Business Context and Reporting Period
This Form 8-K Current Report was filed by Skyworks Solutions, Inc. on October 18, 2006. The report discloses a material definitive agreement regarding the resignation of a named executive officer.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity figures. This report focuses exclusively on executive compensation and employment terms.
Material Changes
Kevin D. Barber resigned as Senior Vice President and General Manager of Mobile Platforms effective October 18, 2006. Under an amended severance and change in control agreement:
- Mr. Barber will remain a non-executive employee through December 31, 2006.
- Upon termination, he will receive severance pay equal to 1.25 times his annual base salary, paid pro-rata over 12 months.
- Outstanding stock options will remain exercisable for 18 months post-termination (subject to maximum term limits).
- Mr. Barber agreed to execute a release of claims.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies beyond the specific terms of the executive separation.
Investor Verification Checklist
- Confirm the exact annual base salary of Kevin D. Barber to calculate total severance liability.
- Verify the number and strike price of outstanding stock options held by Mr. Barber.
- Review the Company's total executive compensation expense for the quarter to assess the impact of this severance package.
- Check for any subsequent filings regarding the appointment of a replacement for the Mobile Platforms division.