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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): January 5, 2019 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Immersion Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-38334</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">94-3180138</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>50 Rio Robles, San Jose, CA</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>95134</B></TD></TR>
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<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s Telephone Number, Including Area Code:&nbsp;(408)
<FONT STYLE="white-space:nowrap">467-1900</FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>N/A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former Name or Former Address, if Changed Since Last Report): Not Applicable </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this
chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 <FONT STYLE="white-space:nowrap">(&#167;240.12b-2</FONT> of this chapter). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">&#9744;&nbsp;&nbsp;Emerging growth company </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(b). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(c) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On January 5, 2019, the Board of Directors
(the &#147;Board&#148;) of the Company approved, and the Company publicly announced on January&nbsp;7, 2018, the appointment of Ramzi Haidamus as the Company&#146;s next President and Chief Executive Officer of the Company, effective
January&nbsp;21, 2019, which is Mr.&nbsp;Haidamus&#146; first day of employment at the Company (the &#147;Employment Start Date&#148;). On the Employment Start Date, he will also be appointed as a member of the Board. Effective as of the Employment
Start Date, Tom Lacey, the Company&#146;s current Interim Chief Executive Officer, will resign as Interim CEO and cease to be an employee of the Company, but remain a member of the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Haidamus, age 54, brings to the chief executive officer role and the Board substantial leadership, strategic planning and business
development experience in technology and IP monetization. Previously, Mr.&nbsp;Haidamus was president of Nokia Technologies group from September 2014 to October 2016, where he led the growth of the existing patent licensing division and the
formation of its digital media, digital health and brand licensing divisions. From 1996 to March 2014, Mr.&nbsp;Haidamus held numerous positions at Dolby Laboratories, Inc. (NYSE: DLB), an audio, visual and voice technologies company, including
serving as Executive Vice President, Marketing and Business Development and Executive Vice President, Sales&nbsp;&amp; Marketing. From 2002 to 2006, Mr.&nbsp;Haidamus was also the founder, CEO and President of Via Licensing Corporation, a patent
pool licensor. Since October 2017, Mr.&nbsp;Haidamus has served as Chairman of the Advisory Board of UKL Tech Hub Accelerator, a startup accelerator program, and since August 2018, as a member of the Advisory Board of Keyssa, a secure high-speed
data transfer developer. Mr.&nbsp;Haidamus received a B.S. and M.S. in Electrical Engineering from University of the Pacific. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
connection with his appointment, the Company and Mr.&nbsp;Haidamus have entered into a written employment agreement (the &#147;Employment Agreement&#148;) for an initial <FONT STYLE="white-space:nowrap">one-year</FONT> term that will automatically
renew for additional <FONT STYLE="white-space:nowrap">one-year</FONT> terms unless prior notice to terminate the Employment Agreement is provided, which provides for the following compensation terms for Mr.&nbsp;Haidamus. Pursuant to the Employment
Agreement, Mr.&nbsp;Haidamus will receive a base salary of $525,000 per year. Mr.&nbsp;Haidamus is eligible to participate in the Company&#146;s corporate bonus plan, with a target annual bonus equal to 100% of his then-current base salary. In
addition, on February&nbsp;14, 2019, the Company will grant Mr.&nbsp;Haidamus an option to purchase a number of shares of the Company&#146;s common stock equal to (x) $1,250,000 divided by the average daily closing price of the Company&#146;s common
stock on the Nasdaq Stock Market for the 10 business days ending on the day immediately prior to the grant date, multiplied by (y)&nbsp;the applicable Black Scholes ratio (the &#147;Option&#148;). The Option will be granted with an exercise price
equal to the closing price of the Company&#146;s common stock on the Nasdaq Stock Market on the grant date and will vest over four years with 1/4th of the total shares subject to the Option vesting on the first annual anniversary of his Employment
Start Date and an additional 1/48th of the total shares subject to the Option vesting each month thereafter, subject to Mr.&nbsp;Haidamus&#146; continued employment as the Company&#146;s Chief Executive Officer on the applicable vesting dates.
