Business Context and Reporting Period
This Form 8-K Current Report was filed by TTM Technologies, Inc. on November 15, 2010, covering events occurring on November 11, 2010. The filing primarily addresses corporate governance changes regarding the Board of Directors.
Key Financial Metrics
The filing does not provide operational financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to director compensation grants:
- Stock Option Grant: 20,000 shares at an exercise price of $13.01 per share.
- Restricted Stock Units (RSUs): 3,784 shares valued based on a 6-month trailing average closing price of $9.91.
- Future Compensation: Annual RSUs with a target fair value of $75,000.
Material Changes
The Board of Directors increased its size from 10 to 11 members. Mr. Philip G. Franklin was appointed to fill the new vacancy as a Class II director with a term expiring in 2011. He was assigned to the Audit Committee and the Government Security Committee. The filing confirms no related party transactions have occurred between Mr. Franklin and the company since the beginning of the last fiscal year.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of risks and contingencies. It is a procedural report regarding the appointment of a director and the associated compensation arrangements in accordance with the company's existing director compensation program.
Investor Verification Checklist
- Verify the background and qualifications of the newly appointed director, Mr. Philip G. Franklin.
- Confirm the impact of the new director on the composition and voting dynamics of the Audit and Government Security Committees.
- Review the company's standard director compensation program to ensure the grants align with established policies.
- Note that this filing does not contain updated financial performance data; refer to the most recent 10-Q or 10-K for financial status.