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MEMS > SEC Filings for MEMS > Form 8-K on 5-Jun-2009All Recent SEC Filings

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Form 8-K for MEMSIC INC


5-Jun-2009

Change in Directors or Principal Officers


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

On June 1, 2009, our compensation committee established a bonus plan for our executive officers for 2009. Annual bonuses, if any, will be paid in cash in an amount determined by our compensation committee in early 2010, based upon the committee's judgment as to the extent to which stated company and individual performance goals have been met. The compensation committee retains discretion over the bonus plan and has the right to terminate it at any time. The material terms of the 2009 executive officer bonus plan are as follows:

• The target bonus for our Chief Executive Officer is $175,000. The amount of this target bonus that is ultimately earned will be based upon attainment of goals relating to our profitability on a GAAP basis, major account wins, product development milestones and individual management objectives.

• The target bonus for our Vice President of Sales and Marketing and Business Development is $100,000. The amount of this target bonus that is ultimately earned will be based upon attainment of goals relating to our revenue and major account wins.

• The target bonus for our Chief Financial Officer is $65,000. The amount of this target bonus that is ultimately earned will be based upon attainment of goals relating to our profitability on a GAAP basis, inventory management and maintenance of effective control over our financial reporting.


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