PMC - Sierra 8-K 2006
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 16, 2006
Date of Report (Date of earliest event reported)
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation)
3975 Freedom Circle
Santa Clara, CA 95054
(Address of Principal Executive Offices) (Zip Code)
(Registrants telephone number, including area code)
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:
Item 1.01 Entry into a Definitive Material Agreement
On September 19, 2006, PMC-Sierra, Inc. (the Company) entered into an Employment Agreement (the Agreement) with Alan Krock, Vice President and Chief Financial Officer of the Company, which changed the terms of Mr. Krocks employment. A copy of the Agreement was filed as Exhibit 10.1 to the Form 8-K filed on September 22, 2006. On November 16, 2006, the Company and Mr. Krock amended the Agreement (the Amended Agreement), to modify the terms of the Agreement.
The Amended Agreement provides, among other things, that Mr. Krock will cease to serve in the capacity of Chief Financial Officer upon the earlier of, the filing of the Companys 2006 Annual Report on Form 10-K with the Securities and Exchange Commission, the appointment of a new Chief Financial Officer or Interim Chief Financial Officer, or March 15, 2007. Once Mr. Krock ceases to serve as Chief Financial Officer, he will transition into the role of Vice President, Corporate Affairs. Mr. Krock will be entitled to a minimum quarterly bonus of forty thousand dollars ($40,000) for the fourth quarter of 2006 and the first quarter of 2007, provided that he is still employed by the Company in the capacity of Chief Financial Officer during any portion of the respective quarter.
The foregoing description is qualified in its entirety by the Amended Agreement, a copy of which is attached as Exhibit 10.1 to this Form 8-K/A and which is incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
The information set forth in Item 1.01 of this Current Report on Form 8-K/A is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
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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.
Date: November 17, 2006
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