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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K </p>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT </p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Date of Report (Date of earliest event reported): September 10, 2015 </p>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">QLOGIC CORPORATION </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter) </p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">0-23298</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:7.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(Commission File Number)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:7.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(IRS Employer Identification No.)</p></td>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">26650 Aliso Viejo Parkway, Aliso Viejo, California</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:11pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">92656</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(<font style="font-size:9pt;font-weight:normal;">Zip Code</font>)</p></td>
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<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code: <font style="font-size:11.5pt;">(949) 389-6000</font> </p>
<p style="text-align:center;margin-top:9pt;line-height:4pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:6pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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: </p>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </p></td></tr></table></div>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </p></td></tr></table></div>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </p></td></tr></table></div>
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<p style="margin-top:9pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </p></td></tr></table></div>
<p style="text-align:center;margin-top:4pt;line-height:1pt;border-top:Solid 0.75pt #000000;padding-top:0pt;margin-bottom:0pt;text-indent:0%;font-size:4pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(e)</font><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"> Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 10, 2015, QLogic Corporation (the &#8220;Company&#8221;) approved compensation arrangements with its Executive Chairman, Chris King, and its Acting Chief Executive Officer, Senior Vice President and Chief Financial Officer, Jean Hu. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Executive Chairman Compensation</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The compensation arrangement with Ms. King provides for a base salary and an annual incentive bonus as determined by the Compensation Committee. The annual base salary rate for Ms. King is $420,000, effective August 20, 2015. Her annual target bonus is 75% of the annual target bonus of the Chief Executive Officer. Ms. King received a restricted stock unit (&#8220;RSU&#8221;) award that consists of 39,331 time-based RSUs and 39,331 market-based RSUs. The time-based RSUs will vest, subject to Ms. King&#8217;s continued service to the Company, in equal annual installments over a term of 4 years following the grant date and are payable upon vesting in shares of the Company&#8217;s common stock on a one-for-one basis, less any shares of common stock that may be withheld to satisfy the related minimum tax withholding obligations. The market-based RSUs will be earned based upon the relative performance of the total shareholder return (TSR) of the Company&#8217;s stock over a period of time beginning on August 20, 2015 and ending on the first to occur of (i) August 20, 2018 or (ii) the date that Ms. King is no longer serving as a senior executive officer of the Company, in either case compared to the TSR of the NASDAQ Index over the same period. The number of market-based RSUs earned at the end of such period will be based on the relative performance of the Company&#8217;s TSR subject to a threshold performance requirement and will have a maximum multiplier of 2x the target number of RSUs subject to the award. For further information regarding the percentage of the target number of units generally credited based on performance under the Company&#8217;s market-based RSUs, see the Compensation Discussion and Analysis - Executive Compensation Programs &#8211; <font style="font-style:italic;">Equity Awards</font> -&nbsp;&nbsp;<font style="font-style:italic;">FY2015 MSU Plan</font> in the Company&#8217;s Form DEF 14A filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) on July 17, 2015. </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event that the Company terminates Ms. King&#8217;s employment without cause or in the event that Ms. King terminates her employment for good reason, in either case within 6 months before or 24 months after a Change in Control (a &#8220;Qualifying Termination&#8221;), the equity awards described above to the extent then outstanding and not otherwise vested, will generally become fully vested in connection with such termination from employment. For market-based RSUs, if a Change in Control occurs, the performance period used to determine the relative performance of the total shareholder return of the Company&#8217;s stock shall end on the last trading day before the date the Change in Control transaction is completed and the stock price used in determining the Company&#8217;s performance compared to the NASDAQ Index shall be the price at which the Change in Control transaction occurs. Upon a Qualifying Termination of Ms. King&#8217;s employment or service, the earned market-based RSUs based on that performance period shall vest.&nbsp;&nbsp; For these purposes, &#8220;Change in Control&#8221; and &#8220;Qualifying Termination&#8221; (and related defined terms included within those terms) shall have the same meanings as set forth in the form of Change in Control Severance Agreement most recently filed by the Company with the SEC.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Acting Chief Executive Officer Compensation</font> </p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The compensation arrangement with Ms. Hu, the Company&#8217;s Acting Chief Executive Officer, Senior Vice President and Chief Financial Officer, provides for a base salary and an annual incentive bonus as determined by the Compensation Committee. The initial annual base salary rate for Ms. Hu is $544,000, effective August 20, 2015. Her annual target bonus is 110% of base salary. Should Ms. Hu relinquish the role of Acting Chief Executive Officer but remain as the Company&#8217;s Senior Vice President and Chief Financial Officer, then her base salary and annual target bonus shall revert to the base salary ($400,000) and annual target bonus (75% of her base salary) in effect as of August 19, 2015.