Business Context and Reporting Period
This Form 8-K Current Report was filed by Ultra Clean Holdings, Inc. on March 25, 2015. The filing reports a corporate governance event regarding the promotion of a senior executive effective March 25, 2015.
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 executive compensation and appointment details.
Material Changes
The primary material change reported is the promotion of Mr. Kevin C. Eichler from Executive Vice President and Chief Financial Officer to President and Chief Financial Officer. Concurrent with this promotion, the following compensation adjustments were made:
- Base Salary: Increased to $370,000 annually.
- Target Bonus: Set at 75% of the base salary.
- Equity Award: Grant of 40,000 restricted stock units (RSUs) effective March 27, 2015.
- Vesting Schedule: The RSUs vest in three equal installments on the first, second, and third anniversaries of the grant, contingent on continued employment.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, management commentary on operations, or discuss specific risks and contingencies. The only contingency noted is that the equity award vesting is subject to Mr. Eichler's continued employment on the applicable vesting dates.
Investor Verification Checklist
- Verify the effective date of the promotion (March 25, 2015) and the new title (President and CFO).
- Confirm the total annual compensation package, including the $370,000 base salary and 75% target bonus.
- Review the vesting terms of the 40,000 RSUs granted on March 27, 2015.
- Consult the Company's Form 10-K filed on March 11, 2015, for Mr. Eichler's full biography as referenced in this report.