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
May 27, 2008
Date of Report (date of earliest event reported)
OmniVision Technologies, Inc.
(Exact name of Registrant as specified in its charter)
Delaware |
| 000-29939 |
| 77-0401990 |
(State or other jurisdiction of |
| (Commission File Number) |
| (I.R.S. Employer |
1341 Orleans Drive |
(Address of principal executive offices) |
|
(408) 542-3000 |
(Registrant’s telephone number, including area code) |
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):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b))
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 5 - Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Profit Sharing/Bonus Plan
On May 27, 2008, the Compensation Committee of the Board of Directors of OmniVision Technologies, Inc. (“OmniVision”) approved the payment of cash bonuses under OmniVision’s Executive Officer Profit Sharing/Bonus Plan (the “Plan”) for the fiscal quarter ended April 30, 2008. The bonuses are consistent with the terms of the Plan and will be paid to certain executive officers of OmniVision. The following is a list of the “named executive officers” (as such term is defined by the rules of the Securities and Exchange Commission) that will be receiving a bonus payment under the Plan:
Name of Officer |
| Cash Bonus Amount |
| |
|
|
|
| |
Shaw Hong |
| $ | 18,500 |
|
Xinping He |
| $ | 17,000 |
|
Y. Vicky Chou |
| $ | 16,000 |
|
Peter Leigh |
| $ | 10,000 |
|
John Yue |
| $ | 10,000 |
|
Restricted Stock Unit Agreement
Further, on May 27, 2008, the Compensation Committee approved forms of restricted stock unit agreements for use under OmniVision’s 2007 Equity Incentive Plan. The forms of restricted stock unit agreements will be filed as exhibits to OmniVision’s Annual Report on Form 10-K for the fiscal year ending April 30, 2008.
2
SIGNATURE
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.
Dated: June 2, 2008
| OmniVision Technologies, Inc. | |
|
|
|
| By: | /s/ Shaw Hong |
|
| Shaw Hong |
|
| President and Chief Executive Officer |
3