Business Context and Reporting Period
This Form 8-K filing by TTM Technologies, Inc. is dated October 20, 2016. The report addresses corporate governance changes, specifically the effective appointment of a new director following regulatory approval.
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 personnel and compensation matters.
Material Changes
- Board Composition: The Board of Directors has increased in size to 10 members, with 7 classified as independent under Nasdaq rules.
- Regulatory Approval: The United States Defense Security Service (DSS) approved the appointment of Julie S. England, making her appointment effective immediately.
Management Commentary and Compensation
In connection with her appointment, Ms. England will receive the following compensation for the period beginning the date of filing through the next Annual Meeting of Shareholders:
- Retainer: $31,500
- Restricted Stock Units (RSUs): $47,500
- Stock Options: Options to purchase 20,000 shares of common stock at an exercise price determined by the closing stock price on October 20, 2016.
Investor Verification Checklist
- Verify the current total number of directors and the count of independent directors on the Board.
- Confirm the closing stock price on October 20, 2016, to determine the exercise price of the granted stock options.
- Review the Special Security Agreement with the DSS to understand the conditions for director appointments.