UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): February 28, 2007
IMMERSION CORPORATION
(Exact name of registrant as specified in its charter)
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Delaware 000-27969 94-3180138
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(State or other (Commission File Number) (IRS Employer
jurisdiction of Identification No.)
incorporation)
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801 Fox Lane
San Jose, California 95131
(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (408) 467-1900
Not Applicable
(Former name or former address, if changed since last report)
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)
[ ] 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.
(e) Effective February 28, 2007, the Compensation Committee of
the Board of Directors of Immersion (the "Committee") established 2007 salaries
for the Company's Chief Executive Officer and the two other most highly
compensated executive officers for 2006 (collectively, the "Named Executive
Officers"). The base salaries for 2007 for the Named Executive Officers are as
follows:
Victor Viegas, President and Chief Executive Officer $300,000
Stephen Ambler, Chief Financial Officer and Vice President, Finance $214,240
Richard Vogel, Senior Vice President and General Manager, Medical $231,525
Also on February 28, 2007, the Committee granted options to the Named
Executive Officers to purchase the number of shares of Common Stock set forth
opposite their name:
Victor Viegas, President and Chief Executive Officer 0 shares
Stephen Ambler, Chief Financial Officer and Vice President, Finance 11,673 shares
Richard Vogel, Vice President and General Manager, Medical 11,899 shares
The Committee also granted an option to purchase 40,000 shares of
Common Stock to Anne DeGheest, and options to purchase 10,000 shares, to each of
John Hodgman, Emily Liggett, Jonathan Rubinstein, Jack Saltich and Robert Van
Naardan, all non-employee directors.
Each option was granted effective as of March 5, 2007, with an exercise
price equal to $9.04, the closing price of Immersion's common stock on the
Nasdaq Stock Market on March 5, 2007. Twenty-five percent (25%) of each option
vests one year following the vesting commencement date, with the remaining
portion of the option vesting monthly in 36 substantially equal installments.
The vesting commencement date of each option is February 28, 2007, with the
exception of Ms. DeGheest's option which begins vesting on March 1, 2007, the
effective date of her election to the Board of Directors. The options expire on
March 5, 2017. Each option was granted pursuant to Immersion's 1997 Stock Option
Plan and the standard form of option agreement used for the grant of options
under such plan.
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
IMMERSION CORPORATION
Date: March 5, 2007 By: /s/ Stephen M. Ambler
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Stephen M. Ambler
Chief Financial Officer and
Vice President, Finance