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): February 26, 2008
iBASIS, INC.
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(Exact Name of Registrant as Specified in Charter)
DELAWARE 000-27127 04-3332534
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(State or Other Jurisdiction of (Commission (IRS Employer
Incorporation) File Number) Identification No.)
20 Second Avenue, Burlington, MA 01803
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(Address of Principal Executive Offices) (Zip Code)
(781) 505-7500
(Registrant's telephone number, including area code)
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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:
[] 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 Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) 2008 Base Salaries. On February 26, 2008, a committee comprised of the
independent directors of the Board of Directors of iBasis, Inc. adopted the
recommendations of the Compensation Committee and approved 2008 fiscal year base
salaries for our named executive officers (as used in Instruction 4 to Item 5.02
of Form 8-K): Ofer Gneezy, Chief Executive Officer, $490,000; Gordon VanderBrug,
Executive Vice President, $360,000; Richard Tennant, Chief Financial Officer and
Senior Vice President Finance and Administration, $313,000; and Paul Floyd,
Senior Vice President of Research & Development, Engineering and Operations,
$275,000.
2008 Executive Officer Bonus Plan. Also on February 26, 2008, the same
committee comprised of the independent directors of our Board of Directors
adopted the recommendation of the Compensation Committee and established the
2008 Executive Bonus Plan (the "Bonus Plan"). The Bonus Plan is attached hereto
as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by
reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Document
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10.1 2008 Executive Bonus Plan.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934,
the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: March 3, 2008 iBASIS, INC.
By: /s/ Mark S. Flynn
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Mark S. Flynn
Chief Legal Officer and Corporate
Secretary