Business Context and Reporting Period
This Form 8-K Current Report was filed by Applied Materials, Inc. on February 25, 2013. The filing discloses a significant executive appointment within the company's leadership team.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.
Material Changes
On February 25, 2013, Applied Materials, Inc. appointed Robert J. Halliday as Senior Vice President and Chief Financial Officer (CFO). Mr. Halliday will report to Chairman and CEO Michael R. Splinter. He previously served as CFO of Varian Semiconductor Equipment Associates, Inc., which Applied acquired in November 2011.
Compensation and Outlook
- Base Salary: $500,000 annually.
- Target Bonus: Eligible for an annual target bonus of 100% of base salary under the Applied Incentive Plan (AIP), contingent on performance goals.
- Equity Award: Granted 100,000 performance shares under the Employee Stock Incentive Plan.
- Vesting Conditions: Performance shares vest based on operating profit margin goals and a four-year time-based schedule. Up to an additional 50,000 shares may be earned if total shareholder return targets are met by the end of fiscal year 2014.
Investor Verification Checklist
- Verify the specific operating profit margin performance goals established by the Human Resources and Compensation Committee.
- Confirm the total shareholder return thresholds required to earn the additional 50,000 shares.
- Review the terms of the Applied Incentive Plan (AIP) to understand the specific criteria for the annual bonus.
- Check subsequent filings for any changes to the executive compensation structure or vesting schedules.