Summary
This Form 8-K filing by Applied Materials, Inc. (AMAT) primarily reports on the retirement of Franz Janker, Executive Vice President of Corporate Account Management, effective July 30, 2010. Mr. Janker, after a significant 28-year tenure with the company, has entered into a retirement agreement that outlines his severance package and ongoing obligations. Key details from the filing include the financial terms of Mr. Janker's retirement package, which amounts to a total of $1,979,314 in cash severance, to be paid in three installments. The agreement also includes standard provisions such as a general release in favor of Applied Materials, as well as confidentiality, non-disparagement, non-solicitation, and non-competition clauses. The company's press release concerning this announcement is attached as an exhibit, providing further context on this executive transition.
Key Highlights
- 1Executive VP Franz Janker to retire effective July 30, 2010, after 28 years with Applied Materials.
- 2Retirement agreement includes a total cash severance of $1,979,314.
- 3Severance payments will be disbursed in three installments: August 15, 2010 ($714,657), January 31, 2011 ($550,000), and August 1, 2011 ($714,657).
- 4The agreement contains a general release in favor of Applied Materials.
- 5Mr. Janker is subject to confidentiality, non-disparagement, non-solicitation, and non-competition obligations.
- 6The retirement was announced via a press release issued on July 10, 2010, and is filed as Exhibit 99.1.
- 7The filing is an 8-K Current Report, indicating a material event.