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">M</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Hu </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">receive</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">d</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> a</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">n</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> RSU award that consists of </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,331</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">time-based RSUs and </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,331 </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market-based RSUs. </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">time-based RSUs </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will vest, subject to M</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Hu&#8217;s </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">continued </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">service </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the Company</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, in equal annual installments over a term of 4 years following the grant </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">date </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and are payable upon vesting in shares of the Company&#8217;s common stock on a one-for-one basis, less any shares of common stock that may be withheld to satisfy the related minimum </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tax withholding obligations. The </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market-based R</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SUs will be </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">earned based upon </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the relative performance of the </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TSR</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of the Company&#8217;s stock over </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a period of time beginning </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">August 20, 2015</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and ending on August 20, 2018</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">compared to </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the TSR of </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the NASDAQ Index</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> over the same period. The number of </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market-based R</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SUs earned at the end of </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">period will be based on the relative performance </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the Company&#8217;s TSR </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">subject to a threshold performance requirement and will have a maximum multiplier of</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 2</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">x</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> the target number</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of units subject to the award</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For further information regarding </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the percentage of </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the target number of units </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">generally</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> credited based on performance</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> under the Company&#8217;s market-based RSUs</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, see the Compensation Discussion and Analysis - Executive Compensat</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ion Programs &#8211; </font><font style="font-style:italic;">Equity Awards</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> - </font><font style="font-style:italic;">FY2015 MSU Plan</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> in the Company&#8217;s </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form DEF 14A</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> filed with the </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SEC</font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> on July 17, 2015.</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the event of a change in control, the performance period used to determine the relative performance of the Company&#8217;s TSR for market-based RSUs shall end on the last trading day before the date the Change in Control transaction is completed and the stock price used in determining the Company&#8217;s performance compared to the NASDAQ Index shall be the price at which the Change in Control transaction occurs.&nbsp;&nbsp;In the event that the Company terminates Ms. Hu&#8217;s employment without cause or in the event that Ms. Hu terminates her employment for good reason, in either case within 6 months before or 24 months after the Change in Control, the earned market-based RSUs for that performance period would vest pursuant to her Change in Control Severance Agreement with the Company.</p>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:5.24%;text-indent:5.24%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.45pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">QLOGIC CORPORATION</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">September 15, 2015</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.45pt;;text-indent:0pt;;color:#;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Michael Hawkins</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:10.45pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Michael Hawkins </p></td>
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{"company-data": {"conformed-name": "QLOGIC CORP", "cik": "0000918386", "assigned-sic": "3576", "irs-number": "330537669", "state-of-incorporation": "DE", "fiscal-year-end": "0330"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-23298", "film-number": "151107802"}, "business-address": {"street1": "26650 ALISO VIEJO PARKWAY", "city": "ALISO VIEJO", "state": "CA", "zip": "92656", "phone": "(949) 389-6000"}, "mail-address": {"street1": "26650 ALISO VIEJO PARKWAY", "city": "ALISO VIEJO", "state": "CA", "zip": "92656"}, "former-company": {"former-conformed-name": "Q LOGIC CORP", "date-changed": "19940201"}}
qlgc-8k_20150915.htm
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): September 10, 2015
QLOGIC CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
0-23298
33-0537669
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
26650 Aliso Viejo Parkway, Aliso Viejo, California
92656
(Address of principal executive offices)
(
Zip Code
)
Registrant's telephone number, including area code:
(949) 389-6000
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)
[ ]
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Item 5.02
(e)
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 10, 2015, QLogic Corporation (the "Company") approved compensation arrangements with its Executive Chairman, Chris King, and its Acting Chief Executive Officer, Senior Vice President and Chief Financial Officer, Jean Hu.
