Business Context and Reporting Period
This Form 8-K filing by Ichor Holdings, Ltd. (Cayman Islands) was submitted on November 10, 2017. The report discloses the appointment of a new Chief Financial Officer and details the associated compensatory arrangements.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation terms.
- Base Salary: $360,000 annually.
- Sign-on Bonus: $200,000 (one-time, payable Q1 2018).
- Target Cash Bonus: 65% of base salary.
- Equity Grant: 24,000 restricted stock units and options to acquire 54,000 ordinary shares.
- Severance: 12 months of base salary if terminated without cause within 12 months of a change of control.
Material Changes
The primary material change is the appointment of Jeffrey S. Andreson as Chief Financial Officer, effective December 6, 2017. Mr. Andreson replaces the current CFO, Maurice Carson, who signed this report. Mr. Andreson joins from Nanometrics Incorporated, where he served as CFO since 2014.
Outlook, Risks, and Management Commentary
The filing contains no financial guidance, outlook, or discussion of market risks. The employment agreement is "at-will." The Company notes there are no related party transactions requiring disclosure under Item 404(a) of Regulation S-K. The full employment offer letter will be filed in the 2017 Form 10-K.
Investor Verification Checklist
- Verify the start date of Jeffrey S. Andreson (December 6, 2017) and the transition plan from the current CFO.
- Confirm the conditions attached to the $200,000 sign-on bonus payable in Q1 2018.
- Review the vesting schedules for the 24,000 RSUs and 54,000 stock options in the upcoming Form 10-K.
- Monitor for any subsequent filings regarding the departure of the current CFO, Maurice Carson.