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CRAY > SEC Filings for CRAY > Form 8-K on 1-Apr-2013All Recent SEC Filings

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Form 8-K for CRAY INC


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 March 26, 2013, the Board of Directors of Cray Inc. ("Cray") elected Dr. Prithviraj Banerjee as a director of Cray, effective as of May 1, 2013. At the time of his election to the Board of Directors, Dr. Banerjee was also appointed as a member and the chairperson of Cray's Strategic Technology Assessment Committee, effective as of May 1, 2013. Dr. Banerjee has also been nominated for reelection at Cray's 2013 annual meeting of shareholders.

As an independent director of Cray, Dr. Banerjee will receive compensation as a non-employee director in accordance with Cray's non-employee director compensation practices. This compensation consists of annual retainers for his service on the Board of Directors and the Strategic Technology Assessment Committee in the amounts of $40,000 and $5,000, respectively, and a $5,000 retainer for his service as the chairperson of the Strategic Technology Assessment Committee. Additionally, Dr. Banerjee will be granted a fully vested option to purchase 20,000 shares of Cray's common stock, with an exercise price equal to the fair market value of Cray's common stock on the date of the grant. In addition, Cray will enter into an indemnification agreement with Dr. Banerjee in the same form as previously entered into by Cray with its other non-employee directors.

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