Business Context and Reporting Period
This Form 8-K Current Report was filed by Ichor Holdings, Ltd. on April 15, 2019. The filing addresses Item 5.02 regarding the appointment of certain officers and the establishment of compensatory arrangements for Named Executive Officers (NEOs) for fiscal year 2019.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. The document is limited to executive compensation details.
Material Changes
The primary material change disclosed is the formalization of annual salaries and cash bonus targets for four NEOs by the Compensation Committee on April 15, 2019. Additionally, the filing references a prior promotion of Jeffrey Andreson to President and Chief Financial Officer on April 8, 2019, for which compensation was previously approved.
Executive Compensation Details
| Named Executive Officer | Title | Annual Salary | Target Bonus % | Target Bonus Amount |
|---|---|---|---|---|
| Thomas Rohrs | Executive Chairman, Director, and CEO | $600,000 | 100% | $600,000 |
| Jeffrey Andreson | President and CFO | $450,000 | 75% | $337,500 |
| Philip Barros | Chief Technology Officer | $400,000 | 60% | $240,000 |
| Kevin Canty | Chief Operating Officer | $340,000 | 60% | $204,000 |
Outlook, Risks, and Contingencies
The filing does not provide guidance, outlook, management commentary on business risks, or contingencies. It strictly reports on the administrative action of setting executive pay.
Key Facts for Investor Verification
- Verify the total annual cash compensation obligation for the four named executives totals $1,791,500 (salary plus target bonus).
- Confirm the effective date of the compensation packages is fiscal year 2019.
- Note that Jeffrey Andreson's compensation was approved in connection with his promotion to President on April 8, 2019, as disclosed in a separate 8-K filed April 10, 2019.
- Check subsequent filings for actual bonus payouts, as the amounts listed are targets based on performance.