IXYS sets goals that “are not determinative” for CEO’s bonus

ixys_logoIXYS,  the Milpitas maker of power-control semiconductors that said in May it wouldn’t provide guidance on future revenue because of “changing economic conditions”, nevertheless included revenues among five performance objectives it approved relating to the 2010 cash bonus for Chief Executive Nathan Zommer, whose target bonus was set at $300,000 and could be as much as twice that.

The performance objectives also include gross margins, cash flow from operations and return on assets.

The final objective, listed as “Discretionary,” is likely to carry the most weight, based on a long paragraph approved by the compensation committee regarding the “potential cash performance compensation and objectives”.

In it the committee says that the objectives “are not determinative, in and of themselves of the amount of any performance payment.” Executive bonuses will be determined “by the committee in light of its evaluation of the executive’s performance in total and not based on the mechanical application of any formula.”

 

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