GSI Technology,Inc. (NASDAQ:GSIT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

ME Staff 8-k

6 years ago

GSI Technology,Inc. (NASDAQ:GSIT) 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.

On May29, 2018, the Compensation Committee of the Board of Directors of GSI Technology,Inc. (the “Company”) adopted the Company’s 2019 Variable Compensation Plan (the “2019 Plan”), which is similar in structure to previous variable compensation plans for the Company’s executive officers. The 2019 Plan is designed to encourage performance and retention of eligible employees by providing cash bonus awards based on the Company’s performance during the fiscal year ending March31, 2019. Each of the Company’s executive officers is eligible to participate in the 2019 Plan. Certain other non-executive officers and key employees are also eligible to participate.

Under the 2019 Plan, each participant has a designated target bonus. The target bonus for Lee-Lean Shu, the Company’s President, Chief Executive Officer and Chairman, is $250,000, and the target bonus for each of the other executive officers is $125,000. The actual bonus awards will be computed on the basis of the Company’s fiscal 2019 operating results, the Company’s RadHard/RadTolerant initial shipments, and the achievement of performance criteria based on the Company’s Associative Processing Unit (APU) milestones, with 15% of each award based on the achievement of targeted net revenues, 25% based on the achievement of targeted operating income, as adjusted to exclude certain specified categories of expenses, 20% based on the Company’s RadHard/RadTolerant initial shipments, and 40% based on the specified APU milestones. If the target performance goals are exceeded, the actual bonus awards payable to participants may be up to two times the target bonus.

Bonus awards under the 2019 Plan are subject to vesting based on the participant’s continued employment with the Company, with 60% becoming vested and payable on the last business day in April2019 and 20% becoming vested and payable on the last business day of Aprilin each of the succeeding two years.

A copy of the 2019 Plan is filed as Exhibit10.1 to this report and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

ExhibitNo.	Description
10.1	GSI Technology,Inc. 2019 Variable Compensation Plan

GSI TECHNOLOGY INC ExhibitEX-10.1 2 a18-14695_1ex10d1.htm EX-10.1 Exhibit 10.1 GSI TECHNOLOGY,…To view the full exhibit click here
About GSI Technology,Inc. (NASDAQ:GSIT)
GSI Technology, Inc. is a provider of Very Fast static random access memory (SRAM) products and low latency dynamic random access memory (LLDRAM) products. The Company operates through the design, development and sale of integrated circuits segment. Its products are incorporated primarily in high-performance networking and telecommunications equipment, such as routers, switches, area network infrastructure equipment, wireless base stations and network access equipment. In addition, the Company serves military, industrial, test equipment and medical markets for SRAMs. It offers products in various categories, including Synchronous SRAM Products, Low Latency DRAM Products and Bandwidth Engine Products. The Company offers over 30 families of SRAMs, approximately two families of LLDRAMs and a family of Bandwidth Engine products. These basic product configurations are the basis for over 15,000 individual products that incorporate a range of specifications and optional features.