Business Context and Reporting Period
This Form 8-K Current Report was filed by SYNNEX Corporation on June 23, 2005. The filing details the entry into a material definitive agreement regarding executive and director compensation adjustments approved by the Board of Directors and the Compensation Committee.
Key Financial Metrics
The filing does not provide data on revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on compensation structures.
Executive Base Salaries Approved
- Robert T. Huang: $400,000
- John E. Paget: $300,000
- Peter Larocque: $300,000
- Dennis Polk: $250,000
- Simon L. Leung: $175,000
Director Compensation Changes
- Annual retainer fee increased from $25,000 to $30,000.
- Chairman of the Audit Committee retainer increased from $5,000 to $10,000 (prorated for the current year).
- Non-in-person meeting attendance fee increased from $500 to $1,000 per meeting.
- Elimination of the $25,000 cash bonus paid upon joining the Board.
Material Changes Versus Prior Period
The filing outlines specific increases in compensation for both executive officers and outside directors compared to prior arrangements. Notably, the company eliminated the one-time cash bonus for new board members while increasing recurring retainer and meeting fees.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on business performance, or discussion of risks and contingencies. The document is strictly a disclosure of compensation approvals.
Key Facts for Investor Verification
- Verify the effective date of the new executive salary structures.
- Confirm the prorated calculation for the Audit Committee Chairman's increased retainer.
- Assess the impact of the eliminated $25,000 director joining bonus on future board recruitment costs.
- Review the total aggregate increase in annual director compensation obligations.