Finisar Corporation (NASDAQ:FNSR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Adoption of Executive Officer Compensation Plan.
On August 15, 2017, the Compensation Committee (the “Compensation Committee”) of the Board of Directors (the “Board”) of Finisar Corporation (the “Company”) adopted an executive officer bonus plan for the fiscal year ending April 29, 2018 (the “Fiscal 2018 Plan”). Under the Fiscal 2018 Plan, the target bonus for Jerry S. Rawls, Chairman of the Board and Chief Executive Officer, is 110% of his annual base salary, and the target bonuses for the other named executive officers of the Company range from 60% to 75% of their annual base salaries. Under the Fiscal 2018 Plan, a bonus pool will be established for the executives as a percentage of the Company’s non-GAAP pre-bonus operating income for the fiscal year, with the Compensation Committee having discretion to adjust the executive bonus pool based on such factors as it deems appropriate. Once the executive bonus pool is determined, the Compensation Committee will determine the amounts to be awarded to each executive from the bonus pool, taking into account such corporate and individual performance factors as it considers appropriate in its discretion, as well as the recommendations of the Chief Executive Officer as to the performance of executives other than himself. The maximum bonus payable to each executive under the Fiscal 2018 Plan is 200% of the executive’s target bonus.
About Finisar Corporation (NASDAQ:FNSR)
Finisar Corporation (Finisar) is a provider of optical subsystems and components that are used in data communication and telecommunication applications. The Company’s optical subsystems consist of transmitters, receivers, transceivers, transponders and active optical cables, which provide the fundamental optical-electrical or optoelectronic interface for interconnecting the electronic equipment used in these networks, including the switches, routers, and servers used in wireline networks. These products rely on the use of semiconductor lasers and photodetectors in conjunction with integrated circuits and optoelectronic packaging to provide a means for transmitting and receiving digital signals over fiber optic cable at speeds ranging from less than one gigabit per second (Gbps), to more than 100 Gbps, over distances of less than 10 meters to more than 2,000 kilometers, using a range of network protocols and physical configurations.