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MRVL » Topics » Approval of Compensation Arrangements for Interim Chief Financial Officer

This excerpt taken from the MRVL 8-K filed Jan 2, 2008.

Approval of Compensation Arrangements for Interim Chief Financial Officer

 

The Compensation Committee approved the compensation arrangements described below for Michael Rashkin, the Company’s Interim Chief Financial Officer

 

(i) An option to purchase 20,000 common shares.  All of the shares subject to this option cliff vest on February 1, 2011, and the option has a term of 10 years from the date of grant.

 

(ii) A bonus for Mr. Rashkin’s performance in the fiscal year ended January 27, 2007 consisting of (a) a cash payment of $46,164 and (b) a fully vested option to purchase 13,179 common shares.  The option has a term of 10 years from the date of grant.

 

(iii) A one-time payment of $5,104.45, reflecting a retroactive annual salary increase for Mr. Rashkin to $242,350.50 (from $230,810) for the period from February 1, 2007 through July 12, 2007.  Effective as of July 13, 2007, when Mr. Rashkin became the Company’s Interim Chief Financial Officer, Mr. Rashkin’s annual salary was increased to $350,000.

 

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