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ISSI > SEC Filings for ISSI > Form 8-K on 22-Oct-2013All Recent SEC Filings




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 October 16, 2013, the Compensation Committee of the Board approved the executive compensation program for fiscal 2014 which included base salary, variable cash compensation based on achievement of performance goals and variable cash compensation awarded at the discretion of the Compensation Committee. With respect to annual base salaries, effective November 1, 2013, Scott Howarth's salary is $345,000, John Cobb's salary is $284,000, James Han's salary is $284,000, K.Y. Han's salary is $274,000 and Jimmy Lee's salary is $200,000. Under the variable compensation plan approved by the Compensation Committee, payments are to be based 30% on ISSI's operating income for fiscal 2014, 25% on total revenue, 10% on revenue from new products, 10% on revenue from NOR Flash products, 5% on revenue from analog products and 20% is discretionary. For purposes of the variable compensation plan, the Compensation Committee established a target for ISSI performance in each of these areas (other than discretionary). ISSI's performance in each area (other than discretionary) must be at least 75% of the target before a payout is made in such area and the maximum amount payable for performance in each area is 125% of the target (except for discretionary, which has a maximum of 100%). At the targeted level of performance, the bonus amount allocated to Mr. Howarth was $288,000, the amount allocated to Mr. Cobb was $206,000, the amount allocated to Mr. James Han was $227,000 and the amount allocated to Mr. K.Y. Han was $227,000. Due to his continued reduced time status, Mr. Lee was not allocated any bonus amounts for fiscal 2014. The Compensation Committee also discussed and expects to approve grants of cash-settled stock appreciation rights and restricted stock units under the Company's 2007 Incentive Compensation Plan to the above executive officers.

On October 16, 2013, the Board approved an amendment to the Company's 2007 Incentive Compensation Plan to change the size of the annual option grant for non-employee directors from 5,000 shares to 7,500 shares. No other changes were made to the cash or equity compensation for non-employee directors.

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