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MXIM > SEC Filings for MXIM > Form 8-K on 30-Sep-2009All Recent SEC Filings

Show all filings for MAXIM INTEGRATED PRODUCTS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for MAXIM INTEGRATED PRODUCTS INC


30-Sep-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.

(e) On September 24, 2009, the Board of Directors and its Compensation Committee (the "Compensation Committee") of Maxim Integrated Products, Inc. (the "Company") approved cash bonuses for the officers of the Company for their performance during fiscal year 2009. Such cash bonuses awarded to the principal executive officer and other named executive officers are as set forth below:

                                                             Fiscal Year 2009
           Name                       Title                Performance Bonus(1)
 Tunc Doluca              President and Chief Executive          $321,429
                                     Officer
 Bruce Kiddoo               Senior Vice President and            $175,622
                             Chief Financial Officer
 Vijay Ullal                     Group President                 $303,121
 Pirooz Parvarandeh           Group President, Chief             $244,022
                                Technical Officer
 Richard Hood(2)              Former Vice President              $137,898

(1) Approximately $2.99 million was awarded in performance bonuses to all 20 of the Company's officers with a title of vice president and above for fiscal year 2009 performance, of which approximately $2.8 million was calculated and determined under the Officer Compensation Plan previously disclosed on Form 8-K filed with the Securities and Exchange Commission on July 24, 2007 and described in the Proxy Statement for our 2008 Annual Meeting of Stockholders, and approximately $191,000 was awarded outside of the Officer Compensation Plan for extraordinary effort. The amount of the aggregate bonus pool under the Officer Compensation Plan was calculated using the following company-wide performance metrics: (i) the achievement of growth targets for non-GAAP operating profit before taxes (excluding non-recurring items and stock-based compensation), (ii) the Company's stock price performance relative to the Philadelphia Semiconductor Index (SOX), and (iii) the achievement of targets for return on invested capital. In addition, each officer's share of the aggregate bonus pool was dependent upon position points and personal performance during fiscal year 2009.

(2) Mr. Hood, a Named Executive Officer during fiscal year 2009, retired from employment at the Company in July 2009 after the completion of fiscal year 2009.


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