UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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)
March 18, 2008
IKANOS COMMUNICATIONS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE | 000-51532 | 73-1721486 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
47669 Fremont Boulevard
Fremont, CA 94538
(Address of principal executive offices, including zip code)
(510) 979-0400
(Registrant’s telephone number, including area code)
Not Applicable
(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 Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) | Compensatory Arrangements of Certain Officers |
At a meeting held on March 18, 2007 (the “Meeting”), the Compensation Committee (the “Committee”) of the Board of Directors of Ikanos Communications, Inc. (the “Company”) approved revised salaries for named executive officers as follows; Cory J. Sindelar, the Company’s Chief Financial Officer, $235,000 and Nick Shamlou, the Company’s Vice President of Worldwide Sales and Customer Engineering, $225,000.
Adoption of 2008 Executive Bonus Program
At the Meeting the Committee adopted the Bonus Program for fiscal year 2008 (the “Executive Bonus Program”). Pursuant to the Executive Bonus Program, the Company’s named executive officers (excluding the Vice President of Worldwide Sales and Customer Engineering) may receive an annual payment of performance-based compensation based on the following criteria: (i) whether the Company’s performance meets or exceeds certain financial targets and (ii) whether each participant meets specified individual performance goals as approved by the Committee. The Committee determined that the target bonus amounts for fiscal 2008 would be 87% of base salary for the Chief Executive Officer and 50% of base salary for other participating named executive officers.
Adoption of 2008 Sales Compensation Plan for Vice President of Worldwide Sales and Customer Engineering
At the Meeting, the Committee also adopted the 2008 Sales Compensation Plan (the “Sales Compensation Plan”) and a related Plan Summary for Nick Shamlou. Pursuant to the Sales Compensation Plan, Mr. Shamlou may receive performance-based compensation on a quarterly and an annual basis based on the Company’s achievement of certain financial targets for the same periods, as well as additional incentive compensation based on certain non-financial goals. Pursuant to the Sales Compensation Plan, Mr. Shamlou’s total incentive target compensation for fiscal 2008 is $168,750.
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.
IKANOS COMMUNICATIONS, INC. | ||
By: | /s/ Noah D. Mesel | |
Noah D. Mesel Vice President and General Counsel |
Date: March 21, 2008