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): January 19, 2007
Ibis Technology Corporation
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(Exact name of registrant as specified in its charter)
Massachusetts 0-23150 04-2987600
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
32 Cherry Hill Drive, Danvers, Massachusetts 01923
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (978) 777-4247
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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 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 January 19, 2007, Ibis Technology Corporation (the "Company") announced that,
in connection with certain cost-cutting measures, its Chief Executive Officer
Charles McKenna and its Chairman Martin Reid would voluntarily reduce their base
salaries by 50% to $107,120 and $107,120, respectively, effective immediately
and its Chief Financial Officer William Schmidt would reduce his salary by 33%
to $107,120, also effective immediately. Similarly, the Company's Vice President
of Wafer Technology Robert Dolan would take an immediate reduction of 20% to
$117,312 and Steven Richards, Engineering Manager, would take an immediate
reduction of 20% to $136,160. Going forward, the Company expects to reassess the
continuance of the temporary reductions in light of market conditions and
operating results on a quarterly basis. "In addition, in light of these
reductions, the following grants of stock options have been approved pursuant to
the Company's Second Amended and Restated 1997 Employee, Director and Consultant
Equity Plan, with three year vesting and other terms and conditions consistent
with previously disclosed past executive grants: 110,000 for Charles McKenna,
30,000 for William Schmidt, 30,000 for Robert Dolan and 50,000 for Steven
Richards. Also, the Company announced the payment of bonuses in the amounts of
$14,664 and $20,422 to Messrs. Dolan and Richards in connection with their
efforts in securing recent orders and shipments for the past year.
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.
IBIS TECHNOLOGY CORPORATION
Date: January 19, 2007 /s/William J. Schmidt
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William J. Schmidt Chief Financial Officer