exercise price equal to the fair market value of the Common Stock on the date of grant, are exercisable immediately and have a term of seven years, and the shares vested immediately upon grant.

     The following table sets forth, for the year ended December 31, 2008, the total compensation earned for our non-employee members of the Board of Directors.

Director Compensation
		Fees Earned or
Name(1)		Paid In Cash				Stock Awards(2)				Option Awards(3)				Total
Brian J. Cassidy		$	53,000			$	79,085			$	78,097			$	210,182
Paul R. Goodwin			53,000				79,085				78,097				210,182
John J. Huntz, Jr.			150,000				79,085				78,097				307,182
Peter J. Kight			44,000				89,010				78,097				211,107
Dan L. Lautenbach			47,000				89,010				78,097				214,107
Thomas E. Noonan			53,000				79,085				78,097				210,182
Deepak Raghavan			41,000				79,085				78,097				198,182

Non-Management Director Outstanding Stock Awards as of December 31, 2008
		Number of Shares of Unvested				Number of Shares Underlying
Name		Restricted Stock				Unexercised Stock Options
Brian J. Cassidy			—				176,000
Paul R. Goodwin			—				95,000
John J. Huntz, Jr.			—				145,000
Peter J. Kight			704				10,000
Dan L. Lautenbach			704				10,000
Thomas E. Noonan			—				130,000
Deepak Raghavan			—				110,000

Board of Directors Committees

     The Board of Directors has established three permanent committees that have certain responsibilities for our governance and management. They include the Audit Committee, the Compensation Committee and the Nomination and Governance Committee. The Board has adopted charters for the Audit Committee, Compensation Committee and Nomination and Governance Committee which can be found in the Investor Relations section of our web site at www.manh.com.

     Audit Committee. During 2008, the Audit Committee consisted of Messrs. Huntz, Goodwin, Lautenbach and Noonan. Mr. Huntz serves as Chairman of the Audit Committee. The Board of Directors has determined that each member of the Audit Committee meets the independence and experience requirements applicable to members of the Audit Committee of a Nasdaq-traded company, as well as the Audit Committee independence standards established by the Securities and Exchange Commission (the “SEC”). Further, the Board has determined that Messrs. Huntz, Goodwin and Noonan are “audit committee financial experts,” as defined by the rules of the SEC. Among other responsibilities, the Audit Committee recommends to the Board the selection and discharge of our independent registered public accounting firm, reviews the scope of the audit to be conducted by them, as well as the results of their audit, and reviews our internal controls and financial statements. The Audit Committee also reviews and discusses with management and our independent registered public accounting major financial risk exposure and steps management has taken to monitor and control such exposure. During the fiscal year ended December 31, 2008, the Audit Committee met four times.

     Compensation Committee. During 2008, the Compensation Committee consisted of Messrs. Noonan, Cassidy, Huntz and Kight. Mr. Noonan serves as Chairman of the Compensation Committee. The Board of Directors has determined that all members of the Compensation Committee meet the independence requirements of the Nasdaq corporate governance rules. The Compensation Committee approves the compensation of all of our executive officers, including the Chief Executive Officer, reviews compensation plans of all directors, officers and other key executives and makes recommendations concerning these matters to the Board of Directors. The Compensation Committee also administers our stock option plans and establishes the terms and conditions of all stock options granted under these plans. During the fiscal year ended December 31, 2008, the Compensation Committee met four times.

     Nominating and Governance Committee. During 2008, the Nominating and Governance Committee (the “Nominating Committee”) consisted of Messrs. Goodwin, Cassidy and Huntz. Mr. Goodwin serves as Chairman of the Nominating Committee. The Board of Directors has determined that all members of the Nominating Committee meet the independence requirements of the Nasdaq corporate governance rules. The Nominating Committee is appointed by the Board of Directors to identify and assist in recruiting outstanding individuals who qualify to serve as Board members and to recommend that the Board select a slate of director nominees for election by our shareholders at each annual meeting of our

shareholders in accordance with our Articles of Incorporation, Bylaws and Georgia law; to recommend directors for appointment to each Board committee; to review the performance of the Board and its committees and make appropriate recommendations; and to oversee our corporate governance guidelines and periodically re-evaluate such corporate governance guidelines for the purpose of suggesting changes if appropriate. During the fiscal year ended December 31, 2008, the Nominating Committee met four times.

     In accordance with the provisions of our Bylaws, shareholders may directly nominate prospective director candidates by delivering to our Corporate Secretary certain information about the nominee not less than 60 days prior to the meeting as originally scheduled, or if less than 70 days notice or prior public disclosure of the date of the scheduled meeting is given or made, delivery of notice to the Company not later than the tenth day following the earlier of the day on which notice of the date of the meeting is mailed to shareholders or public disclosure of the date of such meeting is made. The Nominating Committee has not adopted a formal policy with regard to consideration of any director candidate nominated by shareholders for inclusion in the Board’s slate. The Nominating Committee believes that such a policy is not necessary or appropriate because of the shareholders’ ability to directly nominate director candidates for the Board.

     In identifying qualified individuals to become members of the Board of Directors, the Nominating Committee selects candidates whose attributes it believes would be most beneficial to the Company. The Nominating Committee evaluates each individual’s experience, integrity, competence, diversity, skills and dedication in the context of the needs of the Board of Directors. The Committee generally identifies director nominees through the personal, business and organizational contacts of existing directors and management. However, the Committee may use a variety of sources to identify director nominees, including third-party search firms, counsel, advisors and shareholder recommendations.

Code of Ethics

     Our Board of Directors has adopted a Code of Business Conduct and Ethics that is applicable to all members of our Board of Directors, our executive officers and our employees. We have posted the Code of Business Conduct and Ethics policy in the Investor Relations section of our web site at www.manh.com. If, in the future, we amend, modify or waive a provision in the Code of Business Conduct and Ethics, we may, rather than file a Form 8-K, satisfy the disclosure requirement under Item 5.05 of Form 8-K by posting such information on our web site as necessary.

Executive Officers

     In addition to Peter F. Sinisgalli, the following individuals serve as our executive officers as of March 31, 2009:

     Dennis B. Story, age 45, has served as our Senior Vice President and Chief Financial Officer since joining the Company in March 2006. From February 2006 until he joined the Company, Mr. Story served as the Senior Vice President of Finance for Fidelity National Information Services, Inc. Prior to that, Mr. Story was the Senior Vice President of Finance for Certegy Inc., a financial services company, from 2004 until its merger with Fidelity National Information Services, Inc. in February 2006. Prior to his association with Certegy, Mr. Story served as Chief Financial Officer of NewRoads Inc., a privately-owned logistics provider, from September 2003 to September 2004, and Senior Vice President and Corporate Controller of credit reporting company Equifax Inc. from December 2000 until August 2003.

