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): August 10, 2007
CASCADE MICROTECH, INC.
(Exact name of registrant as specified in its charter)
| | | | |
| OREGON | | 000-51072 | | 93-0856709 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (I.R.S. Employer Identification No.) |
2430 N.W. 206th Avenue
Beaverton, Oregon 97006
(503) 601-1000
(Address, including zip code, and telephone number, including
area code, of registrant’s principal executive offices)
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 5.02DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On August 10, 2007, the Board of Directors of Cascade Microtech, Inc. (the “Company”) approved annual salaries for the Company’s executive officers effective as of September 1, 2007 as follows:
| | | | | |
Name | | Title | | Annual
Salary |
Eric Strid | | President and Chief Executive Officer | | $ | 221,000 |
Steve Sipowicz | | Vice President and Chief Financial Officer | | $ | 178,600 |
John Pence | | Vice President Engineering Products | | $ | 252,200 |
Willis Damkroger | | Vice President Production Products | | $ | 162,000 |
On August 10, 2007, the Board of Directors of the Company approved the Executive Compensation Plan for the six-month period ending December 31, 2007 (the “Executive Compensation Plan”). The Executive Compensation Plan establishes target bonus levels for each participant and will be paid based on the achievement of certain goals. A copy of the Executive Compensation Plan is filed as Exhibit 10.1 to this report and is incorporated herein by reference.
On August 16, 2007, the Company issued a press release announcing a planned succession and search for a new Chief Executive Officer. Eric Strid, the Company’s Chairman, President and Chief Executive Officer, will transition to the position of Chairman and Chief Technical Officer upon the selection and appointment of a new President and Chief Executive Officer.
Item 9.01.FINANCIAL STATEMENTS AND EXHIBITS
| | 10.1 | Executive Compensation Plan for the Six-Month Period Ending December 31, 2007. |
-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 thereunto duly authorized on August 16, 2007.
| | |
| CASCADE MICROTECH, INC. |
| (Registrant) |
| |
| By | | /s/ Steven Sipowicz |
| | Steven Sipowicz |
| | Vice President and Chief Financial Officer |
-3-
