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| ISSI > SEC Filings for ISSI > Form 8-K on 29-Oct-2009 | All Recent SEC Filings |
29-Oct-2009
Results of Operations and Financial Condition, Change in Director
The information under this Item 2.02 is being furnished as contemplated by General Instruction B(2) to Form 8-K.
On October 29, 2009, we announced the results of our operations for the fourth fiscal quarter and fiscal year ended September 30, 2009. The complete release is attached to this report as Exhibit 99.1.
On October 23, 2009, the Compensation Committee of the Board of Directors of
Integrated Silicon Solution, Inc. (the "Company") approved payouts under the
Company's executive bonus plan for fiscal 2009. Under the 2009 bonus plan, the
Company's executive officers were eligible to receive cash bonuses based on
(i) the Company's operating profit for fiscal 2009 and (ii) a discretionary
amount established at the beginning of the fiscal year with the percentage
payout of such amount determined by the Compensation Committee. Based on the
Company's financial performance for fiscal 2009, there was no payout based on
the operating profit portion of the plan as the Company did not have any
operating profit for fiscal 2009. With respect to the discretionary portion of
the plan, the Compensation Committee determined that each executive officer
would receive 75% of the target amount or $90,000 for Scott Howarth, $52,500 for
John Cobb and $45,000 for each of K.Y. Han and James Han. Jimmy Lee was not
allocated any bonus amount for fiscal 2009 due to his reduced time status.
On October 23, 20009, the Compensation Committee also approved the executive compensation program for fiscal 2010 which included base salary, cash bonus based on the Company's operating profit for fiscal 2010, cash bonus based on discretionary factors and stock option grants. With respect to annual base salaries, Mr. Howarth's salary is $300,000, the salary for each of Messrs. Cobb, K.Y. Han and James Han is $250,000 and Mr. Lee's salary is $100,000. For fiscal 2010, the Compensation Committee determined that, as in fiscal 2009, the Company's executive officers would be eligible to receive cash bonuses equal to a percentage of the Company's operating profit for fiscal 2010 as determined in accordance with GAAP, subject to adjustment by the Compensation Committee in its discretion to reflect unexpected items. Specifically, the bonus amount allocated to Mr. Howarth was 2.0% of operating profit and the bonus amount allocated to Messrs. Cobb, K.Y. Han and James Han was 1.0% of operating profit. In addition, for fiscal 2010, the discretionary bonus amount for Mr. Howarth is $120,000 and the discretionary bonus amount for Messrs. Cobb, K.Y. Han and James Han is $60,000. Due to the continuation of his reduced time status, Mr. Lee was not allocated any bonus amounts for fiscal 2010.
(d) Exhibits.
99.1 Press Release dated October 29, 2009.
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