Fabrinet Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Fabrinet on January 17, 2012. The report discloses the appointment of a new executive officer to Fabrinet USA, Inc., a wholly owned subsidiary of the registrant.
Key Financial Metrics
The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation and appointment details.
Material Changes
The primary material change reported is the appointment of John Marchetti as Chief Strategy Officer of Fabrinet USA, Inc. effective January 17, 2012. Mr. Marchetti brings prior experience as an equity analyst at Cowen & Co. and Morgan Stanley, specializing in optical communications and enterprise software.
Management Commentary and Compensation Details
- Base Salary: $375,000 annually.
- Long-Term Incentives: Eligible for an equity award with a compensation value of $400,000 (subject to board approval), potentially including restricted stock units and options under the 2010 Performance Incentive Plan.
- Severance: In the event of termination without good cause, Mr. Marchetti is entitled to 12 months of base salary plus any earned bonus, and reimbursement for 12 months of family medical coverage (COBRA).
- Other Benefits: Eligible for standard employee benefits, reimbursement for travel and home office expenses, and a car allowance of $1,000 per month.
Investor Verification Checklist
- Verify the final approval of the $400,000 long-term incentive equity award by the Board of Directors.
- Review the attached press release (Exhibit 99.1) for additional strategic context regarding the new role.
- Confirm the specific vesting terms of the restricted stock units and options under the 2010 Performance Incentive Plan in subsequent filings.