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IXYS > SEC Filings for IXYS > Form 8-K on 20-Jun-2014All Recent SEC Filings

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Form 8-K for IXYS CORP /DE/


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 June 18, 2014, the Compensation Committee ("Committee") of the Board of Directors ("Board") of IXYS Corporation ("IXYS") made certain determinations regarding the cash performance program for Dr. Nathan Zommer, the Chief Executive Officer of IXYS, and Mr. Uzi Sasson, the President of IXYS for the fiscal year ended March 31, 2015 ("Fiscal 2015").

The Committee approved potential awards at each of three performance levels, threshold, target and maximum, as follows:

                  Name             Threshold      Target        Maximum
                  Nathan Zommer   $ 290,000     $ 500,000     $ 750,000
                  Uzi Sasson      $ 178,000     $ 400,000     $ 600,000

A single set of objectives was approved for both executives. The Fiscal 2015 objectives are as follows:

1. Net revenues;
2. Gross margin;
3. Adjusted EBITDA; and
4. Discretionary.

The Committee defined "Adjusted EBITDA" to mean earnings before interest, taxes, depreciation, amortization and stock compensation expense.

Weights are accorded each objective. The weight accorded each of the first three objectives is 30%. The weight accorded the fourth objective, discretionary, is 10%.

Each of the first three objectives will be evaluated quantitatively, using a numerical value determined by the Committee for each of the performance levels of threshold, target and maximum. The discretionary objective will be evaluated through a qualitative assessment.

With respect to the three quantitative objectives, the Committee intends that outcomes between threshold and target be interpolated linearly between the amount of threshold award and the amount of the target award applicable to that objective and that outcomes between target and maximum be interpolated linearly between the amount of the target award and the amount of the maximum award applicable to that objective. For any objective, such applicable amounts shall be determined by the multiplication of the award for a performance level by the weight for the objective.

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