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): June 14, 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 jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
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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) On June 14, 2007, the Compensation Committee of the Board of Directors of
Immersion Corporation (the "Company") approved a form of Retention and Ownership
Change Event Agreement (the "Retention Agreement") for our executive officers
which provides for the payment of severance and health insurance premiums upon
the occurrence of certain events. The Company's named executive officers who
will enter into a Retention Agreement are Stephen Ambler, the Company's Chief
Financial Officer and Vice President, Finance, and Richard Vogel, the Company's
Senior Vice President and General Manager, Immersion Medical, Inc.
Messrs. Ambler and Vogel shall each be entitled to receive a lump sum severance
payment equal to six (6) months base salary and payments of health insurance
premiums for six (6) months in the event that their respective employment with
the Company is terminated by the Company without cause. Messrs. Ambler and Vogel
shall also each be entitled to receive a lump sum severance payment equal to
twelve (12) months base salary and payments of health insurance premiums for
twelve (12) months in the event that their respective employment with the
Company is terminated by the Company without cause, or is terminated by them
with good reason, in either case, in connection with an ownership change event
of the Company. Payment of the foregoing benefits will be conditioned upon the
executive officer's execution of a general release of claims.
The foregoing summary is qualified in its entirety by the form of Retention
Agreement filed herewith as Exhibit 99.1 and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
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99.1 Form of Retention and Ownership Change Event Agreement
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: June 15, 2007 By: /s/ Stephen M. Ambler
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Stephen M. Ambler
Chief Financial Officer and
Vice President, Finance
Exhibit Index
Exhibit
No. Description
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99.1 Form of Retention and Ownership Change Event Agreement