NEOPHOTONICS CORPORATION (NYSE:NPTN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS.
2017 Target Bonus Program
On May 2, 2017, the Compensation Committee (the Compensation
Committee) of the Board of Directors of NeoPhotonics Corporation
(the Company) approveda 2017 performance bonus program (the 2017
Bonus Program) for the Companys executive officers and other
employees.The Compensation Committee structured target bonuses
for the fiscal year 2017 so that payouts would be determined
based in part on achievement against corporate objectives,
including:
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Non-GAAP net income from operations for the fiscal year |
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Completion of research and development product milestones |
For target bonuses for the fiscal year 2017, the Compensation
Committee established performance goals for each of the above
metrics that are aligned with corporate objectives. While these
various performance goals were selected, they are merely
non-binding guidelines to be used as one factor in determining
the actual bonuses earned.
The Compensation Committee may in its discretion award up to
fifty percent (50%) of the final earned 2017 bonuses to senior
management and U.S. director level employees in the form of
restricted stock units.
It is expected that, in the first quarter of 2018, the
Compensation Committee will review the Companys fiscal year 2017
corporate performance against each of the corporate goals and
other aspects of corporate and individual performance to
determine any actual bonus awards for performance related to the
fiscal year 2017.
Target bonus percentages for the Companys named executive
officers for the prior years (2016) bonus program were
established by the Compensation Committee in June 2016, as
previously disclosed in the Companys Current Report on Form 8-K
filed with the U.S. Securities and Exchange Commission on July 5,
2016.It is expected that the Compensation Committee will review
these target bonus percentages later in 2017 to evaluate whether
they should be modified for the 2017 Bonus Program.
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About NEOPHOTONICS CORPORATION (NYSE:NPTN)
NeoPhotonics Corporation develops, manufactures and markets optoelectronic products that transmit, receive and switch digital optical signals for communications networks. The Company develops and manufactures Transmitter Products, Receiver Products and Switch Products that are used in ultra-high speed digital optical communications, high speed switching and provisioning, and access connections for wireless and fiber-to-the-home communications networks. Its products are categorized into groups, including High Speed Products and Network Products and Solutions. High Speed Products include products designed for 100G and beyond for telecom and datacenter or content provider networks and applications. Its Network Products and Solutions consist of various products designed for applications below 100G, and include 40G products. It combines its transmitter and receiver products into Transceiver modules. NEOPHOTONICS CORPORATION (NYSE:NPTN) Recent Trading Information
NEOPHOTONICS CORPORATION (NYSE:NPTN) closed its last trading session up +0.21 at 7.70 with 1,533,246 shares trading hands.