Business Context and Reporting Period
Company: Universal Display Corporation (OLED)
Filing Type: Form 8-K (Current Report)
Date of Report: May 31, 2023
Reporting Period: Specific event date of May 31, 2023
Key Financial Metrics
This filing does not contain financial performance data. The document does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The filing reports a material change to the compensatory arrangements of a senior officer:
- Executive: Brian Millard, Vice President, Chief Financial Officer, and Treasurer.
- Action: Amendment to the Amended and Restated Change in Control Agreement dated September 6, 2022.
- Specific Change: Elimination of provisions providing for a "Tax Reimbursement Payment" in the event benefits become subject to the excise tax under Section 4999 of the Internal Revenue Code.
- Effective Date: Immediate (May 31, 2023).
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of general business risks. The only contingency addressed is the specific removal of tax reimbursement liability for the CFO under a change in control scenario.
Investor Verification Checklist
- Verify the full text of the Amendment to the Change in Control Agreement (Exhibit 99.1) to confirm the scope of the eliminated tax reimbursement.
- Confirm if this amendment aligns with broader corporate governance policies regarding "golden parachute" provisions.
- Check subsequent filings for any other executive compensation changes or departures.