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MXWL > SEC Filings for MXWL > Form 8-K on 22-Jul-2014All 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 July 16, 2014, the Compensation Committee of the Board (the "Committee") approved the following target bonuses for the Company's named executive officers under the Company's 2014 bonus program:
Named Executive Officer                  Title                   2014 Bonus Target
Franz Fink              President and Chief Executive Officer        $333,333
                        Senior Vice President and Chief
John Warwick            Operating Officer                            $228,000
                        Senior Vice President and Chief
Kevin Royal             Financial Officer                            $173,058

The 2014 incentive bonus program for each named executive officer consists of three components related to the achievement of certain performance goals as follows: 50% of the target bonus amount relates to the achievement of revenue metrics, 25% relates to the achievement of operating income metrics, and 25% relates to the achievement of operating cash flow metrics. The performance goals will be paid out on a sliding scale subject to meeting a minimum threshold performance level.
Dr. Fink's 2014 target bonus amount above has been pro-rated according to the terms of his employment agreement based on his date of hire of May 1, 2014.

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