     Eddie Capel, age 47, has served as our Executive Vice President—Global Operations since January 20, 2009. In this capacity, Mr. Capel is responsible for the Company’s global product management, research and development, and customer support functions. Previously, Mr. Capel served as our Executive Vice President—Global Product Management and Customer Services from January 2008 through January 2009. From January 2005 to January 2007, Mr. Capel served as our Senior Vice President—Global Product Management and Global Customer Services and from January 2004 through January 2005 as our Senior Vice President Product Management. Prior to January 2004, he held various other positions with the Company. Prior to joining Manhattan Associates in June 2000, Mr. Capel held various positions at Real Time Solutions (RTS), including chief operations officer and vice president, operations. He also served as director, operations, with Unarco Automation, an Industrial Automation/Robotics systems integrator. Prior to joining Unarco, Mr. Capel worked as a project manager and system designer for ABB Robotics in the United Kingdom.

     David K. Dabbiere, age 50, has served as Senior Vice President, Chief Legal Officer and Secretary of the Company since August 1998. From March 1998 to August 1998, Mr. Dabbiere served as Vice President, General Counsel and Secretary of the Company. From 1984 to 1998, Mr. Dabbiere was employed by The Procter & Gamble Company, most recently as Associate General Counsel. Mr. Dabbiere was responsible for, among other duties, the intellectual property matters for Procter & Gamble’s Beauty Care and Cosmetic & Fragrances sectors.

     Jeffrey S. Mitchell, age 41, has served as our Executive Vice President, Americas Operations since January 2005. Previously, Mr. Mitchell served as our Executive Vice President — Americas Sales and Marketing from January 2004 to January 2005. From April 1997 to January 2004, Mr. Mitchell held various sales management roles with the Company. From April 1995 until April 1997, Mr. Mitchell was a sales representative for The Summit Group, now a part of CIBER Enterprise Solutions, a provider of supply chain and ERP services. From May 1991 until April 1995, Mr. Mitchell served in various aspects of account management in the employer services division of Automatic Data Processing, Inc., providing outsourced payroll and human resources solutions.

COMPENSATION DISCUSSION AND ANALYSIS

Executive Summary

     The Company’s executive compensation program is comprised primarily of base salary, short-term cash incentives for achieving financial and operating results, and long-term equity-based incentives for increasing shareholder value over time. The objective of Manhattan’s compensation plan is to be highly performance-oriented, transparent in design, and to minimize exceptions and perquisites. Base salaries for the named executive officers for 2008 were increased by the Compensation Committee in January 2008 by an average of 6% in accordance with the Company’s normal annual salary increase process. Also in January 2008, the Compensation Committee approved the structure and performance goals for the 2008 short-term incentive program and the annual grants of equity-based long-term incentives consisting of stock options and restricted shares in accordance with the Company’s compensation philosophy established in 2007.

     Through the first-half of 2008, the Company performed above its targeted earnings per share expectations and slightly below its targeted revenue expectations. However, as general and industry-specific economic conditions deteriorated in the second-half of 2008, the Company completed the year below its targeted expectations and its stock price declined from $25.75 to $15.81 during the year. This decline in the Company’s performance and stock price impacted executive compensation in 2008 most noticeably in the areas of short-term incentive awards and the value of stock and options held by the Company’s executives. With regard to short-term incentive awards, actual payouts for 2008 performance were equal to 52% of target award opportunities for each of the named executive officers other than Mr. Mitchell. Mr. Mitchell’s actual payout was equal to 26% of his target award opportunity. All outstanding stock options held by the Company’s named executive officers were underwater as of December 31, 2008, and the value of their holdings declined by 39%. Overall, the Compensation Committee believes that the reduction in the payouts of incentive awards and in the value of the Company’s stock was a reasonable result given the Company’s performance.

     The continued deterioration of the U.S. and global economy, and the uncertainty that this creates for business planning purposes, has also impacted executive compensation decisions for 2009. For example, in February 2009 management recommended and the Compensation Committee approved no increases in base salary for any of the Company’s named executive officers. Also in February 2009, management recommended and the Committee approved the annual grant of stock options and restricted shares at the same number of shares as the prior year even though the grant date value of these awards was 40% lower than the prior year. The Company has also set, and the Compensation Committee has approved, what are believed to be reasonably difficult performance goals for purposes of determining any 2009 short-term cash incentives. Overall, the Compensation Committee believes that these actions are responsible and appropriate given the relevant facts and circumstances, and that the 2009 executive compensation program will remain effective in terms of attracting, retaining and motivating the talented individuals necessary to successfully execute the Company’s near term business plan while also focusing on long-term shareholder value creation.

     To that end, the Company is submitting a proposal to increase the number of shares available under its 2007 Stock Incentive Plan for shareholder approval at the annual meeting. The prior share reserve under the 2007 Stock Incentive Plan lasted through its intended time frame (2007-2009), and a new share reserve is needed to continue providing competitive and appropriate long-term incentive opportunities to key employees. A total of 2,400,000 shares are being requested under a “fungible” pool structure that counts each stock option grant as one share from the pool and each restricted stock grant as two shares from the pool. The Compensation Committee believes this structure provides maximum flexibility in determining the most effective mix of options and restricted stock going forward. The Compensation Committee believes that obtaining

approval to issue these shares under the 2007 Stock Incentive Plan is critical to the execution of the Company’s overall compensation strategy and will allow for the creation of strong performance and retention incentives over the next several years. For further information, see “Proposal 2-Amendment to Manhattan Associates, Inc. 2007 Stock Incentive Plan” beginning on page 26 of this Proxy Statement. For the text of the proposed amendments see Annex A to this Proxy Statement.

Compensation of Executive Officers Generally

     The Committee is responsible for establishing compensation levels for the executive officers of the Company, including the annual bonus plan for executive officers and for administering the Company’s Stock Incentive Plan. The Committee is currently comprised of four non-employee directors: Messrs. Noonan (Chairman), Cassidy, Huntz and Kight. The Committee’s overall objective is to establish a compensation policy that will (i) attract, retain and reward executives who contribute to achieving the Company’s business objectives; (ii) motivate executives to obtain these objectives; and (iii) align the interests of executives with those of the Company’s long-term investors. The Company compensates executive officers with a combination of salary and incentives designed to focus their efforts on maximizing both the near-term and long-term financial performance of the Company. In addition, the Company’s compensation program rewards individual performance that furthers Company goals. The executive compensation program includes the following: (i) base salary; (ii) incentive bonuses; (iii) long-term equity incentive awards in the form of stock and stock option grants; and (iv) other benefits. Each executive officer’s compensation package is designed to provide an appropriately weighted mix of these elements, which the Company believes cumulatively provide a level of compensation roughly equivalent to that paid by companies of similar size and complexity.

     Setting Executive Compensation: The Compensation Committee does consider pay information from other companies when making pay determinations for the Company’s executives, including the named executive officers. However, this is only one of many factors considered by the Compensation Committee when making pay determinations, and the Compensation Committee does not benchmark or target a precise percentile or pay level relative to this information. Instead, the Compensation Committee uses this information as a general guide to determine if the Company’s executive compensation levels in aggregate and by component are within a reasonable range of other similar companies.

