Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Materials, Inc. on August 31, 2013. The filing discloses the appointment of a new senior executive officer effective September 30, 2013.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on executive compensation and appointment details.
Material Changes
The material change reported is the appointment of Charles Read as Corporate Vice President, Corporate Controller, and Chief Accounting Officer. Mr. Read joins the company from Brocade Communications Systems, Inc., where he served as Vice President, Corporate Controller.
Management Commentary and Compensation Details
Mr. Read's compensation package includes the following terms:
- Base Salary: $320,000 annually.
- Target Bonus: 70% of base salary under the Applied Incentive Plan.
- Sign-on and Retention Bonus: $360,000 payable 30 days after the start date. This bonus is subject to a clawback provision if employment ends within two years.
- Equity Award: 30,000 restricted stock units granted 30 days after the start date, vesting in equal annual installments over four years.
Investor Verification Checklist
- Confirm the effective start date of September 30, 2013, for the new Chief Accounting Officer.
- Verify the vesting schedule and performance conditions for the 30,000 restricted stock units.
- Review the specific terms of the clawback provision regarding the $360,000 retention bonus.
- Check subsequent filings for any changes to the executive team or compensation structure.