SEC Filing Summary: SYNNEX CORPORATION (8-K)
Business Context and Reporting Period
This Current Report (Form 8-K) was filed on September 26, 2016, by SYNNEX Corporation. The filing primarily serves to disclose the company's financial results for the fiscal third quarter ended August 31, 2016, and to report an amendment to the CEO's employment agreement.
Key Financial Metrics
The filing text references a press release (Exhibit 99.1) containing the detailed financial results for the fiscal third quarter ended August 31, 2016. However, the body of this 8-K filing does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Investors must refer to the attached press release for these figures.
Material Changes and Executive Compensation
On September 26, 2016, the Company amended the March 2008 offer letter of Kevin Murai, President and Chief Executive Officer. The amendment modifies the formula for calculating severance payments in the event of involuntary termination combined with a change of control. The changes were made to ensure incentive bonus payments remain fully deductible under Section 162(m) of the Internal Revenue Code and to align the compensation structure with that of other senior executives.
Guidance, Outlook, and Risks
The filing text does not contain specific guidance, outlook statements, risk factors, or management commentary beyond the reference to the press release. The filing explicitly states that the information is furnished and not deemed "filed" for purposes of Section 18 of the Exchange Act, limiting its incorporation by reference in other filings.
Key Facts for Investor Verification
- Verify the specific revenue and earnings figures for the fiscal third quarter ended August 31, 2016, by reviewing the attached Press Release (Exhibit 99.1).
- Review the full text of the Amendment to Offer Letter (Exhibit 10.1) to understand the specific changes to the CEO's severance calculation formula.
- Confirm that the financial results referenced are for the fiscal quarter ending August 31, 2016, not the calendar quarter.