     The precise nature of our peer comparison activities varies each year based on the needs of the Company and the Committee in making pay determinations. Generally, the Company’s peer comparison activities include a review of both peer group and survey data. For purposes of determining 2008 compensation, the peer group was comprised of the following companies:

	•		ANSYS, Inc.
	•		Ariba Inc
	•		Aspen Technology, Inc.
	•		Borland Software Corp.
	•		Digital River, Inc.
	•		Dynamics Research Corporation
	•		Epicor Software Corp.
	•		I2 Technologies, Inc.
	•		Informatica Corporation
	•		JDA Software Group, Inc.
	•		Lawson Software, Inc.
	•		MicroStrategy Incorporated
	•		Nuance Communications, Inc.
	•		Openwave Systems Inc.
	•		Progress Software Corporation
	•		RealNetworks, Inc.
	•		Red Hat, Inc.
	•		salesforce.com, Inc.
	•		SPSS Inc.
	•		Transaction Systems Arch.
	•		Wind River Systems, Inc.

     Prior to its 2007 and 2008 Compensation Committee meetings, the Committee requested certain data from the Company in connection with its compensation analysis and also independently obtained compensation data from several sources. At the Committee’s 2007 and 2008 meetings, the Committee considered these analyses, including comparisons of the Company’s pay levels to the peer group and survey data for each element of compensation and in total. This information was considered by the Compensation Committee along with other relevant information, such as the performance of the Company and of each executive. Recommendations were also presented to the Compensation Committee by the Chief Executive Officer. (No other executive officer has input regarding the compensation of the named executive officers.)

     The survey data incorporated into the comparisons was obtained from the Presidio Pay Advisors Executive Compensation Study. The Committee also considered survey data from Mercer Consulting, Towers Perrin and Ernst & Young LLP as well as information obtained directly from proxy statements of similarly situated public companies. Both the peer group and survey data included in the comparisons reflect companies that were comparable with respect to revenue level, industry segment and competitive employment market to the Company.

     The Compensation Committee reviewed and considered the external market data, the performance of the Company and each individual executive, and the Chief Executive Officer’s recommendation. While it considered all of these factors, the Compensation Committee did not assign specific weightings to each factor it considered. After careful consideration of all appropriate factors, and applying the collective judgment of its members, the Compensation Committee approved specific pay adjustments for each executive, including the named executive officers.

     Base Salary. Minimum salaries for the named executive officers, other than the Chief Legal Officer, were established in their employment agreements with the Company. The salaries of the named executive officers are reviewed annually by the Compensation Committee for adjustment. When establishing base salaries of our executive officers for 2008, the Compensation Committee considered survey data and salaries within the peer group, as well as a variety of other factors, including the Company’s past financial performance and future expected performance, the performance of the executives, changes in the executives’ responsibilities, the Chief Executive Officer’s recommendations and cost-of-living and other local geographic considerations in determining base salary, where applicable. Generally, we believe that our executives’ base salaries should be targeted near the median of the range of base salaries for executives in similar positions at comparable companies. The Company does not however tie salaries to the achievement of specific financial performance objectives, as significant portions of the named executive officers’ total compensation—i.e., bonuses and equity compensation—are already based on such objectives.

     While it considered survey and peer company data, the Company’s financial performance, the recommendations of the Chief Executive Officer and the other factors described above, the Compensation Committee did not assign specific weightings to each factor it considered. In setting each named executive’s 2008 salary, the Compensation Committee also weighed heavily whether it subjectively believed that such executive had done a good job in the prior year. In years in which a named executive officer is promoted or given additional responsibilities, such facts are considered in determining such named executive officer’s base salary.

     The actual base salaries paid to the named executive officers in 2008 are disclosed in the Summary Compensation Table.

     Incentive Bonuses. The purpose of the Company’s short-term incentive plan (its annual cash incentive plan) is to correlate incentive bonuses with the achievement of annual corporate performance. For all named executive officers other than Mr. Mitchell, the short-term incentive opportunity for 2008 was based solely on corporate performance with regard to consolidated revenue and adjusted earnings per share (“adjusted EPS”). In 2008, Mr. Mitchell’s short-term incentive opportunity was based both on corporate performance with regard to consolidated revenue and adjusted EPS and on the Americas region recognizable license revenue. Consolidated revenue is a GAAP (generally accepted accounting principles) financial figure shown on the Company’s income statement. Adjusted EPS is a non-GAAP financial figure and is the Company’s earnings per share after excluding amortization of intangible assets, stock-based compensation expenses, restructuring charges, asset impairment charges, sales tax recoveries, and unusual tax adjustments. Americas’ recognizable license revenue is a GAAP financial figure shown in Note 8, Reporting Segments of the Company’s Notes to Consolidated Financial Statements of the Company’s Form 10-K for the year ended December 31, 2008. In addition, when the Company establishes its annual budget, it does not plan for common stock repurchases. As a result, the earnings per share benefit from common stock repurchases, if applicable, is eliminated from the calculation of the adjusted EPS portion of annual incentives.

These definitions were developed to reflect the underlying operating variables while attempting to minimize any unintended consequences. For 2008, the Compensation Committee amended the annual cash incentive plan to exclude hardware and other revenue from the annual cash incentive plan targets to better align our revenue and adjusted EPS growth objectives.

     The Company’s management uses non-GAAP measures to manage the business and evaluate its performance. Management believes adjusted EPS results are useful to investors in evaluating the Company’s operating performance on a comparable basis to other software companies. Our management uses these non-GAAP measures to evaluate our financial results, develop budgets and manage expenditures. Before any payouts are made under the bonus plan based on the achievement of Company metrics, the Compensation Committee reviews the results to confirm that the Company metrics have been achieved and the bonus payout percentages have been calculated according to the Company’s annual cash incentive plan.

     Consolidated revenue and adjusted EPS were weighted equally in the calculation of incentive bonuses to the named executive officers for 2008, except with respect to Mr. Mitchell. Half of Mr. Mitchell’s bonus was based on the Company’s consolidated revenue and adjusted EPS (with each measure weighted 25%) and the other half was based on Americas’ recognizable license revenue due to his responsibility for overall license revenues as Executive Vice President, Americas Operations. Individual performance was not a factor in the determination of these incentive bonuses. Individual performance was intentionally excluded from the incentive bonus formula for named executive officers in order to focus and reward the team for collectively achieving the Company’s objectives. The Committee believes that the combination of consolidated revenue, adjusted EPS, and Americas’ recognizable license revenue creates the proper balance for motivating and rewarding profitable growth in the near term that will translate into strong returns for shareholders over the long-term.

