Business Context and Reporting Period
This Form 8-K filing by Applied Materials, Inc. (AMAT) reports a corporate governance event dated July 22, 2019. The filing details the appointment of a new director to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on director compensation and appointment details.
Material Changes
The primary material change is the appointment of Yvonne McGill to the Board of Directors and the Audit Committee, effective immediately on July 22, 2019.
Management Commentary and Compensation Details
Upon appointment, Ms. McGill will receive standard non-employee director compensation, structured as follows:
- Annual Retainer: $70,000 (prorated based on service during the fiscal year).
- Audit Committee Retainer: Additional $25,000 annually (prorated based on service).
- Restricted Stock Units (RSUs): An automatic grant valued at $225,000, divided by the market value of common stock on the appointment date. This grant is prorated for the period from appointment until the 2020 Annual Meeting of Shareholders.
- Vesting Schedule: RSUs vest in full on March 1, 2020, contingent on continued service.
Investor Verification Checklist
- Verify the exact number of RSUs granted based on the stock price on July 22, 2019.
- Confirm the prorated cash compensation amounts for the remainder of the fiscal year.
- Review the full composition of the Board and Audit Committee following this appointment.