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SYMM > SEC Filings for SYMM > Form 8-K on 15-Aug-2013All Recent SEC Filings

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Form 8-K for SYMMETRICOM INC


15-Aug-2013

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 August 9, 2013, the Board of Directors (the "Board") of Symmetricom, Inc. (the "Company") approved an executive cash bonus plan for the Company's fiscal year ending June 29, 2014. Under the plan, if the Company does not achieve at least 90% of a financial goal based on fiscal 2014 revenue and 80% of a financial goal based on fiscal 2014 operating income, as adjusted for any extraordinary events and certain items approved by the Compensation Committee of the Board, no cash bonus will be paid to any named executive officer. Each of the two financial goals will be weighted equally and will be measured in the aggregate. The executive officers' target bonuses will be allocated 70% to the achievement of the Company's aggregate financial goal and 30% to the achievement of individual goals. If the Company achieves more than 100% of the aggregate financial goal, then the cash bonus payment will increase up to a maximum of 135% of the named executive officer's target bonus payment. The target bonus payment for the Company's CEO is 100% of her base salary if the Company achieves 100% of the aggregate financial goal and the CEO achieves 100% of her personal goals. The target bonus for the Company's Executive VP and CFO is 55% of his base salary if the Company achieves 100% of the aggregate financial goal and the individual achieves 100% of his personal goals. The target bonus for the Company's Executive VP, Marketing is 50% of his base salary if the Company achieves 100% of the aggregate financial goal and the individual achieves 100% of his personal goals. Bonuses may be paid to named executive officers semiannually, with the first-half payment contingent on achievement of at least 90% of both of the financial goals for the first half of the fiscal year, not to exceed 21% of the annual target bonus payment.


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