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<P style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>UNITED STATES</B></FONT></P>
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<P id=PARA130 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>FORM 8-K</B></FONT></P>
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<P id=PARA135 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>CURRENT REPORT</B></FONT></P>
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<P id=PARA20 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">July 1, 2016</FONT></P>
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<P id=PARA23 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Commission File No. 0-14225</FONT></P>
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<P id=PARA28 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXAR CORPORATION</B></FONT></P>
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<P id=PARA37 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Delaware</B></FONT></P></TD>
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<P id=PARA43 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>(I.R.S. Employer</B></FONT></P>
<P id=PARA44 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Identification Number)</B></FONT></P></TD></TR></TABLE>
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<P id=PARA47 style="MARGIN-BOTTOM: 0px; TEXT-ALIGN: center; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>48720 Kato Road, Fremont, CA 94538</B></FONT></P>
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<P id=PARA55 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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):</FONT></P>
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<P id=PARA60 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P></TD></TR></TABLE>
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<P id=PARA64 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P></TD></TR></TABLE>
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<P id=PARA68 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 40.14d-2(b))</FONT></P></TD></TR></TABLE>
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<P id=PARA72 style="TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P></TD></TR></TABLE>
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<P id=PARA80 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Item</B><B>&nbsp;5</B><B>.02.&nbsp;</B></FONT></P></TD>
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<P id=PARA81 style="TEXT-ALIGN: left; MARGIN: 0pt 9pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></P></TD></TR></TABLE>
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<P id=PARA84 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On July 1, 2016, the Compensation Committee (the &#8220;Committee&#8221;) of the Board of Directors of Exar Corporation (&#8220;Exar&#8221;) granted equity awards to Ryan Benton, Exar&#8217;s Chief Executive Officer, and to Keith Tainsky, Exar&#8217;s Chief Financial Officer. The grant of equity awards is in connection with Mr. Benton&#8217;s promotion to his position as Exar&#8217;s Chief Executive Officer and Mr. Tainsky&#8217;s promotion to his position as Exar&#8217;s Chief Financial Officer, which promotions were previously announced on May 31, 2016.</FONT></P>
<P id=PARA85 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA86 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Effective July 1, 2016, Mr. Benton was granted a performance option to purchase 280,000 shares of Exar Common Stock with an exercise price of $7.80 per share, the closing price of Exar&#8217;s Common Stock on the date of grant. This option vests based on the achievement of company performance targets relating to Exar&#8217;s non-GAAP earnings per share in future periods. If the performance criteria are met, the option will vest over a four-year period, with one-fourth of the option vesting after 12 months from the date of grant and the remaining shares vesting in equal monthly installments over the remaining three years, subject to Mr. Benton&#8217;s continued service with Exar. Mr. Benton was also granted 60,000 performance restricted stock units (&#8220;PRSUs&#8221;), which vests based on the achievement of company stock price targets in future periods. If the performance criteria are met, the PRSU will vest over a three-year period, with one-third of the PRSU vesting after 12 months from the date of grant and the remaining PRSUs vesting in equal quarterly installments over the remaining two years, subject to Mr. Benton&#8217;s continued service with Exar. At the time the Committee established the performance targets contained in Mr. Benton&#8217;s equity awards, it believed the targets were challenging but achievable based on its review of the company&#8217;s operating plan and its assessment of the general economic environment.</FONT></P>
<P id=PARA87 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</FONT></P>
<P id=PARA88 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Effective July 1, 2016, Mr. Tainsky was granted a performance option to purchase 120,000 shares of Exar Common Stock with an exercise price of $7.80 per share, the closing price of Exar&#8217;s Common Stock on the date of grant. This option vests based on the achievement of company performance targets relating to Exar&#8217;s non-GAAP earnings per share in future periods. If the performance criteria are met, the option will vest over a four-year period, with one-fourth of the option vesting after 12 months from the date of grant and the remaining shares vesting in equal monthly installments over the remaining three years, subject to Mr. Tainsky&#8217;s continued service with Exar. Mr. Tainsky was also granted 30,000 PRSUs, which vests based on the achievement of company stock price targets in future periods. If the performance criteria are met, the PRSU will vest over a three-year period, with one-third of the PRSU vesting after 12 months from the date of grant and the remaining PRSUs vesting in equal quarterly installments over the remaining two years, subject to Mr. Tainsky&#8217;s continued service with Exar. At the time, the Committee established the performance targets contained in Mr. Tainsky&#8217;s equity awards, it believed the targets were challenging but achievable based on its review of the company&#8217;s operating plan and its assessment of the general economic environment.</FONT></P>
