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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)
March 21, 2007
LSI LOGIC 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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(Commission File Number)
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(IRS Employer |
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Identification No.) |
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)) |
TABLE OF CONTENTS
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| Item 5.02(e) |
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Offices |
Summary Description of 2007 Incentive Plan
On March 21, 2007, the Compensation Committee of the Board of Directors of LSI Logic adopted the
2007 Incentive Plan for the Company (“2007 Incentive Plan”).
The bonus pool under the 2007 Incentive Plan is not funded until the Company meets a predetermined
operating income threshold, in both absolute dollars and as a percentage of revenue. Thereafter,
the bonus pool increases as operating income, in both absolute dollars and as a percentage of
revenue, increases. The maximum bonus pool will not exceed $30 million. The Company’s named
executive officers, other than the CEO, as well as other employees of the Company, are eligible to
participate in the 2007 Incentive Plan. The target bonus for named executive officers, other than
the CEO, is between 60% and 70% of the named executive officer’s base compensation (for Bryon Look,
Executive Vice President and Chief Financial Officer – 70%; for Umesh Padval, Executive Vice
President, Consumer Products Group – 70%; for D. Jeffrey Richardson, Executive Vice President,
Custom Solutions Group – 70%; and Flavio Santoni, Executive Vice President, Worldwide Storage Sales
& Marketing – 60%). Actual bonus payments to named executive officers may be greater than or less
than the stated target amount dependant on whether actual performance meets or exceeds the
specified goals.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
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| Exhibit No. |
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Description |
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10.58
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Written Description of 2007 Incentive Plan |
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 LOGIC CORPORATION, |
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a Delaware corporation |
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By:
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/s/ Andrew S. Hughes |
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Andrew S. Hughes |
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Vice President, General Counsel & |
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Corporate Secretary |
Date: March 27, 2007
EXHIBIT INDEX
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| Exhibit No. |
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Description |
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10.58
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Written Description of 2007 Incentive Plan |