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| VTSS.PK > SEC Filings for VTSS.PK > Form 8-K/A on 16-Oct-2009 | All Recent SEC Filings |
16-Oct-2009
Change in Directors or Principal 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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