Everspin Technologies, Inc. (NASDAQ:MRAM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
2016 Performance Bonus Program
On January17, 2017, the Compensation Committee of the Board of
Directors of Everspin Technologies, Inc., certified the
achievement of Everspins corporate and individual performance
goals under its 2016 performance bonus program. The 2016 annual
performance bonuses for each of the executive officersset forth
below were based upon the achievement of corporate performance
goals (70%)and individual performance goals (30%), which the
Compensation Committee determined was appropriate in order to
reinforce the importance of integrated and collaborative
leadership. The corporate performance goals related to business
and corporate development objectives, collaboration objectives
and financial management objectives. The individual performance
goals consisted of a subjective assessment of each executive
officers individual contributions to Everspin. The following
table sets forth the 2016 performance bonuses which will be paid
in 2017:
|
Name |
2016Performance Bonus Award | |||
|
Phillip LoPresti |
$ | 135,000 | ||
|
President and Chief Executive Officer |
||||
|
Terry Hulett |
$ | 44,334 | ||
|
Vice President, Storage Solutions |
||||
|
Scott Sewell |
$ | 72,794 | ||
|
Vice President, Sales |
2017 Performance Bonus Plan and Salary Increases
On January17, 2017, the Compensation Committee, approved annual
salaries and target performance bonus percentages for Everspins
2017 performance bonus program for Everspins executive officers
set forth below. The 2017 annual performance bonuses for each
executive officer, other than Phillip LoPresti and Scott Sewell,
will be based upon the achievement of corporate performance goals
(50%)and individual performance goals (50%). Mr.LoPrestis and
Mr.Sewells annual performance bonus will be based upon the
achievement of corporate performance goals (80%)and individual
performance goals (20%). The corporate performance goals will
relate to business and corporate development objectives,
collaboration objectives and financial management objectives. The
individual performance goals will consist of a subjective
assessment of each executive officers individual contributions to
Everspin. The following table sets forth the base salary and
target bonuses for 2017:
|
Name |
2017BaseSalary |
Total2017Target Performance Bonus as a Percentage of Base Salary |
Total2017Target PerformanceBonus Amount | |||||||||
|
Phillip LoPresti |
$ | 327,000 | % | $ | 163,500 | |||||||
|
President and Chief Executive Officer |
||||||||||||
|
Terry Hulett |
$ | 229,500 | % | $ | 57,375 | |||||||
|
Vice President, Storage Solutions |
||||||||||||
|
Scott Sewell |
$ | 218,000 | % | $ | 104,640 | |||||||
|
Vice President, Sales |
||||||||||||
|
Jeff Winzeler |
$ | 260,000 | % | $ | 91,000 | |||||||
|
Chief Financial Officer |
About Everspin Technologies, Inc. (NASDAQ:MRAM)
Everspin Technologies, Inc. is a United States-based provider of magnetoresistive random-access memory (MRAM) solutions. The Company is engaged in designing, manufacturing and shipping discrete and embedded MRAM and spin-torque MRAM (ST-MRAM) into markets and applications. The Company’s products include 8-bit/16-bit Parallel Interface MRAM, Serial Peripheral Interface (SPI), Quad SPI and Double Data Rate (DDR) 3 dynamic random-access memory (DRAM) Compatible MRAM – Spin Torque Technology. The Company’s MR10Q010 Quad SPI MRAM is a memory solution for applications that store and retrieve data and programs. Its DDR3 DRAM Compatible MRAM – Spin Torque Technology is designed to comply with all DDR3 DRAM features, such as on-device termination (ODT) and internal ZQ calibration. Its family of both parallel asynchronous input/output (I/O) and serial peripheral interface (SPI) products in densities ranging from 256 kilobyte (Kb) to 16 megabyte (Mb) is available in die form. Everspin Technologies, Inc. (NASDAQ:MRAM) Recent Trading Information
Everspin Technologies, Inc. (NASDAQ:MRAM) closed its last trading session up +0.20 at 8.22 with shares trading hands.