Business Context and Reporting Period
This Form 8-K Current Report was filed by Ichor Holdings, Ltd. on February 16, 2022. The filing discloses the establishment of compensation packages for the company's Named Executive Officers (NEOs) for fiscal year 2022, effective April 4, 2022 for salaries and May 2022 for equity awards.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. It focuses exclusively on executive compensation details.
| Named Executive Officer | Title | Annual Salary | Cash Bonus Target | Equity Incentive Award |
|---|---|---|---|---|
| Jeffrey Andreson | Director and CEO | $640,000 | 100% ($640,000) | $4,000,000 |
| Larry Sparks | CFO | $441,000 | 75% ($330,750) | $1,250,000 |
| Philip Barros | CTO | $437,000 | 70% ($305,900) | $1,250,000 |
| Christopher Smith | CCO | $380,000 | 70% ($266,000) | $1,000,000 |
| Kevin Canty | COO | $370,000 | 60% ($222,000) | $1,240,000 |
Equity incentive awards are comprised of approximately 66% restricted share units and 34% performance share units by fair value.
Material Changes
The filing does not report material changes to financial performance or operations compared to prior periods. It reports a specific governance action regarding the formalization of executive compensation structures for the 2022 fiscal year.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on business strategy, or discussion of risks and contingencies. The only forward-looking element is the effective date of the new compensation terms.
Investor Verification Checklist
- Verify the total cash and equity compensation cost for the 2022 fiscal year based on the disclosed targets.
- Confirm the vesting schedules and performance metrics for the 34% of equity awards designated as performance share units.
- Review the company's most recent 10-K or 10-Q to assess the impact of these compensation costs on overall operating expenses.
- Check for any subsequent filings regarding the actual grant of equity awards in May 2022.