-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MwDMY4nvnhjEJaU3qkloytVkJ6bechY9OJ4Z6NwywW4nDKCsCbV0wsWP+ZgoVswq BL/1SCAbP2hARXSU5doCaw== 0001193125-10-165083.txt : 20100723 0001193125-10-165083.hdr.sgml : 20100723 20100723170050 ACCESSION NUMBER: 0001193125-10-165083 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20100722 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20100723 DATE AS OF CHANGE: 20100723 FILER: COMPANY DATA: COMPANY CONFORMED NAME: POWER INTEGRATIONS INC CENTRAL INDEX KEY: 0000833640 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 943065014 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23441 FILM NUMBER: 10967915 BUSINESS ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 BUSINESS PHONE: 4084149200 MAIL ADDRESS: STREET 1: 5245 HELLYER AVE CITY: SAN JOSE STATE: CA ZIP: 95138 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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): July 22, 2010

 

 

Power Integrations, Inc.

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware   000-23441   94-3065014

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

5245 Hellyer Avenue

San Jose, California 95138-1002

(Address of principal executive offices)

(408) 414-9200

(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 240.14d-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 22, 2010, Power Integrations, Inc. (“Power Integrations”) entered into its standard form of Executive Officer Benefits Agreement with Sandeep Nayyar, Chief Financial Officer and Vice President of Finance of Power Integrations. The standard form of Executive Officer Benefits Agreement provides for certain benefits, as described below, including:

 

  •  

acceleration of vesting of stock options and restricted stock units upon a change of control of Power Integrations,

 

  •  

severance benefits in the event of termination of employment by Power Integrations without cause or resignation for good reason within 18 months after a change of control,

 

  •  

severance benefits in the event of termination of employment by Power Integrations without cause or resignation by the officer for good reason, and

 

  •  

retirement benefits.

Mr. Nayyar will first be eligible to receive the benefits under the Executive Officer Benefits Agreement upon the completion of one year of continuous service as an executive officer of Power Integrations.

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.

 

Power Integrations, Inc.
By:  

/S/    BALU BALAKRISHNAN        

Name:   Balu Balakrishnan
Title:   President and Chief Executive Officer

Dated: July 22, 2010

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