Ultra Clean Holdings, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Ultra Clean Holdings, Inc. on October 26, 2004, covering events occurring on October 21, 2004. The filing primarily addresses the entry into a material definitive employment agreement and references the announcement of financial results for the quarter ended September 24, 2004.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are contained within the press release issued on October 26, 2004, which is attached as Exhibit 99.1 but not detailed in the body of this report.
Material Changes and Agreements
On October 21, 2004, the company entered into a two-year employment agreement with Phillip Kagel, Senior Vice President and Chief Financial Officer. Key terms include:
- Base Salary: $225,000 annually.
- Annual Bonus: Target of $78,750, subject to performance goals.
- Termination Provisions: In the event of termination without cause or resignation with good reason within six months of a change of control, Mr. Kagel is entitled to 12 months of base salary, 12 months of health benefits, and 12 months of accelerated stock option vesting.
Guidance, Outlook, and Risks
The filing references a press release regarding the quarter ended September 24, 2004, but explicitly states that the information in this report and its exhibits is not incorporated by reference into other SEC filings. No specific guidance, outlook, or risk factors are detailed within the text of this 8-K.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release dated October 26, 2004) for actual financial results for the quarter ended September 24, 2004.
- Verify the performance goals associated with the $78,750 bonus target for the CFO.
- Confirm the status of stock option vesting schedules under the new employment agreement.