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AOSL > SEC Filings for AOSL > Form 8-K on 13-Jun-2013All Recent SEC Filings

Show all filings for ALPHA & OMEGA SEMICONDUCTOR LTD | Request a Trial to NEW EDGAR Online Pro

Form 8-K for ALPHA & OMEGA SEMICONDUCTOR LTD


13-Jun-2013

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers, Election of Directors; Appointment of Certain Officers; Compensatory Arrangement for Certain Officers.

On June 10, 2013, the Compensation Committee of the Board of Directors of Alpha and Omega Semiconductor Limited (the "Company") adopted an incentive bonus plan (the "Plan") for the fiscal year period from July 1, 2013 to June 30, 2014, which will allow each executive officer of the Company to earn a cash bonus based on the level of attainment of specified Company performance goals. Bonuses will be payable in two installments with the first installment based on Company's performance for the six-month period from July 1, 2013 to December 31, 2013, and the second installment based on Company's performance for the twelve-month period from July 1, 2013 to June 30, 2014. The participant must remain in employment through the last day of the performance period to receive a bonus for that period. There will be two performance goals weighted as follows:
(i) revenue goal weighted 50% and (ii) non-GAAP operating income goal weighted 50%. A minimum of 80% of the target goal must be achieved for payout under that goal. In addition, no bonus will be paid under either performance goal if a minimum of 80% of the operating income target is not achieved. The actual bonus payable to an executive officer for the fiscal year will range from $0 to the maximum bonus established for that officer (as set forth in the table below) depending on the level of attainment of the performance goals. The maximum bonus amount will be payable if performance goals are attained at 115% of the targets established under the Plan. The target bonus for each executive officer (as a percentage of base salary) and the maximum bonus payable to each officer are as follows:

     Name                   Title                 Target Bonus     Maximum Bonus
Mike F. Chang  Chief Executive Officer                100%             200%
               Chief Financial Officer and
Mary L. Dotz   Corporate Secretary                    60%              120%
Yueh-Se Ho     Chief Operating Officer                60%              120%
Hamza Yilmaz   Chief Technology Officer               60%              120%
               Chief Accounting Officer and
Yifan Liang    Assistant Corporate Secretary          40%              100%
               Vice President of Worldwide
Tony Grizelj   Sales                                  60%              120%

The description above is only a summary and qualified in its entirety by the Plan, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year ending June 30, 2013 to be filed with the Securities and Exchange Commission.


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