defa14a
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 14A
Proxy Statement Pursuant To Section 14(a)
of the Securities Exchange Act of 1934 (Amendment No. ____)
Filed by the Registrant þ
Filed by a Party other than the Registrant o
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material Pursuant to § 240.14a-12 |
CIRRUS LOGIC, INC.
(Name of Registrant as Specified in its Charter)
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No fee required. |
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Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. |
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Title of each class of securities to which transaction applies: |
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Aggregate number of securities to which transaction applies: |
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Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
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Proposed maximum aggregate value of the transaction: |
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Fee paid previously with preliminary materials. |
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Check box if any part of the fee is offset as provided by Exchange
Act Rule 0-11(a)(2) and identify the filing for which the
offsetting fee was paid previously. Identify the previous filing
by registration statement number, or the Form or Schedule and the
date of its filing. |
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Amount Previously Paid: |
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Form, Schedule or Registration Statement No.: |
[The following letter was provided to a stockholder of Cirrus Logic, Inc. on July 17, 2006]
Kate Pascuzzi
Fidelity Management & Research
Investment Proxy Research
19 Congress Street, C8A
Boston, MA 02109
Re: Cirrus Logic 2006 Stock Incentive Plan
Dear Ms. Pascuzzi:
Thank you for the information relating to Fidelitys proxy voting guidelines, which provide
that any full-value award under a companys stock incentive plan should be subject to a minimum
1-year vesting period on performance-based awards and a minimum 3-year vesting period on
tenure-based awards. Further, it is our understanding that Fidelitys guidelines set forth that a
plan should not allow the applicable vesting periods to be waived on a discretionary basis except
in the case of death, disability, retirement, or change in control.
Based on our understanding of those guidelines, Cirrus Logic management has determined that it
will recommend that our Board of Directors adopt the attached amendment to the 2006 Cirrus Logic
Stock Incentive Plan. We believe the proposed amendment to our plan would make the required
vesting periods for full-value awards consistent with Fidelitys current voting guidelines. We
intend to request our Board of Directors to approve such an amendment during the Companys 2007
fiscal year.
Sincerely,
John Kurtzweil
Chief Financial Officer
Cirrus Logic, Inc.
Exhibit A
FIRST AMENDMENT
TO
CIRRUS LOGIC, INC.
2006 STOCK INCENTIVE PLAN
WHEREAS, Cirrus Logic, Inc. (the Company) has heretofore adopted the Cirrus Logic, Inc. 2006
Stock Incentive Plan (the Plan); and
WHEREAS, pursuant to Section 13.2 of the Plan, the board of directors of the Company may amend
the Plan from time to time; and
WHEREAS, the board of directors of the Company desire to amend the Plan in certain respects;
NOW, THEREFORE, effective as of , the Plan is hereby amended as follows:
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A new Section 6A, which shall be entitled Additional Vesting Provisions for
Full-Value Awards and shall include new Sections 6A.1 and 6A.2, is hereby added to the
Plan to read as follows: |
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Section 6A. ADDITIONAL VESTING PROVISIONS FOR FULL-VALUE AWARDS |
6A.1 Minimum Vesting Periods. Notwithstanding any provision in the Plan
to the contrary, a Full-Value Award granted under the Plan shall be subject to a
minimum vesting period of one year if such Award is based on the satisfaction of
performance criteria or objectives and a minimum vesting period of three years if
such Award is based on the Holders continued employment as an Employee with the
Company or continued service as a Consultant or Director; provided, however, in the
Committees sole discretion, Full-Value Awards representing no more than five
percent of the aggregate number of shares of Common Stock that may be issued under
the Plan may be granted without being subject to the aforementioned minimum vesting
periods.
6A.2 Restrictions on Waiver of Vesting Periods. Notwithstanding any
provision in the Plan to the contrary, the Committee shall not have the
discretionary authority to waive the vesting period applicable to a Full-Value
Award, except in the case of death, disability, retirement, or Corporate Change.
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As amended hereby, the Plan is specifically ratified and reaffirmed. |
Additional Information
Cirrus Logic, Inc. has filed a definitive Proxy Statement on Schedule 14A with the Securities and
Exchange Commission (the SEC) relating to the solicitation of proxies from the stockholders of
Cirrus Logic in connection with its annual meeting of stockholders and the approval of proposals
set forth therein. The annual meeting of stockholders is scheduled to occur on Friday, July 28,
2006, at 1:00 p.m. at Cirrus Logic, Inc., 2901 Via Fortuna, Austin, Texas 78746. All investors and
security holders are advised to read the Proxy Statement in its entirety, because it contains
important information regarding Cirrus Logic and the proposals. Cirrus Logic has mailed the
definitive Proxy Statement to its stockholders. Investors and security holders may obtain a free
copy of the definitive Proxy Statement and other documents filed by Cirrus Logic with the SEC at
the SECs web site at http://www.sec.gov.