     In order for the Company’s executive officers to earn their cash incentive compensation, a minimum percentage of the Company’s targeted incentive goal amounts for consolidated revenue and adjusted EPS, and, in the case of Mr. Mitchell, Americas’ recognizable license revenue must be attained. If these performance goals are not fully attained, named executive officers receive less than their target incentive opportunity. If performance goals are exceeded, executive officers receive more than their target incentive opportunity in the final quarter of the year, as incentive payouts for the first three quarters of the year are capped at 100% of target. No cash incentive bonuses are paid if performance is below a minimum threshold level, and maximum cash incentive bonuses are capped at 200% of the participant’s target incentive opportunity. For 2008, the percentages of targeted consolidated revenue, adjusted EPS, and, in the case of Mr. Mitchell, Americas’ recognizable license revenue achieved were calculated quarterly, and quarterly payouts were made if the achieved percentages exceeded the respective threshold percentage of both the quarterly prorated and year to date targeted incentive goals.

     The following table provides the 2008 cash incentive payout targets as a percentage of the targeted incentive goals for consolidated revenue and adjusted EPS.

2008 Short-Term Incentive Plan Design

		Company Performance				Participant Incentive
		% of Plan Target				Payout % of Target
Consolidated Revenue
Threshold goal			91	%			0	%
Target goal achieved			100	%			100	%
Maximum goal achieved			109	%			200	%
Adjusted EPS
Threshold goal			83	%			0	%
Target goal achieved			100	%			100	%
Maximum goal achieved			117	%			200	%

     The following table provides the 2008 cash incentive payout targets as a percentage of Mr. Mitchell’s targeted incentive goals for Americas’ license revenue.

2008 Short-Term Incentive Plan Design

		Company Performance				Participant Incentive
		% of Plan Target				Payout % of Target
Americas’ Recognizable License Revenue
Threshold goal			87	%			50	%
Target goal achieved			100	%			100	%
Maximum goal achieved			113	%			200	%

     In setting performance goals, the Compensation Committee reviews and evaluates the operating plan prepared by senior management as part of its annual budgeting process. In approving performance goals, the Compensation Committee considers the degree of difficulty and probability of achieving the target performance requirements. The annual incentive plan is designed to emphasize the creation of shareholder value through growth in consolidated revenue and adjusted EPS as well as Americas’ recognizable license revenue. The specific bonus targets have been selected so that the relative difficulty of achieving the 2008 consolidated revenue, adjusted EPS, and Americas’ recognizable license revenue targets increased as compared to 2007 actual results.

     As part of the annual budgeting process, senior management prepares an annual budget, which considers a variety of factors including but not limited to: global economic trends, supply chain management market information technology investment and growth trends as published by leading industry analysts, the competitive position of our software products, the level of investment in product development to maintain sustainable competitive advantage and historical financial performance. The Company’s goal is to extend its position as a leading global supply chain solutions provider by increasing its revenues faster than its competitors. Based on the aforementioned factors, for 2008, senior management recommended to the Board of Directors a 2008 budget that included objectives of increasing both consolidated revenue and adjusted EPS by over twice the market growth rate of 5-6%. In connection with setting the annual incentive plan objectives, the Compensation Committee reviewed senior management’s proposed 2008 budget and the critical assumptions underlying it and, based on the collective judgment of the Compensation Committee, approved the budgeted targets. For 2008, these budgeted revenue, adjusted EPS, and Americas’ recognizable license revenue targets were designated the target performance requirements for payouts under the annual incentive plan.

     The actual incentive payouts as a percent of target were between 26% to 52% for 2008, 97% for 2007 and 85% for 2006. The fact that incentive targets have not been fully achieved for the past three years leads the Committee to believe that performance requirements have been reasonably set for incentive purposes.

     The following table sets forth each named executive officer’s full year bonus targets, payout amounts and payout percentages earned in 2008:

				2008 Annual Cash Bonus Performance
Name		Title		Target				Payout				Payout %
Peter F. Sinisgalli		President, Chief Executive Officer and Director		$	460,000			$	238,050				52	%
Dennis B. Story		SVP, Chief Financial Officer			195,000				100,913				52	%
David K. Dabbiere		SVP, Chief Legal Officer			155,000				80,213				52	%
Pervinder Johar		SVP, Chief Technology Officer			200,000				103,500				52	%
Jeffrey S. Mitchell		EVP, Americas Operations			450,000				116,438				26	%
Eddie Capel		EVP, Global Operations			200,000				148,500				74	%

     The Compensation Committee retains the right to exercise discretion to either increase or decrease a participant’s incentive bonus under the short-term incentive plan. The Compensation Committee did not exercise this right with regard to

incentive bonuses for executive officers in 2007 or 2008, but for 2008 did award discretionary bonuses outside of the plan to Messrs. Mitchell and Dabbiere as described below.

     Discretionary Bonuses. In January 2008, the President and Chief Executive Officer recommended and the Compensation Committee reviewed and approved a $10,000 discretionary bonus for Mr. Dabbiere based on the successful management of the Company’s human resources organization during a transition of executive leadership. Mr. Dabbiere’s bonus amount was determined based on a level commensurate with his contribution. In February 2009, the President and Chief Executive Officer recommended and the Compensation Committee reviewed and approved a discretionary bonus of $56,250 for Mr. Mitchell based on his additional leadership efforts in achieving competitive wins in strategic deals greater than $1 million in license revenue in a difficult selling environment in the second half of 2008 due to rapid decline in the global macro-economic environment. The bonus award amount was equal to 25% of the maximum amount payable under Mr. Mitchell’s license revenue short-term incentive plan.

     Equity Incentives. Stock incentives are used by the Company for payment of long-term compensation to provide a stock-based incentive to improve the Company’s financial performance and to assist in the recruitment, retention and motivation of professional, managerial and other personnel. Stock incentives include but are not limited to stock option awards and restricted stock awards. Generally, stock incentives are granted to executive officers from time to time based primarily upon the individual’s actual and/or potential contributions to the Company and the Company’s financial performance. Stock incentives are designed to align the interests of the Company’s executive officers with those of its shareholders by encouraging executive officers to enhance the value of the Company, the price of the Common Stock, and hence, the shareholders’ return. In addition, the vesting of stock options over a period of time is designed to create an incentive for the individual to remain with the Company. The Company has granted options and restricted stock to the executives on an ongoing basis to provide continuing incentives to the executives to meet future performance goals and to remain with the Company. During the fiscal year ended December 31, 2008, an aggregate of 58,667 shares of restricted Common Stock and options to purchase 176,000 shares of Common Stock were granted to the Company’s named executive officers. To continue the efficacy of the Company’s long-term equity incentive program, the Company is asking shareholders to approve an amendment to its stock incentive plan to increase the number of shares available for issuance thereunder, as described in more detail elsewhere in this Proxy Statement.

