Business Context and Reporting Period
This Form 8-K filing by Varex Imaging Corporation (VREX) reports a corporate governance event dated September 2, 2020. The filing details the expansion of the Board of Directors and the appointment of a new director.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figures disclosed relate to director compensation:
- Annual Cash Retainer: $65,000
- Committee Fees: $8,000 (Compensation and Management Development) and $7,000 (Nominating and Corporate Governance)
- Equity Grant Value: $160,000 (valued as of the grant date)
- Proration: 2020 compensation will be prorated based on the period of service.
Material Changes
The Board of Directors increased its size from seven to eight members. Timothy E. Guertin was appointed to the Board, effective September 2, 2020. He was also appointed to the Compensation and Management Development Committee and the Nominating and Corporate Governance Committee.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on operations, or discussion of risks and contingencies. It confirms there are no arrangements or understandings regarding Mr. Guertin's selection and no current or proposed transactions requiring disclosure under Item 404(a) of Regulation S-K.
Investor Verification Checklist
- Verify the background and qualifications of Timothy E. Guertin via the attached press release (Exhibit 99.1).
- Confirm the total number of directors is now eight.
- Note that the equity grant value of $160,000 is subject to vesting terms not detailed in this specific 8-K summary.
- Review the Company's Bylaws (Section 3.2) referenced for the authority to increase Board size.