Business Context and Reporting Period
This Form 8-K Current Report was filed by TTM Technologies, Inc. on March 6, 2007. The filing primarily addresses the approval of the 2007 Management Bonus Plan by the Compensation Committee.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation structures rather than financial performance results.
Material Changes
The material change reported is the establishment of the 2007 Management Bonus Plan, which defines target bonus percentages and performance metrics for senior executives effective for the 2007 fiscal year.
Guidance, Outlook, and Management Commentary
- CEO Compensation: The target bonus for the Chief Executive Officer is set at 70% of his 2007 base salary. 100% of this bonus is tied to TTM's 2007 operating income relative to a Board-set target. The payout range is 10% to 149% of base salary.
- Other Executive Compensation: The target bonus for the Chief Operating Officer, Chief Financial Officer, Executive Vice President, and Senior Vice President - Marketing is 55% of their respective 2007 base salaries.
- Performance Metrics for Other Executives: Their bonuses are determined by 75% operating income performance, 10% individual performance goals, and 15% Compensation Committee discretion. The payout range is 10% to 116% of base salary.
Important Facts for Investor Verification
- Verify the specific 2007 operating income target set by the Board, as this is the primary driver for CEO compensation.
- Review Exhibit 10.1 for the specific base salary figures for the named executives to calculate potential bonus amounts.
- Confirm the final 2007 operating income results to determine actual bonus payouts against the defined ranges.