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): January 25, 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.)
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
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(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.
On January 25, 2007, Immersion Corporation (the "Company") and Michael
Zuckerman, the former Senior Vice President and General Manager of the Company's
3D Business Group, entered into a Separation Agreement and General Release (the
"Agreement"). Mr. Zuckerman's employment was terminated effective as of December
31, 2006.
The Agreement provides for severance terms consistent with the employment
agreement entered into between Mr. Zuckerman and the Company on March 21, 2006,
including:
o Continued payment of Mr. Zuckerman's salary at his base salary rate,
less applicable withholding, for twelve (12) months following the
effective date of his termination;
o Mr. Zuckerman will be entitled to elect to purchase group health
insurance coverage in accordance with federal law (COBRA). If Mr.
Zuckerman timely elects COBRA coverage, the Company shall pay the
premiums for his COBRA coverage for the twelve (12) month period
following his termination. Thereafter, Mr. Zuckerman may elect to
purchase COBRA coverage at his own expense; and
o As of December 31, 2006, Mr. Zuckerman shall be vested in an
additional twelve (12) months of his then unvested Company common
stock and options to purchase shares of Company common stock.
Further, Mr. Zuckerman will be allowed until the earlier of (a) June 30, 2007 or
(b) the applicable option expiration date, to exercise his unexercised and
exercisable options to purchase shares of Company common stock.
The Agreement also contains provisions addressing the return all Company
property, adherence to the terms of an inventions and proprietary rights
assignment agreement, confidentiality obligations, non-solicitation and
non-disparagement obligations and a general liability release of claims by Mr.
Zuckerman. The Agreement and release are in part subject to a seven calendar day
revocation right on the part of Mr. Zuckerman and, assuming no revocation, the
cash payments and other terms described above, including the release, will
become binding and effective on February 1, 2007.
SIGNATURE
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: January 31, 2007 By: /s/ Stephen Ambler
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Chief Financial Officer and
Vice President, Finance