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TIGR > SEC Filings for TIGR > Form 8-K on 3-May-2012All Recent SEC Filings

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Form 8-K for TIGERLOGIC CORP


3-May-2012

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 May 1, 2012, the Board of Directors of TigerLogic Corporation (the "Company") approved the payment of discretionary cash bonuses to Richard W. Koe, the Company's Interim President and Chief Executive Officer, Thomas G. Lim, the Company's Chief Financial Officer, and Gerald F. Chew, the Company's Senior Vice President of Corporate and Product Development, in the amount of $53,000 each; and to John H. Bramley, the Company's Vice President of Operations, in the amount of $40,000. The bonuses were approved in connection with the Compensation Committee's and Board of Directors' evaluation of each individual officer's performance and the Company's overall performance for the fiscal year ended March 31, 2012.

In addition, also on May 1, 2012, the Board of Directors approved stock option awards to Mr. Lim and Mr. Bramley to purchase up to 25,000 shares and 20,000 shares, respectively, of the Company's common stock under the Company's 2009 Equity Incentive Plan and a standard of form of agreement thereunder. In accordance with the Company's policy, the grant date for this option is May 1, 2012 and the exercise price of the option is $2.20 per share, which is the market closing price of the Company's common stock on May 1, 2012. The shares subject to the options vest monthly over a two year period.


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