Thursday, February 26, 2009

Cypress Semiconductor 8K - Pay and bonus cuts

No bonus: " incentive cash bonus payouts to the Company’s executive officers with respect to the fourth fiscal quarter and fiscal year ended December 28, 2008"

No pay increases: "On February 20, 2009, the Committee approved management’s recommendation that there would be no salary increases for any of the Company’s executive officers for fiscal year 2009. This would be the second consecutive year that the Committee has approved management’s recommendation that there should be no changes to annual base salary for executive officers."

Pay cuts: On February 24, 2009, the Company announced a world-wide (subject to local legal restrictions) base salary reduction plan to be effective at the beginning of the Company’s second fiscal quarter of 2009. All applicable employees, including executive officers, will be subject to a reduction in base salary based on a sliding scale. In connection with this plan, executive officers will have their base salary reduced by a scale between 9% and 11%."