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KLIC > SEC Filings for KLIC > Form 8-K on 8-May-2014All Recent SEC Filings

Show all filings for KULICKE & SOFFA INDUSTRIES INC

Form 8-K for KULICKE & SOFFA INDUSTRIES INC


8-May-2014

Entry into a Material Definitive Agreement


Item 5.02 Entry into a Material Definitive Agreement

On May 6, 2014, the Board of Directors (the "Board") of Kulicke and Soffa Industries, Inc. (the "Company") approved and adopted an Amended and Restated Incentive Compensation Plan (the "Plan"), effective for the 2014 fiscal year. The Plan amends and restates in its entirety the Company's Officer Incentive Compensation Plan, dated August 2, 2005, as amended (the "2005 Plan"). Only officers of the Company were eligible to participate in the 2005 Plan. The Board approved the Plan based on its determination that it is in the best interests of the Company and its shareholders to attract and retain capable employees by providing them with incentives based on the achievement of predetermined performance objectives.
The Plan is administered by the Management Development and Compensation Committee of the Board (the "MDCC"). All officers and other employees of the Company and its affiliates are eligible to participate in the Plan, provided they do not participate in certain of the Company's other incentive plans. Individual awards will be calculated and paid from the pool to employees based upon Company, business unit and individual objectives. There are five performance measurement periods, and payouts, per fiscal year, with 20% of the annual target determined as of each fiscal quarter and the remaining 20% determined based on results over the full year. Incentive targets for officers and other executive level positions are determined individually based on the MDCC's assessment of competitive compensation practices. Incentive targets for other participants are determined based on market median competitive compensation practices for each salary grade level. Individual incentive calculations can range from 0% to 200% of the target incentive.
The foregoing description of the Plan does not purport to be complete and is qualified in its entirety by reference to the Plan document attached to this Current Report on Form 8-K as Exhibit 10.1, which is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits

Exhibit No. Description
Exhibit 10.1 Amended and Restated Incentive Compensation Plan


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