     Equity-based compensation is an important and significant component of executive compensation at the Company. In setting the form and level of equity grants for named executive officers, the Compensation Committee considers a variety of factors including:

	•		Market competitive levels of total compensation
	•		Market competitive levels of equity-based compensation
	•		The Company’s recent performance and trends
	•		The executive’s recent performance and potential future contribution
	•		The retention strength of previously granted outstanding awards
	•		The resulting annual grant rate from aggregate awards
	•		The resulting availability of shares under shareholder approved equity plans
	•		The resulting cost to the Company

     The Compensation Committee determined that a long-term incentive program that relied on a blend of 75% stock options and 25% restricted stock is effective due to the following factors:

	•		More closely reflects competitive market practices
	•		Retains a strong performance orientation and direct shareholder alignment
	•		Improves the retention strength of the program compared to a program that relies 100% on stock options
	•		Reduces annual share usage (dilution) compared to a program that relies 100% on stock options, since restricted shares are granted in smaller amounts than options
	•		Better aligns company cost and participant retention

     In considering grant levels for named executive officers, other than the Chief Executive Officer, in 2008, the Compensation Committee established a target award based on its deliberations, independent reviews, knowledge and consultations and the compensation surveys.

     These grant guidelines are share-denominated. In approving grant levels for the named executive officers, the Compensation Committee also reviewed aggregate grant levels for all recipients in order to ensure that the annual grant rate was within competitive norms and sustainable over time.

     In considering grant levels for the Chief Executive Officer in 2007, the Compensation Committee acted within the context of negotiating a renewal of his employment contract. Given the Chief Executive Officer’s strong leadership and performance, securing his services for subsequent years was a high priority of the Compensation Committee and the Board. To assist in developing a competitive and effective employment offer, including equity-based compensation, the Compensation Committee engaged Mercer Human Resource Consulting. In consultation with Mercer, the Compensation Committee established equity grant levels for 2007 that were deemed advisable to secure the Chief Executive Officer’s employment through April 12, 2012. Mr. Sinisgalli continues to be eligible to receive annual long-term incentives at the discretion of the Compensation Committee in accordance with the factors considered by the Committee for grants to the named executive officers generally, as described above.

     The Committee intends to review the form and level of equity grants to named executive officers in future years relative to the factors cited above. There is no precise formula or weighting applied to these factors as changing business conditions, competitive market practices and regulations necessitate differing priorities to maximize effectiveness while minimizing cost and dilution.

     Other Benefits. Benefits offered to the Company’s executive officers are provided to serve as a safety net of protection against the financial catastrophes that can result from illness, disability or death. Benefits offered to the Company’s executive officers are substantially the same as those offered to all of the Company’s regular employees. The Company’s tax-qualified deferred compensation 401(k) Savings Plan (the “401(k) Plan”) covers all of the Company’s eligible full-time employees. Under the 401(k) Plan, participants may elect to contribute, through salary reductions, up to 60% of their annual compensation subject to a maximum of $15,500. The Company provides additional matching contributions in the amount of 50% up to the first 6% of salary contributed under the 401(k) Plan. The 401(k) Plan is designed to qualify under Section 401 of the Internal Revenue Code so that the contributions by employees or by the Company to the 401(k) Plan, and income earned on plan contributions, are not taxable to employees until withdrawn from the 401(k) Plan, and so that contributions by the Company will be deductible by the Company when made.

Compensation of the Chief Executive Officer

     The Committee annually reviews the performance and compensation of the Chief Executive Officer, in addition to each of the other named executive officers, based on its assessment of his past performance and its expectation of his future contributions to the Company’s performance.

     The Compensation Committee determined to set compensation levels for the Chief Executive Officer and the Executive Vice President—Americas Operations higher than the other named executive officers because they had the potential to make, and did make, the greatest impact on our business and financial results. The Chief Executive Officer, Mr. Sinisgalli, among other responsibilities, bears the responsibility for ensuring that the Company is healthy and profitable as a whole. Mr. Mitchell, the Executive Vice President—Americas Operations, is responsible for all of the Company’s Americas revenues, which generally comprise about 80% of the Company’s total revenues and which are crucial to the success and health of the Company.

     For the fiscal year ending December 31, 2008, Mr. Sinisgalli’s compensation included a salary of $460,000 and a bonus of $238,050 based on certain financial criteria of the Company discussed above. The Committee believes the compensation paid to Mr. Sinisgalli and each of the other named executive officers was reasonable.

Employment Agreements

     Mr. Sinisgalli is party to an employment agreement with the Company. In July 2007, the Compensation Committee approved a modification to Mr. Sinisgalli’s employment agreement, extending the term of the original agreement to April 12, 2012. Under the agreement as modified, Mr. Sinisgalli is entitled to receive an annual base salary of $440,000 (prorated for any year of partial service) and a performance-related bonus targeted at $450,000 per year based on specific criteria as stated in his employment agreement. The amount of salary and bonus to be received by Mr. Sinisgalli may be increased annually at

the discretion of the Board of Directors, in regard to salary, and the Compensation Committee, in regard to bonuses. In 2009, the Company intends to pay Mr. Sinisgalli a base salary of $460,000 and a target performance-related bonus of $460,000. In 2008, Mr. Sinisgalli received options to purchase 60,000 shares of the Company’s Common Stock and 20,000 shares of Restricted Stock, which each vest in 16 equal quarterly installments beginning April 2, 2008. All of the unvested options and restricted shares will vest if, after a change in control, Mr. Sinisgalli’s employment is terminated or constructively terminated, other than for cause, if such termination or constructive termination occurs within two years of the change of control. Under the agreement, Mr. Sinisgalli has agreed to assign to the Company all patents, copyrights and other intellectual property developed by him in the course of his employment. In addition, Mr. Sinisgalli has agreed not to solicit the Company’s customers for a period of one year following any termination. In the event of termination of his employment other than for cause or at the expiration of the agreement’s term, Mr. Sinisgalli is eligible to receive eighteen months of his then current base salary, including COBRA payments for Mr. Sinisgalli’s family medical and dental coverage, and will have 90 days in which to exercise his vested stock options.

     Mr. Story is party to an employment agreement with the Company pursuant to which he is entitled to receive an annual base salary of $255,000, with a performance-related bonus targeted at $178,500 per year based on specific criteria as stated in his employment agreement. The amount of salary and bonus to be received by Mr. Story may be increased annually at the discretion of the Chief Executive Officer or the Board of Directors. In 2008, the Company paid Mr. Story a base salary of $275,000 and a target performance-related bonus of $100,913. In 2009, the Company intends to pay Mr. Story a base salary of $275,000 and a performance related bonus targeted at $195,000. In 2008, Mr. Story received stock option grants to purchase a total of 21,000 shares of Common Stock and 7,000 shares of Restricted Stock, which each vest in four equal annual installments beginning January 2, 2009. All of the unvested options and restricted shares will vest if, after a change in control, Mr. Story’s employment is terminated or constructively terminated, other than for cause, if such termination or constructive termination occurs within two years of the change of control. Under the employment agreement, Mr. Story has agreed to assign to the Company all patents, copyrights and other intellectual property developed by him in the course of his employment. Mr. Story has agreed not to solicit the Company’s customers for a period of one year following any termination. Under his Severance and Non-Competition Agreement, Mr. Story is eligible to receive twelve months of his then current base salary in the event of termination as defined in the agreement. In addition to salary payments, Mr. Story is entitled to receive a prorated portion of the bonus earned through the termination date and one year of COBRA payments for Mr. Story’s family medical and dental coverage. Severance payments are payable in twelve equal monthly installments from date of termination. Mr. Story will have 90 days in which to exercise his vested stock options.

