IMMERSION CORPORATION (NASDAQ:IMMR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
As part of the Company’s annual compensation review process, Anne Marie Peters, the Company’s general counsel and SVP, IP licensing and legal affairs, will receive a base salary in 2018 of $362K (representing a merit increase of 4%), a target award percentage under the 2018 Executive Incentive Plan of 60% of her annual salary, and an option to purchase 25,000 shares of common stock (the “Peters Option”) and 25,000 restricted stock units (“the “Peters RSU”), with such grants to be effective on the Effective Date. The Peters Option will be granted with an exercise price per share equal to the closing price of the Company’s common stock as reported on the Nasdaq Global Market as of the Effective Date and will be subject to a four-year vesting schedule, with 25% of the shares vesting on the one-year anniversary of the Effective Date and the remaining shares vesting monthly thereafter, subject to Ms.Peters’ continued service on each such date. The Peters RSU will be subject to a three-year vesting schedule, with 1/3 vesting on each anniversary of the Effective Date, subject to Ms.Peters’ continued service on each such date. The Compensation Committee also amended Ms.Peters’ Retention and Change of Ownership Event Agreement to provide for the vesting of 50% of all outstanding equity awards in the event Ms.Peters is terminated without cause or terminates for good reason either 90 days prior or within one year of a change of control.
As part of a broader retention program that the Company is implementing following the restructuring in December 2017, the Compensation Committee awarded Ms.Peters 63,822 restricted stock units (the “Peters Second RSU”) to be granted on the Effective Date, which Peters Second RSU will vest on the one-year anniversary of the Effective Date, subject to Ms.Peters’ continued service on such date.
The 2018 Executive Incentive Plan is structured similarly to the Company’s past executive incentive plans but revised to account for 2018 financial targets and individual management objectives.
About IMMERSION CORPORATION (NASDAQ:IMMR)
Immersion Corporation is a licensing company focused on the creation, design, development and licensing of haptic technologies that allow people to use their sense of touch when operating digital devices. The Company develops, licenses and supports a range of software and intellectual property (IP). It is focused on the markets, including mobile devices, wearables, consumer, mobile entertainment and other content; console gaming; automotive; medical, and commercial. It provides advanced tactile software, related tools and technical assistance to certain customers, and offers licenses to its patented IP to other customers. Its licenses enable customers to deploy haptically-enabled devices, content and other offerings, which they sell under own brand names. It holds patents, covering digital technologies and including ways in which touch-related technology can be incorporated into and between hardware products and components, systems software, application software, and digital content.
