This excerpt taken from the WSTL 8-K filed Apr 7, 2009.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On April 1, 2009, the Board of Directors of Westell Technologies, Inc. (the Company) established cash bonus targets and the performance criteria the fiscal year 2010 bonus plan. The following table presents the fiscal 2010 bonus targets for the Companys named executive officers:
For the named executives above, except Mr. Skurla, the bonus is based 50% on achieving revenue metrics and 50% achieving operating income metrics for the Company for fiscal 2010. Mr. Skurlas bonus is based on 50% on achieving revenue metrics and 50% achieving operating income metrics for the CNS business unit. The named executive officers would not be entitled to a payout if established target revenue and operating income metrics are not met. Actual bonus payments may range from 0% to 150% of target levels based on actual revenue or operating income results.
Richard S. Gilbert, the Companys Chief Executive Officer, is entitled to a guaranteed bonus of $250,000 for the fiscal year ending March 31, 2010 pursuant to his employment agreement with the Company.
Additionally, effective April 1, 2009 Christopher Shaver was promoted to Vice President/General Manager of the CNS business unit. Due to the reorganization of responsibilities associated with Mr. Shavers promotion, Mark Skurla, Vice President of Sales and Customer Service will remain employed by the Company, but no longer serve as an executive officer of the Company as defined by the Securities Exchange Act of 1934.
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.