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): September 18, 2007
Palm, Inc.
(Exact name of registrant as specified in its charter)
| | | | |
| Delaware | | 000-29597 | | 94-3150688 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification Number) |
| | |
| 950 W. Maude Avenue, Sunnyvale, California | | 94085 |
| (Address of principal executive offices) | | (Zip Code) |
(408) 617-7000
Registrant’s telephone number, including area code
N/A
(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 (see General Instruction A.2 below):
| ¨ | 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 Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers
On September 18, 2007, the compensation committee of Palm’s board of directors approved the bonus plan for the first half of fiscal year 2008. This plan provides that cash bonuses will be paid for the first half of fiscal year 2008 to executive officers and other employees based on the achievement of certain performance metrics – including revenue and operating income – and individual performance objectives. The target bonuses for executive officers range from 50% to 100% of base salary. Payments to executive officers under the plan may be more or less than a target bonus as a function of Palm’s results or individual performance.
On September 18, 2007, Palm’s compensation committee approved changes to the annual base salary to Andrew Brown ($420,000) and John Hartnett ($400,000) effective as of September 1, 2007.
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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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| | | | PALM, INC. |
| | |
| Date: September 24, 2007 | | | | /s/ Mary E. Doyle |
| | | | Mary E. Doyle |
| | | | Senior Vice President, General Counsel and Secretary |
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