Summary
Analog Devices, Inc. (ADI) filed an 8-K on January 18, 2017, detailing changes to its Board of Directors and related compensation. Notably, Mark M. Little was elected to the Board and will serve on the Audit Committee, receiving both cash retainers and equity awards. The filing also announced the upcoming retirements of directors Richard M. Beyer and John C. Hodgson. Additionally, the company intends to appoint Robert Swanson, Executive Chairman of Linear Technology Corporation, to its Board, contingent on the completion of ADI's proposed acquisition of Linear Technology.
Key Highlights
- 1Mark M. Little elected to the Board of Directors, serving on the Audit Committee.
- 2Dr. Little to receive annual cash retainers of $70,000 for Board service and $10,000 for Audit Committee service.
- 3Dr. Little to be granted equity awards on February 15, 2017, including stock options and restricted stock units, with vesting tied to the next annual meeting or March 9, 2017.
- 4Richard M. Beyer and John C. Hodgson to retire from the Board at the 2017 Annual Meeting of Shareholders.
- 5Robert Swanson, Executive Chairman of Linear Technology Corp., is slated for appointment to the Board post-acquisition of Linear Technology.
- 6The filing incorporates by reference a press release dated January 18, 2017, announcing these board changes.
Frequently Asked Questions
The primary purpose of this 8-K filing is to report changes in Analog Devices, Inc.'s Board of Directors, including the election of a new director, the planned retirement of two existing directors, and the potential appointment of a new director tied to an acquisition.
Mark M. Little will receive an annual cash retainer of $70,000 for his service on the Board of Directors and an additional annual cash retainer of $10,000 for his service on the Audit Committee. He will also receive stock options and restricted stock units as equity compensation.
Robert Swanson's potential appointment to the Board is significant as he is the Executive Chairman of Linear Technology Corporation, and his appointment is contingent upon the completion of Analog Devices' proposed acquisition of Linear Technology. This suggests a strategic integration following the acquisition.
Yes, the report contains forward-looking statements related to the anticipated composition of the Board of Directors and the proposed acquisition of Linear Technology. These statements are subject to risks and uncertainties that could cause actual results to differ materially.