INVENSENSE, INC. (NYSE:INVN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On May1, 2017, InvenSense, Inc. (the Company) entered into a
separation agreement (the Separation Agreement) with Mozafar
Maghsoudnia, the Companys Vice President Technology and Worldwide
Manufacturing, to which, subject to the closing of the merger
with TDK Corporation and TDK Sensor Solutions Corporation (the
Merger), Mr.Maghsoudnia will resign from employment with the
Company on the closing date of the Merger.
(e) to the Separation Agreement, subject to Mr.Maghsoudnias
employment with the Company until the closing of the Merger, his
resignation from employment with the Company on the closing date,
and his execution of a release of claims, Mr.Maghsoudnia will
become entitled to receive the following:
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a cash severance payment equal to (i) his annual base salary of $320,000 and (ii) the lower of his current year target annual bonus or the amount of the most recent annual bonus paid, but not more than $160,000, |
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accelerated vesting with respect to all of his outstanding equity awards, which will be cashed out in connection with the Merger for an amount equal to approximately $2,392,250, and |
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reimbursement of monthly COBRA healthcare premiums paid by him for up to 18 months following termination, |
in each case as provided for in his existing Executive Change in
Control and Severance Agreement with the Company, effective as of
May20, 2014. This summary of the Separation Agreement is
qualified in its entirety by the Separation Agreement filed as
Exhibit 10.1 and incorporated by reference.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
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ExhibitNo. |
Description |
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| 10.1 |
Separation Agreement dated as of May 1, 2017, by and between the Registrant and Mozafar Maghsoudnia. |
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Indicates a management contract or compensatory plan or arrangement. |
About INVENSENSE, INC. (NYSE:INVN)
InvenSense, Inc. (InvenSense) is engaged in designing, developing, marketing and selling of sensor system-on-chip (SoC), including accelerometers, gyroscopes and microphones for the mobile, wearable, smart home, gaming, industrial and automotive market segments. The Company delivers solutions based on its motion and sound technology; focused on solutions, such as smartphones, tablets, wearables, console and portable video gaming devices, digital television and set-top box remote controls, fitness accessories, sports equipment, digital still cameras, automobiles, ultra-books, laptops, hearing aids, stabilization systems, tools, navigation devices, remote controlled toys and other household consumer and industrial devices. Its motion solutions detect and track an object’s motion in three-dimensional space. INVENSENSE, INC. (NYSE:INVN) Recent Trading Information
INVENSENSE, INC. (NYSE:INVN) closed its last trading session down -0.01 at 12.89 with 2,818,500 shares trading hands.