On January 26, 2011, Ramtron International Corporation announced that William W. Staunton resigned as Chief Executive Officer and a director of the Company, effective January 24, 2011. The Company and Mr. Staunton have agreed that his resignation will constitute a termination of employment as of January 24, 2011. The Company and Mr. Staunton also terminated as of January 24, 2011, Mr. Staunton’s Change in Control Severance Agreement. In connection with his resignation the Company agreed to pay Mr. Staunton an amount equal to his current salary on his normal payroll schedule, and to continue his current health plan benefits, through January 24, 2012. Mr. Staunton’s resignation is not a result of any disagreement with the Company or its executive officers, or any matter relating to the Company’s operations, policies or practices.
On January 26, 2011, the Company also announced that Eric A. Balzer, the Company’s Chief Financial Officer has been appointed to be Chief Executive Officer of the Company. Mr. Balzer will continue his position as Chief Financial Officer, until his replacement in that position is appointed. Mr. Balzer’s current compensation will remain unchanged in his position as Chief Executive Officer. Mr. Balzer was elected a director of the Company in September 1998 and was named the Company’s Chief Financial Officer in October 2004. He also served on the Company’s audit committee from 1999 to 2004.