MAXIM INTEGRATED PRODUCTS, INC. (NASDAQ:MXIM) 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) On September 5, 2017, the Compensation Committee of the Board of Directors (the “Compensation Committee”) of Maxim Integrated Products, Inc. (the “Company”) approved (i) cash bonuses for the executive officers of the Company for their performance during fiscal year 2017 and (ii) base salary adjustments for certain executive officers.
Cash bonuses awarded to the principal executive officer, principal financial officer, and other named executive officers of the Company (collectively, the “NEOs”) that will appear in our proxy statement for our Annual Meeting of Stockholders to be held on November 10, 2017 (the “2017 Annual Meeting”), along with base salary adjustments are set forth in the table below:
|
Name |
Title |
Fiscal Year 2017 Performance Bonuses |
New Base Salary |
|
Tunç Doluca |
President and Chief Executive Officer |
$2,136,000 |
$700,000 |
|
Bruce E. Kiddoo |
Senior Vice President and Chief Financial Officer |
$848,000 |
$455,000 |
|
Vivek Jain |
Senior Vice President, Technology and Manufacturing Group |
$708,000 |
$435,000 |
|
Edwin B. Medlin |
Senior Vice President and General Counsel |
$545,000 |
$420,000 |
|
David Loftus |
Vice President, Worldwide Sales and Marketing |
$545,000 |
$333,000 |
Additionally, the Compensation Committee approved a new cash incentive compensation plan for our Chief Executive Officer and executive officers reporting to the Chief Executive Officer (collectively, “Senior Officers”) applicable to fiscal year 2018 performance (the “2018 Incentive Compensation Plan”).
Under the 2018 Incentive Compensation Plan, the aggregate target cash bonus available for distribution to all Senior Officers of the Company is 0.58% of the Company’s fiscal year 2018 operating income as determined under U.S. Generally Accepted Accounting Principles (“GAAP”), excluding the effect of special items. In the event operating income, excluding the effect of special items, for fiscal year 2018 is not at least 50% of the target operating income for fiscal year 2018, then there will not be any funds earned under the cash bonus plan for Senior Officers. Each Senior Officer’s individual target bonus is based upon their Company impact percentage points. Each Senior Officer’s actual performance bonus is determined based upon the Company’s operating income for fiscal year 2018 as determined under GAAP, their Company impact percentage points and personal performance, and in no event may their actual bonus exceed two-hundred percent (200%) of their target bonus.
About MAXIM INTEGRATED PRODUCTS, INC. (NASDAQ:MXIM)
Maxim Integrated Products, Inc. is engaged in designing, developing, manufacturing and marketing a range of linear and mixed-signal integrated circuits, referred to as analog circuits. The Company also provides a range of high-frequency process technologies and capabilities for use in custom designs. The Company caters to automotive, communications and data center, computing, consumer and industrial markets. It offers a range of products, such as switching regulators, battery management, isolated power, charge pumps, linear regulators, light emitting diode (LED) drivers, motor driver integrated circuits (ICs), monitors and sequencers, transceivers, controllers and expanders, level translators, signal line protection ICs, broadband switches, powerline communications, real-time clocks, embedded security, microcontrollers, 1-Wire, iButton, data loggers, clock generation and distribution, memory products, optical, signal integrity, high-speed signaling, and display power and control.
