Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Materials, Inc. on February 27, 2024. The filing addresses Item 5.02 regarding the appointment of a new executive officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation.
Material Changes
The primary material change is the appointment of Adam Sanders as Vice President, Corporate Controller and Chief Accounting Officer, effective March 4, 2024. Mr. Sanders succeeds Charles Read, who served as interim principal accounting officer since December 2023. Mr. Sanders is currently the Semiconductor Segment Group CFO and has been with the company since 1999.
Management Commentary and Compensation
In connection with the appointment, the following compensation terms were disclosed:
- Base Salary: $340,000 annually.
- Target Bonus: 50% of base salary for fiscal year 2024.
- Long-Term Incentive: Restricted stock units (RSUs) valued at $400,000 as of the grant date.
- Vesting Schedule: 25% vests on April 1, 2025; the remaining balance vests in quarterly increments of 6.25% on July 1, October 1, January 1, and April 1 thereafter, subject to continued employment.
The filing states there are no family relationships between Mr. Sanders and any director or executive officer, and no related person transactions have occurred.
Investor Verification Checklist
- Confirm the effective date of the Chief Accounting Officer transition (March 4, 2024).
- Verify the closing stock price on the effective date to calculate the exact number of RSUs granted.
- Review subsequent filings for any changes to the interim accounting leadership structure.
- Monitor future 10-Q or 10-K filings for the impact of this leadership change on financial reporting processes.