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<P id=PARA93 style="TEXT-ALIGN: left; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>SIGNATURES</B></FONT></P>
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<P id=PARA95 style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 0px; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">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.</FONT></P>
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<P id=PARA98 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><B>EXAR CORPORATION</B></FONT></P></TD></TR>
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<P id=PARA100 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">(Registrant)</FONT></P></TD></TR>
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<P id=PARA102 style="TEXT-ALIGN: justify; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Date: July 5, 2016</FONT></P></TD>
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<P id=PARA103 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">/s/&nbsp;&nbsp;&nbsp;&nbsp;Ryan A. Benton&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD></TR>
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<P id=PARA105 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Ryan A. Benton</FONT></P></TD></TR>
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<P id=PARA107 style="TEXT-ALIGN: center; MARGIN: 0pt 36pt 0pt 0pt; LINE-HEIGHT: 1.25"><FONT style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Chief Executive Officer</FONT></P></TD></TR></TABLE>
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[{"type": "8-K", "sequence": "1", "filename": "exar20160705_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 23295}]
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exar20160705_8k.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
July 1, 2016
Date of Report (Date of earliest event reported)
Commission File No. 0-14225
EXAR CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
94-1741481
(State or other jurisdiction of
incorporation)
(I.R.S. Employer
Identification Number)
48720 Kato Road, Fremont, CA 94538
(Address of principal executive offices, zip code)
(510) 668-7000
(Registrant's telephone number, including area code)
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):
☐
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 40.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item
5
.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 1, 2016, the Compensation Committee (the "Committee") of the Board of Directors of Exar Corporation ("Exar") granted equity awards to Ryan Benton, Exar's Chief Executive Officer, and to Keith Tainsky, Exar's Chief Financial Officer. The grant of equity awards is in connection with Mr. Benton's promotion to his position as Exar's Chief Executive Officer and Mr. Tainsky's promotion to his position as Exar's Chief Financial Officer, which promotions were previously announced on May 31, 2016.
Effective July 1, 2016, Mr. Benton was granted a performance option to purchase 280,000 shares of Exar Common Stock with an exercise price of $7.80 per share, the closing price of Exar's Common Stock on the date of grant. This option vests based on the achievement of company performance targets relating to Exar's non-GAAP earnings per share in future periods. If the performance criteria are met, the option will vest over a four-year period, with one-fourth of the option vesting after 12 months from the date of grant and the remaining shares vesting in equal monthly installments over the remaining three years, subject to Mr. Benton's continued service with Exar. Mr. Benton was also granted 60,000 performance restricted stock units ("PRSUs"), which vests based on the achievement of company stock price targets in future periods. If the performance criteria are met, the PRSU will vest over a three-year period, with one-third of the PRSU vesting after 12 months from the date of grant and the remaining PRSUs vesting in equal quarterly installments over the remaining two years, subject to Mr. Benton's continued service with Exar. At the time the Committee established the performance targets contained in Mr. Benton's equity awards, it believed the targets were challenging but achievable based on its review of the company's operating plan and its assessment of the general economic environment.
Effective July 1, 2016, Mr. Tainsky was granted a performance option to purchase 120,000 shares of Exar Common Stock with an exercise price of $7.80 per share, the closing price of Exar's Common Stock on the date of grant. This option vests based on the achievement of company performance targets relating to Exar's non-GAAP earnings per share in future periods. If the performance criteria are met, the option will vest over a four-year period, with one-fourth of the option vesting after 12 months from the date of grant and the remaining shares vesting in equal monthly installments over the remaining three years, subject to Mr. Tainsky's continued service with Exar. Mr. Tainsky was also granted 30,000 PRSUs, which vests based on the achievement of company stock price targets in future periods. If the performance criteria are met, the PRSU will vest over a three-year period, with one-third of the PRSU vesting after 12 months from the date of grant and the remaining PRSUs vesting in equal quarterly installments over the remaining two years, subject to Mr. Tainsky's continued service with Exar. At the time, the Committee established the performance targets contained in Mr. Tainsky's equity awards, it believed the targets were challenging but achievable based on its review of the company's operating plan and its assessment of the general economic environment.
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.
EXAR CORPORATION
(Registrant)
Date: July 5, 2016
/s/    Ryan A. Benton
Ryan A. Benton
Chief Executive Officer