2008 Executive Compensation and Stock Option Grants for Volterra Semiconductor Corporation Executives
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Summary
Volterra Semiconductor Corporation set new 2008 base salaries and granted stock options to its executive officers, including the President, CFO, and several Vice Presidents. The stock options were issued under the company's 2004 Equity Incentive Plan, with a seven-year term and a vesting schedule requiring continued employment. Additionally, the Compensation Committee decided not to award bonuses under the 2007 Management Bonus Plan, but did grant individual bonuses to two executives for their 2007 performance.
EX-10.20 3 f38336exv10w20.htm EXHIBIT 10.20 exv10w20
Exhibit 10.20
2008 Executive Compensation
The following table sets forth the 2008 increases to base salaries and the 2008 stock option grants for certain executive officers of Volterra Semiconductor Corporation (the “Company”):
| Name and Title | 2008 Base Salary | Option Grant | ||||||
Jeff Staszak, President and CEO | $ | 385,000 | 75,000 | |||||
Mike Burns, VP and CFO | $ | 230,000 | 15,000 | |||||
David Lidsky, VP Design Engineering | $ | 225,000 | 30,000 | |||||
Bill Numann, VP Marketing | $ | 235,000 | 50,000 | |||||
Craig Teuscher, VP Sales and Appl. Eng | $ | 240,000 | 40,000 | |||||
The stock options described above (i) were granted on Feb. 1, 2008 and have an exercise price per share equal to the closing price of the Company’s common stock as reported on the Nasdaq Global Market on January 31, 2008, (ii) were granted pursuant to the Company’s 2004 Equity Incentive Plan, and (iii) shall terminate seven years after the date of grant, or earlier in the event the optionholder’s service to the Company is terminated. Subject to the optionholder’s continued service to the Company, 25% of the shares of common stock subject to such stock options vest on the first anniversary of the date of grant, and the remaining shares vest quarterly over the following three years.
2007 Executive Bonuses
The Compensation Committee determined on January 21, 2008 that no bonus awards shall be granted under the Company’s 2007 Management Bonus Plan. The Compensation Committee did award individual bonuses to Mr. Bill Numann, the Company’s Vice-President of Marketing, and Dr. David Lidsky, the Company’s Vice-President of Design Engineering, of $30,000 each, for their contributions and performance in 2007.
