DELAWARE | 000-29472 | 23-1722724 | ||
(State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||
Incorporation) | Identification No.) |
Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) | On February 5, 2008, Mr. Oleg Khaykin resigned as the Companys Chief Operating Officer. | |
(c) | On February 5, 2008, Mr. Kenneth T. Joyce, 60, was appointed to the position of Chief Operating Officer. Mr. Joyce also serves as the Companys Executive Vice President (a position he assumed in 1999) and Chief Administrative Officer (a position he assumed in November 2007). Prior to his appointment as Chief Administrative Officer, Mr. Joyce had served as the Companys Chief Financial Officer since 1999. Mr. Joyces compensation arrangements are described under paragraph (e) below. | |
Additional information regarding the foregoing changes is contained in the press release attached hereto as Exhibit 99.1. | ||
(e) | As previously disclosed, at our annual meeting of stockholders on August 6, 2007, the stockholders approved the 2007 Executive Incentive Bonus Plan (the Executive Bonus Plan). The Executive Bonus Plan is administered by the Compensation Committee of the Board of Directors (the Compensation Committee). Under the Executive Bonus Plan, participants are eligible to receive awards based upon the attainment of certain performance criteria established by the Compensation Committee. | |
On February 5, 2008, the Compensation Committee approved the 2008 performance criteria and associated target bonus amounts for each executive officer under the Executive Bonus Plan. The target bonus amounts are based on: (i) gross profit goals (weighted at 50%), (ii) pre-tax income goals (weighted at 20%) and (iii) individual performance (weighted at 30%) whereby an executive officers actual bonus amount may be reduced by up to 30% of the target amount at the discretion of the Chief Executive Officer and the Compensation Committee. Actual bonuses payable under the Executive Bonus Plan for 2008, if any, will depend on the extent to which our actual performance meets, exceeds or falls short of the performance criteria. | ||
On February 5, 2008, the Committee also approved the 2008 annual base salaries for our executive officers. | ||
The following table sets forth for each named executive officer: (i) base salary for 2008, and (ii) target bonus amount for 2008 under the Executive Bonus Plan. |
Name | 2008 Salary | 2008 Target Bonus | ||||||
James J. Kim |
$1,000,000 | $1,750,000 | ||||||
Chairman and Chief Executive Officer |
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Kenneth T. Joyce |
500,000 | 500,000 | ||||||
Executive Vice President, Chief
Administrative Officer and Chief Operating
Officer |
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KyuHyun Kim |
490,000 | 392,000 | ||||||
President of Amkor Technology Korea and
Head of Worldwide Manufacturing |
||||||||
James M. Fusaro |
400,000 | 300,000 | ||||||
Corporate Vice President, Wire Bond Products |
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Joanne Solomon |
375,000 | 319,000 | ||||||
Corporate Vice President and
Chief Financial Officer |
(d) | Exhibits. |
AMKOR TECHNOLOGY, INC. |
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By: | /s/ Joanne Solomon | |||
Joanne Solomon | ||||
Corporate Vice President & Chief Financial Officer | ||||