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HILL > SEC Filings for HILL > Form 8-K on 13-Aug-2009All Recent SEC Filings

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Form 8-K for DOT HILL SYSTEMS CORP


13-Aug-2009

Other Events


Item 8.01 Other Events.

As consideration for his services as the sole member of the Operations Committee of our Board of Directors and as payment for services as a director in such capacity, on August 9, 2009, the Compensation Committee of our Board of Directors approved additional director compensation for Charles F. Christ, in the form of a one-time award valued at $168,750, consisting of a grant of 70,000 shares of restricted stock, effective August 13, 2009, and a cash payment equal to the difference between $168,750 and the value of the 70,000 shares of restricted stock based upon the closing price for our common stock on the Nasdaq Stock Market on August 13, 2009. Subject to his continued service to us, 25% of the restricted stock vests on each of the first, second, third and fourth anniversaries of the date of grant, such that the restricted stock will be fully vested four years from the date of grant.


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