Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Materials, Inc. on January 22, 2018. The report addresses corporate governance changes, specifically the appointment of a new member to the Board of Directors.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on director compensation and appointment details.
Material Changes
On January 22, 2018, the Board of Directors appointed Scott A. McGregor as a member of the Board, effective immediately. The Board expects to appoint Mr. McGregor to the Audit Committee in March 2018 following the annual review of committee assignments.
Guidance, Outlook, and Compensation Details
Upon appointment, Mr. McGregor will receive standard non-employee director compensation:
- Annual Retainer: $70,000, prorated based on service during the fiscal year.
- Restricted Stock Units (RSUs): An automatic grant valued at $225,000, divided by the market value of Applied common stock on the appointment date. This grant is prorated for the period from the appointment date through March 8, 2018.
- Vesting Schedule: The RSUs are scheduled to vest in full on March 1, 2018, subject to continued service as a director through that date.
Investor Verification Checklist
- Confirm Scott A. McGregor's official start date and Audit Committee assignment timeline.
- Verify the exact number of RSUs granted based on the stock price on January 22, 2018.
- Review the full proxy statement for details on the standard compensation package for non-employee directors.