Mr.&nbsp;Haidamus will also receive a restricted stock unit award covering a number of shares of the Company&#146;s common stock equal to $2,750,000 divided by the average daily closing price of the Company&#146;s common stock on the Nasdaq
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Stock Market for the 10 business days ending on the day immediately prior to the grant date (the &#147;RSU&#148;). The RSU will vest over four&nbsp;years, with one quarter of the total shares
subject to the RSU vesting on the first annual anniversary of Mr.&nbsp;Haidamus&#146; employment start date and one sixteenth of the total shares subject to the RSU vesting over the following twelve quarters, subject to Mr.&nbsp;Haidamus&#146;
continued employment as the Company&#146;s Chief Executive Officer on the applicable time-based vesting dates. Mr.&nbsp;Haidamus will also receive an annual housing and transportation allowance in the amount of $50,000. Mr.&nbsp;Haidamus is eligible
to participate in the Company&#146;s employee benefit plans as in effect from time to time on the same basis as generally made available to other senior executives of the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the Employment Agreement also provides for certain payments and benefits in the event of a termination of Mr.&nbsp;Haidamus&#146;
employment under specific circumstances. If, during the term of the Employment Agreement, his employment is terminated by the Company other than for &#147;Cause,&#148; or by Mr.&nbsp;Haidamus for &#147;Good Reason&#148; (each as defined in the
Employment Agreement), or the Company elects not to renew the Employment Agreement, he would be entitled to (1)&nbsp;a <FONT STYLE="white-space:nowrap">lump-sum</FONT> payment equal to 12 months of his then-current base salary; (2)&nbsp;a <FONT
STYLE="white-space:nowrap">lump-sum</FONT> payment equal to 100% of his target bonus for the then-current fiscal year; (3)&nbsp;payment of COBRA premiums for continued health coverage for 12 months following the termination date; and
(4)&nbsp;immediate acceleration of unvested shares subject to the Option and RSU described above that would have vested during the <FONT STYLE="white-space:nowrap">12-month</FONT> period following the termination date. If, during the term of the
Employment Agreement, Mr.&nbsp;Haidamus&#146; employment is terminated by the Company other than for &#147;Cause,&#148; or by Mr.&nbsp;Haidamus for &#147;Good Reason,&#148; or the Company elects not to renew the Employment Agreement within the
period beginning three months before, and ending 12 months following, a &#147;change of control&#148; (as defined in the Employment Agreement), he would be entitled to (1)&nbsp;a <FONT STYLE="white-space:nowrap">lump-sum</FONT> payment equal to 24
months of his then-current base salary; (2)&nbsp;a <FONT STYLE="white-space:nowrap">lump-sum</FONT> payment equal to 100% of his target bonus for the then-current fiscal year; (3)&nbsp;payment of COBRA premiums for continued health coverage for 18
months following the termination date; (4)&nbsp;immediate acceleration of unvested shares subject to all equity awards, other than performance-based awards; and (5)&nbsp;with respect to performance-based awards, vesting will accelerate as set forth
in the applicable performance-based award agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Haidamus&#146; receipt of the termination payments and benefits is
contingent upon execution and delivery of an effective general release of claims in favor of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Also, effective as of the
Employment Start Date, the Company and Mr.&nbsp;Haidamus will enter into an Indemnity Agreement in the form attached as Exhibit 10.7 to the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
December&nbsp;31, 2017, filed with the Securities and Exchange Commission on February&nbsp;27, 2018. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the
Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 99.1 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and is incorporated by reference
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the press release announcing Mr.&nbsp;Haidamus&#146; appointment is filed as Exhibit 99.2 to this Current Report on
Form <FONT STYLE="white-space:nowrap">8-K.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(d) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(d). </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(e). </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) <I>Exhibits</I>. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Exhibit<br>No.</TD>
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<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Exhibit Title</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top"><A HREF="d684243dex101.htm">Employment Agreement between Immersion and Ramzi Haidamus dated December&nbsp;31, 2018. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>99.1</TD>
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<TD VALIGN="top"><A HREF="d684243dex991.htm">Press Release issued by Immersion Corporation, dated January&nbsp;7, 2019. </A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="3"><B>I<SMALL>MMERSION</SMALL> C<SMALL>ORPORATION</SMALL></B></TD></TR>
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<TD VALIGN="top">Date: January&nbsp;7, 2019</TD>