     Mr. Dabbiere is party to a severance and noncompetition agreement pursuant to which in the event of termination of employment (as defined in his severance and noncompetition agreement), Mr. Dabbiere is eligible to receive twelve months of his then current base salary, payable in twelve equal monthly installments from date of termination, including COBRA payments for Mr. Dabbiere’s family medical and dental coverage. All of his unvested options and restricted shares will vest if after a change in control, Mr. Dabbiere’s employment is terminated or constructively terminated, other than for cause, if such termination or constructive termination occurs within two years of the change of control. In 2008, the Company paid Mr. Dabbiere a base salary of $240,000, a target performance-related bonus of $80,213, and a $10,000 discretionary bonus. In 2009, the Company intends to pay Mr. Dabbiere a base salary of $240,000 and a performance related bonus targeted at $155,000. In 2008, Mr. Dabbiere received options to purchase 15,000 shares of the Company’s Common Stock and 5,000 shares of Restricted Stock, which each vest in four equal annual installments beginning January 2, 2009. Under the agreement, Mr. Dabbiere has agreed to assign to the Company all patents, copyrights and other intellectual property developed by him in the course of his employment. In addition, Mr. Dabbiere has agreed not to solicit the Company’s customers for a period of one year following any termination. Further, Mr. Dabbiere will have 30 days in which to exercise his vested stock options.

     The Company and Mr. Johar entered into a Separation and Release Agreement subsequent to the end of the Company’s most recent fiscal year and in connection with Mr. Johar’s resignation. Under this agreement, Mr. Johar is entitled to receive a lump sum payment of $20,000, payment for 25 earned vacation days at his current salary and an aggregate amount of $300,000 subject to all standard deductions, to be paid in twenty-four equal bi-monthly payments following the effective date of his resignation. This separation agreement contains a general release of the Company and covenants not to compete with the Company or solicit its employees for one year from the date of termination. Under his prior employment agreement, which was in effect at the end of the Company’s most recent fiscal year, he was entitled to receive an annual base salary of $245,000, with a performance-related bonus targeted at up to $155,000 per year based on specific criteria as stated in his employment agreement, which amounts could be increased annually at the discretion of the

Chief Executive Officer or the Board of Directors. In 2008, the Company paid Mr. Johar a base salary of $300,000 and a target performance-related bonus of $103,500. In 2008, Mr. Johar received options to purchase 30,000 shares of the Company’s Common Stock and 10,000 shares of Restricted Stock, which each vest in four equal annual installments beginning January 2, 2009, which continued to vest through Mr. Johar’s termination date of January 15, 2009. Mr. Johar had thirty days after January 15, 2009 in which to exercise his vested options. Under his employment agreement, Mr. Johar agreed to assign to the Company all patents, copyrights and other intellectual property developed by him in the course of his employment. In addition, Mr. Johar has agreed not to solicit the Company’s customers for a period of one year following any termination.

     Mr. Mitchell is party to a separation and noncompetition agreement and an employment agreement with the Company pursuant to which he is entitled to receive an annual base salary of $250,000, with a performance-related bonus targeted at $390,000 per year based on specific objectives and subjective criteria as stated in his employment agreement. The amount of salary and bonus to be received by Mr. Mitchell may be increased annually at the discretion of the Chief Executive Officer, President or the Board of Directors, in regard to salary, and at the sole discretion of the Company, in regard to bonuses. In 2008, the Company paid Mr. Mitchell a base salary of $340,000, a target performance-related bonus of $116,438 and a discretionary bonus of $56,250. In 2009, the Company intends to pay Mr. Mitchell a base salary of $340,000 and a target performance-related bonus of $450,000. In 2008, Mr. Mitchell received options to purchase 50,000 shares of the Company’s Common Stock and 16,667 shares of Restricted Stock, which each vest in four equal annual installments beginning January 2, 2009. All of the unvested options and restricted shares will vest if after a change in control, Mr. Mitchell’s employment is terminated or constructively terminated, other than for cause, if such termination or constructive termination occurs within two years of the change of control. Under the agreement, Mr. Mitchell has agreed to assign to the Company all patents, copyrights and other intellectual property developed by him in the course of his employment. In addition, Mr. Mitchell has agreed not to solicit the Company’s customers for a period of one year following any termination. In the event of termination of employment (as defined in his separation and noncompetition agreement), Mr. Mitchell is eligible to receive twelve months of his then current base salary, payable in twelve equal monthly installments from date of termination, including COBRA payments for Mr. Mitchell’s family medical and dental coverage. Further, Mr. Mitchell will have 30 days from the date of any termination in which to exercise his vested stock options.

Policy with Respect to Qualifying Compensation for Deductibility

     Section 162(m) of the Internal Revenue Code imposes a limit on tax deductions for annual compensation (other than performance-based compensation) in excess of one million dollars paid by a corporation to its Chief Executive Officer and its other three most highly compensated executive officers. The Compensation Committee considers tax deductibility when making its decisions regarding executive compensation but reserves the right to award nondeductible compensation when appropriate to accomplish other compensation objectives. The Committee will continue to assess the impact of Section 162(m) on its compensation practices and determine what further action, if any, is appropriate.

Limitation of Liability and Indemnification of Officers and Directors

     The Company’s Articles of Incorporation provide that the liability of the directors to the shareholders for monetary damages shall be limited to the fullest extent permissible under Georgia law. This limitation of liability does not affect the availability of injunctive relief or other equitable remedies.

     The Company’s Bylaws provide that the Company will indemnify each of its officers, directors, employees and agents to the extent that he or she is or was a party, or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative because he or she is or was a director, officer, employee or agent of the Company, against reasonable expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement in connection with such action, suit or proceeding; provided, however, that no indemnification shall be made for:

	•		any appropriation, in violation of his or her duties, of any business opportunity of the Company;
	•		acts or omissions that involve intentional misconduct or a knowing violation of law;
	•		any liability under Section 14-2-832 of the Georgia Business Corporation Code, which relates to unlawful payments of dividends and unlawful stock repurchases and redemptions; or
	•		any transaction from which he or she derived an improper personal benefit.

     The Company has entered into indemnification agreements with certain executive officers and directors providing indemnification similar to that provided in the Bylaws.

