Current Report Filing (8-k)
June 03 2022 - 4:06PM
Edgar (US Regulatory)
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2022-05-31
2022-05-31
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UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of report (date of earliest event reported):
May 31, 2022
GSI
Technology, Inc.
(Exact
name of registrant as specified in its charter)
Delaware | |
001-33387 | |
77-0398779 |
(State or other jurisdiction of
incorporation) | |
(Commission File No.) | |
(I.R.S. Employer Identification
No.) |
1213 Elko Drive
Sunnyvale, California 94089 |
(Address of principal executive offices) |
Registrant's telephone number, including area
code:
(408)
331-8800
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below): |
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title
of each class: |
|
Trading
Symbol(s) |
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Name
of each exchange on which registered: |
Common Stock, $0.001 par value |
|
GSIT |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities
Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 31, 2022, the Compensation Committee of the Board of Directors
of GSI Technology, Inc. (the “Company”) adopted the Company’s 2023 Variable Compensation Plan (the “2023
Plan”), which is similar in structure to previous variable compensation plans for the Company’s executive officers. The 2023
Plan is designed to encourage performance and retention of eligible employees by providing cash bonus awards based on the Company’s
performance during the fiscal year ending March 31, 2023. Each of the Company’s executive officers is eligible to participate
in the 2023 Plan. Certain other non-executive officers and key employees are also eligible to participate.
Under the 2023 Plan, each participant has a designated target bonus.
The target bonus for Lee-Lean Shu, the Company’s President, Chief Executive Officer and Chairman, is $250,000, and the target bonus
for each of the other executive officers is $125,000. The actual bonus awards will be computed on the basis of the Company’s achievement
of targeted net revenues, including achieving specified revenue targets for the Company’s Radiation-Hardened and Radiation-Tolerant
(Rad-Hard/Rad-Tolerant) synchronous SRAM products and Associative Processing Unit (APU) products. The amounts payable under the 2023 Plan
will be increased or decreased based upon the Company achieving or missing the overall net revenue target and the Rad-Hard/Rad-Tolerant
and APU net revenue targets. If the target performance goals are exceeded, the actual bonus awards payable to participants may be up to
two times the target bonus.
Bonus awards under the 2023 Plan are subject to vesting based on the
participant’s continued employment with the Company, with 60% becoming vested and payable on the last business day in April 2023
and 20% becoming vested and payable on the last business day of April in each of the succeeding two years.
A copy of the 2023 Plan is filed as Exhibit 10.1 to this report
and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 3, 2022
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GSI
Technology, Inc. |
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By: |
/s/
Douglas M. Schirle |
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Douglas M. Schirle |
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Chief Financial Officer |
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