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<TD VALIGN="bottom">By:</TD>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Amie Peters</P></TD></TR>
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<TD VALIGN="bottom">Name:</TD>
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<TD VALIGN="bottom">Amie Peters</TD></TR>
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<TD VALIGN="bottom">Title:</TD>
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<TD VALIGN="bottom">General Counsel</TD></TR>
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{"company-data": {"conformed-name": "IMMERSION CORP", "cik": "0001058811", "assigned-sic": "3577", "irs-number": "943180138", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-38334", "film-number": "19512126"}, "business-address": {"street1": "50 RIO ROBLES", "city": "SAN JOSE", "state": "CA", "zip": "95134", "phone": "408-467-1900"}, "mail-address": {"street1": "50 RIO ROBLES", "city": "SAN JOSE", "state": "CA", "zip": "95134"}, "former-company": {"former-conformed-name": "IMMERSION HUMAN INTERFACE CORP", "date-changed": "19980602"}}
8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 5, 2019
Immersion Corporation
(Exact name of registrant as specified in its charter)
Delaware
001-38334
94-3180138
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
50 Rio Robles, San Jose, CA
95134
(Address of Principal Executive Offices)
(Zip Code)
Registrant's Telephone Number, Including Area Code: (408)
467-1900
N/A
(Former Name or Former Address, if Changed Since Last Report): Not Applicable
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:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this
chapter) or Rule
12b-2
of the Securities Exchange Act of 1934
(§240.12b-2
of this chapter).
☐  Emerging growth company
If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
(b)
The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(b).
(c)
On January 5, 2019, the Board of Directors
(the "Board") of the Company approved, and the Company publicly announced on January 7, 2018, the appointment of Ramzi Haidamus as the Company's next President and Chief Executive Officer of the Company, effective
January 21, 2019, which is Mr. Haidamus' first day of employment at the Company (the "Employment Start Date"). On the Employment Start Date, he will also be appointed as a member of the Board. Effective as of the Employment
Start Date, Tom Lacey, the Company's current Interim Chief Executive Officer, will resign as Interim CEO and cease to be an employee of the Company, but remain a member of the Board.
Mr. Haidamus, age 54, brings to the chief executive officer role and the Board substantial leadership, strategic planning and business
development experience in technology and IP monetization. Previously, Mr. Haidamus was president of Nokia Technologies group from September 2014 to October 2016, where he led the growth of the existing patent licensing division and the
formation of its digital media, digital health and brand licensing divisions. From 1996 to March 2014, Mr. Haidamus held numerous positions at Dolby Laboratories, Inc. (NYSE: DLB), an audio, visual and voice technologies company, including
serving as Executive Vice President, Marketing and Business Development and Executive Vice President, Sales & Marketing. From 2002 to 2006, Mr. Haidamus was also the founder, CEO and President of Via Licensing Corporation, a patent
pool licensor. Since October 2017, Mr. Haidamus has served as Chairman of the Advisory Board of UKL Tech Hub Accelerator, a startup accelerator program, and since August 2018, as a member of the Advisory Board of Keyssa, a secure high-speed
data transfer developer. Mr. Haidamus received a B.S. and M.S. in Electrical Engineering from University of the Pacific.
In
connection with his appointment, the Company and Mr. Haidamus have entered into a written employment agreement (the "Employment Agreement") for an initial
one-year
term that will automatically
renew for additional
one-year
terms unless prior notice to terminate the Employment Agreement is provided, which provides for the following compensation terms for Mr. Haidamus. Pursuant to the Employment
Agreement, Mr. Haidamus will receive a base salary of $525,000 per year. Mr. Haidamus is eligible to participate in the Company's corporate bonus plan, with a target annual bonus equal to 100% of his then-current base salary. In
addition, on February 14, 2019, the Company will grant Mr. Haidamus an option to purchase a number of shares of the Company's common stock equal to (x) $1,250,000 divided by the average daily closing price of the Company's common
stock on the Nasdaq Stock Market for the 10 business days ending on the day immediately prior to the grant date, multiplied by (y) the applicable Black Scholes ratio (the "Option"). The Option will be granted with an exercise price
equal to the closing price of the Company's common stock on the Nasdaq Stock Market on the grant date and will vest over four years with 1/4th of the total shares subject to the Option vesting on the first annual anniversary of his Employment
Start Date and an additional 1/48th of the total shares subject to the Option vesting each month thereafter, subject to Mr. Haidamus' continued employment as the Company's Chief Executive Officer on the applicable vesting dates.