EXECUTIVE COMPENSATION

     The following table sets forth, for the three years ended December 31, 2008, the total compensation paid to or earned by the named executive officers:

																						Non-Equity
														Stock				Option				Incentive Plan				All Other
Name and Principal Position		Year				Salary				Bonus(1)				Awards(2)				Awards(3)				Compensation(4)				Compensation(5)				Total
Peter F. Sinisgalli			2008			$	460,000			$	—			$	671,383			$	789,834			$	238,050			$	10,367			$	2,169,634
President, Chief Executive			2007				440,000				—				287,778				380,943				447,263				8,970				1,564,954
Officer and Director			2006				425,000				—				69,875				138,198				360,188				—				993,261
Dennis B. Story			2008			$	275,000			$	—			$	89,400			$	559,363			$	100,913			$	7,750			$	1,032,426
Senior Vice President and			2007				265,000				—				49,342				545,771				179,450				7,750				1,047,313
Chief Financial Officer			2006				255,000				—				—				386,545				113,794				—				755,339
David K. Dabbiere			2008			$	240,000			$	10,000			$	63,898			$	100,624			$	80,213			$	10,348			$	505,083
Senior Vice President and			2007				225,000				—				35,227				76,016				145,500				10,189				491,932
Chief Legal Officer			2006				208,000				—				—				33,806				119,000				—				360,806
Pervinder Johar			2008			$	300,000			$	—			$	120,984			$	193,272			$	103,500			$	9,402			$	727,158
Senior Vice President and			2007				270,000				—				63,426				143,698				184,600				10,189				671,913
Chief Technology Officer			2006				245,000				—				—				67,676				131,750				98,353				542,779
Jeffrey S. Mitchell			2008			$	340,000			$	56,250			$	212,870			$	357,095			$	116,438			$	7,617			$	1,090,270
Executive Vice President –			2007				325,000				—				120,281				291,507				436,800				9,219				1,182,807
Americas Operations			2006				312,000				—				33,336				172,329				451,250				—				968,915

Grants of Plan-Based Awards

     The following table provides additional information about stock and option awards granted to our named executive officers during the year ended December 31, 2008.

Grants of Plan-Based Awards
																		All Other				All Other
																		Stock				Option				Exercise				Grant
						Estimated Future Payouts Under												Awards:				Awards:				or Base				Date Fair
						Non-Equity Incentive Plan												Number of				Number of				Price of				Value of
						Awards(1)												Shares of				Securities				Option				Stock and
						Threshold				Target				Maximum				Stock or				Underlying				Awards				Option
Name		Grant Date				($)				($)				($)				Units(2)(#)				Options(3)				($/sh)				Awards
Peter F. Sinisgalli			1/2/2008			$	—			$	—			$	—				20,000				60,000			$	25.75			$	996,800
			12/7/2007	(4)			—				460,000				920,000
Dennis B. Story			1/2/2008				—				—				—				7,000				21,000				25.75				348,880
			12/7/2007	(4)			—				195,000				390,000
David Dabbiere			1/2/2008				—				—				—				5,000				15,000				25.75				249,200
			12/7/2007	(4)			—				155,000				310,000
Pervinder Johar			1/2/2008				—				—				—				10,000				30,000				25.75				498,400
			12/7/2007	(4)			—				200,000				400,000
Jeffrey S. Mitchell			1/2/2008				—				—				—				16,667				50,000				25.75				830,675
			12/7/2007	(4)			—				450,000				900,000

Outstanding Equity Awards at Fiscal Year-End

     The following table summarizes the equity awards we have made to our named executive officers that are outstanding as of December 31, 2008. The market value of unvested stock awards is determined based on the closing stock price of $15.81 on December 31, 2008.

Outstanding Equity Awards at Fiscal Year End
						Option Awards(1)																Stock Awards(2)
																																		Equity
																																		Incentive
																														Equity				Plan
																														Incentive				Awards
																														Plan				Market or
																														Awards:				Payout
																														Number of				Value of
																														Unearned				Unearned
																						Number of				Market				Shares,				Shares,
						Number of				Number of												Shares or				Value of				Units Or				Units or
						Securities				Securities												Units of				Shares or				Other				Other
						Underlying				Underlying												Stock				Units of				Rights				Rights
						Unexercised				Unexercised				Option				Option				That Have				Stock that				That Have				That Have
		Grant				Options (#)				Options (#)				Exercise				Expiration				Not Vested				have not				Not Vested				Not Vested
Name		Date				Exerciseable				Unexerciseable				Price ($)				Date				(#)				Vested ($)				(#)				($)
Peter F. Sinisgalli			3/16/2004				392,846				—			$	27.95				3/16/2014				—			$	—				—			$	—
			3/16/2004				7,154				—				27.95				3/16/2014				—				—				—				—
			1/5/2005				100,000				—				22.28				1/5/2015				—				—				—				—
			11/29/2005				50,000				—				21.98				11/29/2012				—				—				—				—
			1/4/2006				34,375				15,625				21.20				1/4/2013				—				—				—				—
			1/4/2007				21,875				28,125				30.16				1/4/2014				9,376				148,235				—				—
			2/1/2007				4,375				5,625				28.07				2/1/2014				1,875				29,644				—				—
			7/19/2007				37,500				162,500				28.52				7/19/2014				54,167				856,380				—				—
			1/2/2008				11,250				48,750				25.75				1/2/2015				16,250				256,913				—				—
Dennis Story			3/16/2006				87,500				87,500			$	21.54				3/16/2013				—			$	—				—			$	—
			1/4/2007				5,250				15,750				30.16				1/4/2014				5,250				83,003				—				—
			1/2/2008				—				21,000				25.75				1/2/2015				7,000				110,670				—				—
David Dabbiere			11/30/2000				5,000				—			$	38.98				11/30/2010				—			$	—				—			$	—
			12/17/2001				390				—				27.41				12/17/2011				—				—				—				—
			12/17/2001				5,610				—				27.41				12/17/2011				—				—				—				—
			11/15/2002				14,600				—				26.20				11/15/2012				—				—				—				—
			11/15/2002				400				—				26.20				11/15/2012				—				—				—				—
			12/16/2003				15,000				—				27.77				12/16/2013				—				—				—				—
			5/3/2004				20,000				—				26.87				5/3/2014				—				—				—				—
			1/5/2005				12,500				—				22.28				1/5/2015				—				—				—				—
			11/29/2005				9,375				—				21.98				11/29/2012				—				—				—				—
			1/4/2006				6,250				6,250				21.20				1/4/2013				—				—				—				—
			1/4/2007				3,750				11,250				30.16				1/4/2014				3,750				59,288				—				—
			1/2/2008				—				15,000				25.75				1/2/2015				5,000				79,050				—				—

