This excerpt taken from the NETL 8-K filed Jan 19, 2007.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 17, 2007 the Board of Directors of NetLogic Microsystems, Inc. (the Company) approved annual cash bonus payments for the executive officers of the Company under the Companys Incentive Bonus Plan. The bonus amounts were determined based on the financial performance of the Company and each employees individual performance for fiscal year 2006. The bonus payments were presented by the Companys chief executive officer to and recommended to the Board of Directors by the Companys compensation committee. The following bonus payments will be made to the following named executive officers of the Company: Ronald Jankov ($185,300), Donald Witmer ($96,800), Ibrahim Abe Korgav ($95,200), Marcia Zander ($85,000) and Varadarajan Srinivasan ($84,800).
The Board of Directors also approved annual base salary increases in 2007 for all of the companys named executive officers totaling $127,400, and ranging from $10,400 for Mr. Korgav to $28,500 for Mr. Jankov. The Board of Directors also approved a bonus pool of 5.5% of Non-GAAP net income in 2007 for officers and eligible employees of the Company under the Companys Incentive Bonus Plan. In addition, the Board of Directors approved an incentive sales commission program for Ms. Zander, the Companys Sr. Vice President of Worldwide Sales, of 0.13% of 2007 product revenue.
On October 24, 2006, the Company appointed Shigeyuki Hamamatsu as its interim chief financial officer while Donald Witmer, the Companys chief financial officer and vice president, was on medical leave. Mr. Witmer returned from medical leave on January 17, 2007, and Mr. Hamamatsus interim appointment ended on the same day. Mr. Hamamatsu has returned to his role as the Companys corporate controller.
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.