Business Context and Reporting Period
This Form 8-K Current Report was filed by Ultra Clean Holdings, Inc. on February 18, 2016. The filing reports a corporate governance event regarding the appointment of a senior officer.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
On February 18, 2016, Ms. Sheri Brumm was promoted from Vice President of Finance to Senior Vice President of Finance and Chief Accounting Officer. This represents a change in the Company's executive leadership structure.
Management Commentary and Compensation Details
- Base Salary: Ms. Brumm's annual base salary is set at $265,000.
- Bonus: She is eligible for an annual target bonus equal to 40% of her base salary.
- Equity Grant: A promotional grant of 15,000 restricted stock units (RSUs) was awarded, effective February 26, 2016. These units vest in three equal installments over three years, contingent on continued employment.
- Severance Benefits: Under the Company's Severance Policy, if terminated without cause and signing a release, Ms. Brumm is entitled to 75% of her base salary, 50% of her annual bonus (based on a three-year average), and 9 months of COBRA premiums.
Investor Verification Checklist
- Verify the effective date of the promotion and the vesting schedule for the 15,000 RSUs.
- Review the Company's Severance Benefits for Executive Officers policy to confirm the specific terms applicable to Ms. Brumm.
- Confirm Ms. Brumm's prior tenure and roles within the Company to assess internal promotion trends.