Business Context and Reporting Period
Company: TTM Technologies, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: September 13, 2011
Event: Adoption of a new Executive and Director Deferred Compensation Plan by the Compensation Committee of the Board of Directors.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance and compensation plan adoption.
Material Changes
The primary material change reported is the approval of an unfunded, nonqualified deferred compensation plan designed to comply with Section 409A of the Internal Revenue Code. Key features include:
- Effective Date: October 1, 2011.
- Eligibility: Selected employees, named executive officers, and directors.
- Deferral Limits: 5% to 50% of annual base salary; up to 100% of annual bonus; 5% to 100% of annual director fees.
- Investment Mechanism: Deferred amounts are credited to accounts and adjusted based on the performance of investment options selected by the participant.
Guidance, Outlook, and Risks
Management Commentary: The plan is intended to assist the company in retaining and attracting high-quality individuals by providing an opportunity to defer income receipt.
Risks and Contingencies: The filing does not disclose specific financial risks or contingencies related to this event, other than the standard reference that the summary is qualified by the full text of the Plan (Exhibit 10.25).
Unusual Items: None reported.
Investor Verification Checklist
- Review the full text of the Executive and Director Deferred Compensation Plan filed as Exhibit 10.25 for complete terms and conditions.
- Verify the specific list of eligible participants and any future amendments to the plan.
- Confirm the impact of the plan on future cash flow obligations, noting it is an unfunded plan.