8-KMaterial AgreementsExhibits & Filings

ENTEGRIS INC 8-K Report, Material Agreement (May 18, 2005)

Filed May 18, 2005For Securities:ENTG

Summary

This Form 8-K filing by Entegris, Inc. (ENTG) reports on the entry into a material definitive agreement related to employee retention during the proposed merger with Mykrolis Corporation. Specifically, the company has issued integration planning bonus letters to key executive officers whose roles are critical for the successful planning and execution of the merger integration process. The bonuses are designed to incentivize these critical employees and ensure a smooth transition. The financial impact on the company will be the aggregate amount of these bonuses, which are contingent upon the successful completion of the merger and adherence to defined bonus guidelines. Investors should note that this filing highlights the company's proactive measures to retain essential talent during a significant corporate event.

Key Highlights

  • 1Entegris, Inc. entered into agreements to provide integration planning bonuses to key executive officers.
  • 2The bonuses are tied to the successful planning of the integration process for the proposed merger with Mykrolis Corporation.
  • 3Executive recipients include the CEO, President & COO, CFO, and Chief Business Development Officer.
  • 4Each executive's bonus is 30% of their current annual base pay, pro-rated for the period March 1, 2005, through June 30, 2005.
  • 5Payment of the bonus is contingent on satisfying the terms of the Integration Planning Bonus Guidelines and the effectiveness of the merger.
  • 6The bonuses will be paid in a lump sum promptly following the merger's effectiveness.
  • 7This filing was made on May 18, 2005, with the earliest event reported on May 12, 2005.

Frequently Asked Questions

The primary purpose of this filing is to disclose the entry into material definitive agreements regarding integration planning bonuses for key executive officers of Entegris, Inc. This action is directly related to the proposed merger with Mykrolis Corporation and aims to ensure the retention of critical personnel during the integration process.

The bonuses are designated for certain employees whose roles are deemed critical to the successful planning of the integration between Entegris and Mykrolis. Specifically mentioned recipients include James E. Dauwalter (CEO), Michael W. Wright (President and COO), John D. Villas (CFO), and Gregory B. Graves (Chief Business Development Officer).

The bonus payment is subject to the terms outlined in the Integration Planning Bonus Guidelines. Participants must satisfy these terms, and the bonus will be paid in a lump sum only after the merger with Mykrolis Corporation becomes effective.

The financial impact will be the total amount of these integration planning bonuses, calculated based on a percentage of the executive officers' base pay for the specified pro-rated period. The exact aggregate financial commitment is not detailed in this filing but is contingent on the merger's completion.