Mr. Haidamus will also receive a restricted stock unit award covering a number of shares of the Company's common stock equal to $2,750,000 divided by the average daily closing price of the Company's common stock on the Nasdaq
Stock Market for the 10 business days ending on the day immediately prior to the grant date (the "RSU"). The RSU will vest over four years, with one quarter of the total shares
subject to the RSU vesting on the first annual anniversary of Mr. Haidamus' employment start date and one sixteenth of the total shares subject to the RSU vesting over the following twelve quarters, subject to Mr. Haidamus'
continued employment as the Company's Chief Executive Officer on the applicable time-based vesting dates. Mr. Haidamus will also receive an annual housing and transportation allowance in the amount of $50,000. Mr. Haidamus is eligible
to participate in the Company's employee benefit plans as in effect from time to time on the same basis as generally made available to other senior executives of the Company.
In addition, the Employment Agreement also provides for certain payments and benefits in the event of a termination of Mr. Haidamus'
employment under specific circumstances. If, during the term of the Employment Agreement, his employment is terminated by the Company other than for "Cause," or by Mr. Haidamus for "Good Reason" (each as defined in the
Employment Agreement), or the Company elects not to renew the Employment Agreement, he would be entitled to (1) a
lump-sum
payment equal to 12 months of his then-current base salary; (2) a
lump-sum
payment equal to 100% of his target bonus for the then-current fiscal year; (3) payment of COBRA premiums for continued health coverage for 12 months following the termination date; and
(4) immediate acceleration of unvested shares subject to the Option and RSU described above that would have vested during the
12-month
period following the termination date. If, during the term of the
Employment Agreement, Mr. Haidamus' employment is terminated by the Company other than for "Cause," or by Mr. Haidamus for "Good Reason," or the Company elects not to renew the Employment Agreement within the
period beginning three months before, and ending 12 months following, a "change of control" (as defined in the Employment Agreement), he would be entitled to (1) a
lump-sum
payment equal to 24
months of his then-current base salary; (2) a
lump-sum
payment equal to 100% of his target bonus for the then-current fiscal year; (3) payment of COBRA premiums for continued health coverage for 18
months following the termination date; (4) immediate acceleration of unvested shares subject to all equity awards, other than performance-based awards; and (5) with respect to performance-based awards, vesting will accelerate as set forth
in the applicable performance-based award agreement.
Mr. Haidamus' receipt of the termination payments and benefits is
contingent upon execution and delivery of an effective general release of claims in favor of the Company.
Also, effective as of the
Employment Start Date, the Company and Mr. Haidamus will enter into an Indemnity Agreement in the form attached as Exhibit 10.7 to the Company's Annual Report on Form
10-K
for the year ended
December 31, 2017, filed with the Securities and Exchange Commission on February 27, 2018.
The foregoing description of the
Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, which is filed as Exhibit 99.1 to this Current Report on Form
8-K
and is incorporated by reference
herein.
A copy of the press release announcing Mr. Haidamus' appointment is filed as Exhibit 99.2 to this Current Report on
Form
8-K.
(d)
The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(d).
(e)
The information set forth above under Item 5.02(c) is hereby incorporated by reference into this Item 5.02(e).
Item 9.01
Financial Statements and Exhibits.
(d)
Exhibits
.
Exhibit
No.
Exhibit Title
10.1
Employment Agreement between Immersion and Ramzi Haidamus dated December 31, 2018.
99.1
Press Release issued by Immersion Corporation, dated January 7, 2019.
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.
I
MMERSION
C
ORPORATION
Date: January 7, 2019
By:
/s/ Amie Peters
Name:
Amie Peters
Title:
General Counsel