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
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| Date of Report (Date of Earliest Event Reported): | | November 6, 2007 |
Catapult Communications Corporation
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(Exact name of registrant as specified in its charter)
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| Nevada | 0-24701 | 77-0086010 |
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(State or other jurisdiction | _____________
(Commission | ______________
(I.R.S. Employer |
| of incorporation) | File Number) | Identification No.) |
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| 160 South Whisman Road, Mountain View, California | | 94041 |
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(Address of principal executive offices) | | ___________
(Zip Code) |
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| Registrant’s telephone number, including area code: | | (650) 960-1025 |
Not Applicable
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Former name or former address, if changed since last report
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:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On November 6, 2007, the Compensation Committee (the "Committee") of the Board of Directors of the Company adopted the Executive Officer Fiscal Year 2008 Variable Compensation Plan (the "2008 Variable Compensation Plan"), pursuant to which the Company’s executive officers may receive performance-based compensation based on the Company’s achieving specified order booking goals for each quarter of fiscal year 2008 that are approved by the Committee. The 2008 Variable Compensation Plan is attached to this Current Report on Form 8-K as Exhibit 10.1.
The material terms of the 2008 Variable Compensation Plan are as follows:
- Each executive officer is assigned a target bonus for Fiscal Year 2008;
- Target bonuses will be paid in cash on a quarterly basis with respect to each quarter of fiscal year 2008 starting at achievement by the Company of 50% of the order bookings target and continuing on a linear basis to 100% achievement, at which level 100% of the target bonus will b e paid. Should the Company exceed the order bookings target, executive officers will receive additional bonus compensation calculated by extending the line starting at 50% at the same slope; e.g., the bonus will be double the target bonus for a particular quarter if orders (bookings) are 150% of the approved targets.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Executive Officer Fiscal Year 2008 Variable Compensation Plan
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.
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| | | Catapult Communications Corporation |
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| November 13, 2007 | | By: | | /s/ Christopher A. Stephenson
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| | | | | Name: Christopher A. Stephenson |
| | | | | Title: Chief Financial Officer |
Exhibit Index
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| Exhibit No. | | Description |
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|
10.1 | | Executive Officer Fiscal Year 2008 Variable Compensation Plan |
