UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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CURRENT REPORT
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) As part of the cost reduction initiatives of GSI Technology, Inc. (the “Company”) that were first announced in November 2022 pursuant to which the Company’s President and Chief Executive Officer agreed to a thirty percent (30%) reduction in base salary and other officers, including the Company’s Chief Financial Officer and Vice President, Sales, agreed to a ten percent (10%) reduction in base salary, the Board of Directors of the Company approved the grant of options to purchase shares of the Company’s common stock (the “Stock Options”) pursuant to the Company’s 2016 Equity Incentive Plan, as amended, to the named executive officers as follows:
| Name | Title | No. of Options | ||||
| Lee-Lean Shu | President and Chief Executive Officer | 150,000 | ||||
| Douglas M. Schirle | Chief Financial Officer | 20,000 | ||||
| Didier Lasserre | Vice President, Sales | 20,000 | ||||
The grant of the Stock Options was effective on January 29, 2024, and the Stock Options will vest in full on December 1, 2024.
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.
Date: January 30, 2024
| GSI Technology, Inc. | ||
| By: | /s/ Douglas M. Schirle | |
| Douglas M. Schirle | ||
| Chief Financial Officer | ||