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Quotes & Info
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| WSTL > SEC Filings for WSTL > Form 8-K on 7-Apr-2009 | All Recent SEC Filings |
7-Apr-2009
Change in Directors or Principal Officers
On April 1, 2009, the Board of Directors of Westell Technologies, Inc. (the "Company") established cash bonus targets and the performance criteria the fiscal year 2010 bonus plan. The following table presents the fiscal 2010 bonus targets for the Company's named executive officers:
Fiscal 2010
Name Title Bonus Target
Amy T. Senior Vice President and $112,500
Forster Chief Financial Officer
Timothy Chief Executive Officer of $127,500
Reedy Conference Plus, Inc.
Christopher Vice President/General $112,500
J. Shaver Manager of Customer Network
Solutions ("CNS")
Mark Skurla Vice President of Sales & $112,500
Customer Service
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For the named executives above, except Mr. Skurla, the bonus is based 50% on achieving revenue metrics and 50% achieving operating income metrics for the Company for fiscal 2010. Mr. Skurla's bonus is based on 50% on achieving revenue metrics and 50% achieving operating income metrics for the CNS business unit. The named executive officers would not be entitled to a payout if established target revenue and operating income metrics are not met. Actual bonus payments may range from 0% to 150% of target levels based on actual revenue or operating income results.
Richard S. Gilbert, the Company's Chief Executive Officer, is entitled to a guaranteed bonus of $250,000 for the fiscal year ending March 31, 2010 pursuant to his employment agreement with the Company.
Additionally, effective April 1, 2009 Christopher Shaver was promoted to Vice President/General Manager of the CNS business unit. Due to the reorganization of responsibilities associated with Mr. Shaver's promotion, Mark Skurla, Vice President of Sales and Customer Service will remain employed by the Company, but no longer serve as an executive officer of the Company as defined by the Securities Exchange Act of 1934.
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