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VTSS.PK > SEC Filings for VTSS.PK > Form 8-K/A on 16-Oct-2009All Recent SEC Filings

Show all filings for VITESSE SEMICONDUCTOR CORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K/A for VITESSE SEMICONDUCTOR CORP


16-Oct-2009

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

As previously disclosed in a Current Report on Form 8-K filed by Vitesse Semiconductor Corporation (the "Company") with the Securities and Exchange Commission on February 26, 2009 (the "February Form 8-K"), Christopher Gardner, the Company's Chief Executive Officer, agreed to a temporary 20% reduction in his base salary. The February Form 8-K also disclosed agreements between the Company and Richard Yonker, the Company's Chief Financial Officer, Martin Nuss, the Company Chief Technical Officer, and Michael Green, the Company's Vice President, General Counsel and Secretary, for temporary 10% reductions in their base salaries. These temporary salary reductions were agreed to as part of the Company's expense reduction initiative and were contemporaneous with a temporary reduction of salaries for all employees through the end of fiscal year 2009, ended September 30, 2009. On October 1, 2009, the salaries of the Company's employees other than Mssrs. Gardner, Yonker, Nuss and Green were reinstated to the same levels as in effect prior to the reduction.

On October 12, 2009, the Compensation Committee of the Company's Board of Directors reinstated the annual base salaries of Mssrs. Gardner, Yonker, Nuss and Green to the same level as in effect prior to the reduction. Such reinstatement will be effective on a retroactive basis to October 1, 2009. Following the reinstatement, the annual base salary for each of the executive officers named above is set forth below:

Name and Position                                                 Reinstated Annual Base Salary
Christopher Gardner, Chief Executive Officer                     $                       350,000
Richard Yonker, Chief Financial Officer                          $                       275,000
Martin Nuss, Chief Technical Officer                             $                       220,000
Michael Green, Vice President, General Counsel and Secretary     $                       220,000


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