Business Context and Reporting Period
This Form 8-K filing by Ichor Holdings, Ltd. (ICHOR) was submitted on February 11, 2020. The report discloses Item 5.02 regarding the establishment of compensation arrangements for Named Executive Officers (NEOs) for the fiscal year 2020.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
| Named Executive Officer | Title | Annual Salary | Target Bonus % | Target Bonus Amount | Equity Incentive Award |
|---|---|---|---|---|---|
| Jeffrey Andreson | Director and CEO | $530,000 | 85% | $450,500 | $1,500,000 |
| Larry Sparks | CFO | $415,000 | 70% | $290,500 | $340,000 |
| Philip Barros | CTO | $412,000 | 60% | $247,200 | $850,000 |
| Kevin Canty | COO | $350,000 | 60% | $210,000 | $850,000 |
Equity Structure: Annual equity incentive awards are comprised of 70% restricted stock units and 30% stock options by fair value.
Material Changes
- Effective Dates: The new salaries for Sparks, Barros, and Canty are effective April 6, 2020. Equity awards are to be granted in May 2020.
- CEO Compensation: Jeffrey Andreson's compensation was previously approved in November 2019 upon his promotion to CEO and is included here for fiscal year 2020 disclosure.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on business performance, or discussion of risks and contingencies. It is a procedural disclosure of executive pay.
Investor Verification Checklist
- Verify the grant date and vesting schedule for the equity awards scheduled for May 2020.
- Confirm the specific performance metrics required to achieve the target cash bonus percentages.
- Review the total compensation expense impact on the upcoming fiscal year financial statements.