Business Context and Reporting Period
This Form 8-K filing by Illumina, Inc. was submitted on November 16, 2017, reporting an event that occurred on November 14, 2017. The filing addresses the appointment of a new principal accounting officer.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The material change reported is the appointment of Karen McGinnis as the Company's principal accounting officer, effective November 14, 2017. Ms. McGinnis previously served as President and CEO of Mad Catz Interactive, Inc.
Compensation and Management Commentary
Ms. McGinnis's compensation package includes:
- An annual base salary commensurate with her level.
- Eligibility for an executive variable compensation plan (at-risk cash bonus).
- A new hire grant of restricted stock units (RSUs) valued at $275,000, vesting over four years (25% annually).
- A new hire grant of performance share units (PSUs) valued at $206,250, vesting on December 29, 2019, based on earnings per share (EPS) targets. The payout ranges from 0% to 150% of the award.
The filing states that Ms. McGinnis is employed at will and has no family relationships with directors or executive officers. No unusual items or specific risks were disclosed in this report.
Investor Verification Checklist
- Verify the vesting schedule and performance targets for the $206,250 PSU grant.
- Confirm the closing stock price on the grant date to calculate the exact number of RSUs and PSUs issued.
- Review subsequent filings for any changes to the principal accounting officer role or related compensation adjustments.