Outstanding Equity Awards at Fiscal Year End
						Option Awards(1)																Stock Awards(2)
																																		Equity
																																		Incentive
																														Equity				Plan
																														Incentive				Awards
																														Plan				Market or
																														Awards:				Payout
																														Number of				Value of
																														Unearned				Unearned
																						Number of				Market				Shares,				Shares,
						Number of				Number of												Shares or				Value of				Units Or				Units or
						Securities				Securities												Units of				Shares or				Other				Other
						Underlying				Underlying												Stock				Units of				Rights				Rights
						Unexercised				Unexercised				Option				Option				That Have				Stock that				That Have				That Have
		Grant				Options (#)				Options (#)				Exercise				Expiration				Not Vested				have not				Not Vested				Not Vested
Name		Date				Exerciseable				Unexerciseable				Price ($)				Date				(#)				Vested ($)				(#)				($)
Pervinder Johar			1/1/2003				11,322				—			$	23.66				2/14/2009				—			$	—				—			$	—
			1/1/2003				12,678				—				23.66				2/14/2009				—				—				—				—
			12/16/2003				10,000				—				27.77				2/14/2009				—				—				—				—
			7/20/2004				20,000				—				25.80				2/14/2009				—				—				—				—
			1/5/2005				35,000				—				22.28				2/14/2009				—				—				—				—
			11/29/2005				25,000				—				21.98				2/14/2009				—				—				—				—
			1/4/2006				12,500				12,500				21.20				2/14/2009				—				—				—				—
			1/4/2007				6,750				20,250				30.16				2/14/2009				6,750				106,718				—				—
			1/2/2008				—				30,000				25.75				2/14/2009				10,000				158,100				—				—
Jeffrey Mitchell			11/30/2000				15,730				—			$	38.98				11/30/2010				—			$	—				—			$	—
			11/30/2000				4,270				—				38.98				11/30/2010				—				—				—				—
			7/12/2001				10,000				—				28.83				7/12/2011				—				—				—				—
			12/17/2001				21,000				—				27.41				12/17/2011				—				—				—				—
			1/23/2002				15,000				—				26.65				1/23/2012				—				—				—				—
			6/12/2002				10,000				—				25.31				6/12/2012				—				—				—				—
			7/22/2002				5,000				—				18.85				7/22/2012				—				—				—				—
			7/22/2002				4,695				—				18.85				7/22/2012				—				—				—				—
			7/22/2002				305				—				18.85				7/22/2012				—				—				—				—
			9/6/2002				24,883				—				19.54				9/6/2012				—				—				—				—
			9/6/2002				5,117				—				19.54				9/6/2012				—				—				—				—
			12/27/2002				16,000				—				24.70				12/27/2012				—				—				—				—
			6/6/2003				25,000				—				28.06				6/6/2013				—				—				—				—
			12/11/2003				100,000				—				26.64				12/11/2013				—				—				—				—
			1/5/2005				100,000				—				22.28				1/5/2015				—				—				—				—
			11/29/2005				50,000				—				21.98				11/29/2012				—				—				—				—
			1/4/2006				25,000				25,000				21.20				1/4/2013				—				—				—				—
			1/4/2007				12,500				37,500				30.16				1/4/2014				12,501				197,641				—				—
			1/2/2008				—				50,000				25.75				1/2/2015				16,667				263,505				—				—

Option Awards Vesting Schedule
Name		Grant Date		Vesting(A)
Peter F. Sinisgalli		3/16/2004		6.25% per quarter until accelerated in December 2005
		1/5/2005		6.25% per quarter until accelerated in December 2005
		11/29/2005		Vested immediately with sale restrictions lapsing 25% per year for 4 years
		1/4/2006		6.25% per quarter for 4 years
		1/4/2007		6.25% per quarter for 4 years
		2/1/2007		6.25% per quarter for 4 years
		7/19/2007		6.25% per quarter for 4 years
		1/2/2008		6.25% per quarter for 4 years
Dennis B. Story		3/16/2006		25% per year for 4 years
		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
David K. Dabbiere		11/30/2000		25% per year for 4 years
		12/17/2001		25% per year for 4 years
		11/15/2002		25% per year until accelerated in December 2005
		12/16/2003		25% per year until accelerated in December 2005
		5/3/2004		25% per year until accelerated in December 2005
		1/5/2005		50% per year until accelerated in December 2005
		11/29/2005		Vested immediately with sale restrictions lapsing 25% per year for 4 years
		1/4/2006		25% per year for 4 years
		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
Pervinder Johar		1/1/2003		25% per year for 4 years until accelerated in December 2005
		12/16/2003		25% per year for 4 years until accelerated in December 2005
		7/20/2004		25% per year for 4 years until accelerated in December 2005
		1/5/2005		50% per year for 2 years until accelerated in December 2005
		11/29/2005		Vested immediately with sale restrictions lapsing 25% per year for 4 years
		1/4/2006		25% per year for 4 years
		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
Jeffrey S. Mitchell		11/30/2000		25% per year for 4 years
		7/12/2001		100% on 12/31/03
		12/17/2001		1/3 per year for 3 years
		1/23/2002		50% on 1/23/2004 and 1/23/2005
		6/12/2002		50% on 6/30/2004 and 6/30/2005
		7/22/2002		100% after 5 years
		9/6/2002		1/3 per year for 3 years
		12/27/2002		25% per year for 3 years until accelerated in December 2005
		6/6/2003		1/3 per year for 3 years until accelerated in December 2005
		12/11/2003		8.33% per quarter until accelerated in December 2005
		1/5/2005		50% per year until accelerated in December 2005
		11/29/2005		Vested immediately with sale restrictions lapsing 25% per year for 4 years
		1/4/2006		25% per year for 4 years
		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years

     (2) Restricted Stock vests in accordance with the schedule below:

Stock Awards Vesting Schedule
Name		Grant Date		Vesting
Peter F. Sinisgalli		1/4/2007		6.25% per quarter for 4 years
		2/1/2007		6.25% per quarter for 4 years
		7/19/2007		6.25% per quarter for 4 years
		1/2/2008		6.25% per quarter for 4 years
Dennis B. Story		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
David K. Dabbiere		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
Pervinder Johar		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years
Jeffrey S. Mitchell		1/4/2007		25% per year for 4 years
		1/2/2008		25% per year for 4 years

Option Exercises and Stock Vested Table

     The following Option Exercises and Stock Vested table provides additional information about the value realized by the named executive officers on option award exercises and stock award vesting during the year ended December 31, 2008.

Option Exercises and Stock Vested
		Option Awards								Stock Awards
		Number								Number
		of Shares				Value				of Shares				Value
		Acquired on				Realized on				Acquired on				Realized on
Name		Exercise				Exercise				Vesting				Vesting
Peter F. Sinisgalli			—			$	—				23,750			$	534,649
Dennis B. Story			—				—				1,750				43,470
David K. Dabbiere			—				—				1,250				31,050
Pervinder Johar			—				—				2,250				55,890
Jeffrey S. Mitchell			—				—				4,166				103,483

     If the following events had occurred on December 31, 2008, amounts shown in the following table would have been due to the named executive officers.

						Termination and
		Termination For				Constructive								Change In Control
Name		Cause(1)				Termination								and Termination
Peter F. Sinisgalli		$	—			$	711,196				(2)			$	2,002,367				(2)(4)
Dennis B. Story			—				289,130				(3)				482,803				(3)(4)
David K. Dabbiere			—				254,130				(3)				392,468				(3)(4)
Pervinder Johar			—				749,094				(5)				1,013,912				(4)(5)
Jeffrey S. Mitchell			—				354,130				(6)				815,276				(4)(6)