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): December 8, 2005
INFOCUS CORPORATION
(Exact name of registrant as specified in its charter)
Commission File Number: 000-18908
Oregon |
| 93-0932102 |
(State or other jurisdiction of incorporation |
| (I.R.S. Employer Identification No.) |
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27700B SW Parkway Avenue, Wilsonville, Oregon |
| 97070 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code: 503-685-8888
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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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))
INFOCUS CORPORATION
FORM 8-K
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Item 1.01 Entry into a Material Definitive Agreement
On December 8, 2005, the Compensation Committee of the Board of Directors of InFocus Corporation (the “Company”) approved an acceleration of vesting of all employee stock options with an option price greater than $5.43 per share (the “Acceleration”). The Acceleration is effective for all stock options outstanding as of December 7, 2005, including stock options held by the Company’s executive officers. Options for 540,382 shares, or 10% of the total outstanding options, with varying remaining vesting schedules, were subject to the Acceleration and became immediately exercisable.
As a result of the Acceleration, the Company expects to reduce its exposure to the effects of the Financial Accounting Standards Board (“FASB”) new standard requiring companies to recognize stock-based compensation expense associated with stock options based on the fair value method. The recently issued FASB standard is effective beginning in fiscal 2006. The Company currently estimates a reduction in stock-based compensation expense associated with the Acceleration of approximately $0.7 million for 2006 and $0.4 million for fiscal 2007. The Acceleration was approved by the Compensation Committee of the Board of Directors in order to realize the expected reduction in future compensation expense.
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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: December 13, 2005 | INFOCUS CORPORATION | |||
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| By: | /s/C. Kyle Ranson |
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| C. Kyle Ranson | |||
| Director, President and Chief Executive Officer | |||
| (Principal Executive Officer) | |||
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| By: | /s/Roger Rowe |
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| Roger Rowe | |||
| Vice President, Finance | |||
| Chief Financial Officer and Secretary | |||
| (Principal Financial Officer) | |||
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