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IDTI > SEC Filings for IDTI > Form 8-K on 27-Aug-2013All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 26, 2013, Integrated Device Technology, Inc. (the "Company") announced that Theodore L. Tewksbury, III has resigned as the president and chief executive officer of the Company and as a member of the Company's board of directors effective August 27, 2013 (the "Termination Date"). In connection with his resignation, Mr. Tewksbury entered into a separation agreement (the "Separation Agreement") with the Company dated August 26, 2013.

Subject to the Separation Agreement becoming irrevocable on September 3, 2013, Mr. Tewksbury is entitled to the following: (i) a lump sum payment of $600,018, which is the equivalent of 12 months of Mr. Tewksbury's base salary, to be paid as soon as administratively practicable following September 3, 2013;
(ii) continued eligibility for a full bonus under the Company's Annual Incentive Compensation Plan ("AIP") for fiscal year 2014, payable based on Company performance on the regularly scheduled payment date under the AIP;
(iii) continued exercisability of all outstanding options to the extent vested at the Termination Date through August 27, 2014; and (iv) COBRA premiums for continued healthcare coverage for up to 12 months.

The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)     Exhibits

10.1    Separation Agreement, dated August 26, 2013, by and between Theodore L.
        Tewksbury, III, and Integrated Device Technology, Inc.

99.1    Press release dated August 26, 2013.

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