Executive Chairman Compensation
The compensation arrangement with Ms. King provides for a base salary and an annual incentive bonus as determined by the Compensation Committee. The annual base salary rate for Ms. King is $420,000, effective August 20, 2015. Her annual target bonus is 75% of the annual target bonus of the Chief Executive Officer. Ms. King received a restricted stock unit ("RSU") award that consists of 39,331 time-based RSUs and 39,331 market-based RSUs. The time-based RSUs will vest, subject to Ms. King's continued service to the Company, in equal annual installments over a term of 4 years following the grant date and are payable upon vesting in shares of the Company's common stock on a one-for-one basis, less any shares of common stock that may be withheld to satisfy the related minimum tax withholding obligations. The market-based RSUs will be earned based upon the relative performance of the total shareholder return (TSR) of the Company's stock over a period of time beginning on August 20, 2015 and ending on the first to occur of (i) August 20, 2018 or (ii) the date that Ms. King is no longer serving as a senior executive officer of the Company, in either case compared to the TSR of the NASDAQ Index over the same period. The number of market-based RSUs earned at the end of such period will be based on the relative performance of the Company's TSR subject to a threshold performance requirement and will have a maximum multiplier of 2x the target number of RSUs subject to the award. For further information regarding the percentage of the target number of units generally credited based on performance under the Company's market-based RSUs, see the Compensation Discussion and Analysis - Executive Compensation Programs –
Equity Awards
-
FY2015 MSU Plan
in the Company's Form DEF 14A filed with the Securities and Exchange Commission ("SEC") on July 17, 2015.
In the event that the Company terminates Ms. King's employment without cause or in the event that Ms. King terminates her employment for good reason, in either case within 6 months before or 24 months after a Change in Control (a "Qualifying Termination"), the equity awards described above to the extent then outstanding and not otherwise vested, will generally become fully vested in connection with such termination from employment. For market-based RSUs, if a Change in Control occurs, the performance period used to determine the relative performance of the total shareholder return of the Company's stock shall end on the last trading day before the date the Change in Control transaction is completed and the stock price used in determining the Company's performance compared to the NASDAQ Index shall be the price at which the Change in Control transaction occurs. Upon a Qualifying Termination of Ms. King's employment or service, the earned market-based RSUs based on that performance period shall vest.   For these purposes, "Change in Control" and "Qualifying Termination" (and related defined terms included within those terms) shall have the same meanings as set forth in the form of Change in Control Severance Agreement most recently filed by the Company with the SEC.
Acting Chief Executive Officer Compensation
The compensation arrangement with Ms. Hu, the Company's Acting Chief Executive Officer, Senior Vice President and Chief Financial Officer, provides for a base salary and an annual incentive bonus as determined by the Compensation Committee. The initial annual base salary rate for Ms. Hu is $544,000, effective August 20, 2015. Her annual target bonus is 110% of base salary. Should Ms. Hu relinquish the role of Acting Chief Executive Officer but remain as the Company's Senior Vice President and Chief Financial Officer, then her base salary and annual target bonus shall revert to the base salary ($400,000) and annual target bonus (75% of her base salary) in effect as of August 19, 2015.
M
s
.
Hu
receive
d
a
n
RSU award that consists of
39,331
time-based RSUs and
39,331
market-based RSUs.
The
time-based RSUs
will vest, subject to M
s
.
Hu's
continued
service
to the Company
, in equal annual installments over a term of 4 years following the grant
date
and are payable upon vesting in shares of the Company's common stock on a one-for-one basis, less any shares of common stock that may be withheld to satisfy the related minimum
tax withholding obligations. The
market-based R
SUs will be
earned based upon
the relative performance of the
TSR
of the Company's stock over
a period of time beginning
on
August 20, 2015
and ending on August 20, 2018
compared to
the TSR of
the NASDAQ Index
over the same period. The number of
market-based R
SUs earned at the end of
such
period will be based on the relative performance
of the Company's TSR
subject to a threshold performance requirement and will have a maximum multiplier of
2
x
the target number
of units subject to the award
.
For further information regarding
the percentage of
the target number of units
generally
credited based on performance
under the Company's market-based RSUs
, see the Compensation Discussion and Analysis - Executive Compensat
ion Programs –
Equity Awards
-
FY2015 MSU Plan
in the Company's
Form DEF 14A
filed with the
SEC
on July 17, 2015.
In the event of a change in control, the performance period used to determine the relative performance of the Company's TSR for market-based RSUs shall end on the last trading day before the date the Change in Control transaction is completed and the stock price used in determining the Company's performance compared to the NASDAQ Index shall be the price at which the Change in Control transaction occurs.  In the event that the Company terminates Ms. Hu's employment without cause or in the event that Ms. Hu terminates her employment for good reason, in either case within 6 months before or 24 months after the Change in Control, the earned market-based RSUs for that performance period would vest pursuant to her Change in Control Severance Agreement with the Company.
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.
QLOGIC CORPORATION
September 15, 2015
/s/ Michael Hawkins
Michael Hawkins
Vice President and General Counsel