UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of
The
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported)
February
27, 2008
___________________________
LSI
CORPORATION
(Exact
name of registrant as specified in its charter)
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DELAWARE
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1-10317
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94-2712976
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(State
or other jurisdiction of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification
No.)
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1621
Barber Lane
Milpitas,
California 95035
(Address
of principal executive offices, including zip code)
(408)
433-8000
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former
name or former address, if changed since last report)
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 (see General Instruction A.2. below):
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[ ]
Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item
5.02
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Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
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On
February 27, 2008, we finalized a bonus program for our executive officers
for 2008. Under the program, we must achieve specified levels of
revenue and non-GAAP operating income for 2008 in order for our officers to be
eligible to receive a bonus for 2008. Once the specified levels of
revenue and non-GAAP operating income are achieved, a "bonus pool" will be
created for our executive officers equal to specified percentages of our 2008
non-GAAP operating income. These percentages vary based on our actual
revenue and non-GAAP operating income.
Target
bonuses are expressed as percentages of individuals' base salary and, for our
named executive officers are:
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Name
and Position
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Target
Bonus Percentage
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Abhijit
Y. Talwalkar
President
and Chief Executive Officer
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125%
|
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Bryon
Look
Executive
Vice President and Chief Financial Officer
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70%
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D.
Jeffrey Richardson
Executive
Vice President, Network and Storage Products Group
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70%
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Flavio
Santoni
Executive
Vice President, Server and Storage Customer Sales
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60%
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The
bonus for any executive officer would be the officer's share of the pool, based
on all participating officers' target bonuses, and can be adjusted up or down
based on the level of achievement of additional corporate and business group
financial and operating goals.
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Item
9.01
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Financial
Statements and Exhibits.
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Exhibit
No.
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Description
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10.1
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Written
description of 2008 bonus program for named executive
officers.
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2
SIGNATURES
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.
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LSI
CORPORATION
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|||
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By:
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/s/
Philip G. Brace
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Philip
G. Brace
Senior Vice
President, Corporate Planning and
Marketing
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|||
Date:
March 4, 2008
3
Exhibit
10.1
Under our
2008 bonus program for executive officers, we must achieve specified levels of
revenue and non-GAAP operating income for 2008 in order for our executive
officers to be eligible to receive a bonus for 2008. Once the
specified levels of revenue and non-GAAP operating income
are achieved, a "bonus pool" will be created for our executive officers equal to
specified percentages of our 2008 non-GAAP operating income. These
percentages vary based on our actual revenue and non-GAAP operating
income.
Target
bonuses are expressed as percentages of individuals' base salary and, for our
named executive officers are:
|
Name
and Position
|
Target
Bonus Percentage
|
|
Abhijit
Y. Talwalkar
President
and Chief Executive Officer
|
125%
|
|
Bryon
Look
Executive
Vice President and Chief Financial Officer
|
70%
|
|
D.
Jeffrey Richardson
Executive
Vice President, Network and Storage Products Group
|
70%
|
|
Flavio
Santoni
Executive
Vice President, Server and Storage Customer Sales
|
60%
|
The
bonus for any executive officer would be the officer's share of the pool, based
on all participating officers' target bonuses, and can be adjusted up or down
based on the level of achievement of additional corporate and business group
financial and operating goals.