8-KLeadership Changes

ENTEGRIS INC 8-K Report, Executive Changes (Feb 26, 2016)

Filed February 26, 2016For Securities:ENTG

Summary

This 8-K filing from Entegris, Inc. (ENTG) on February 26, 2016, reports an amendment to the Severance Protection Agreement for Executive Vice President, Chief Financial Officer & Treasurer, Gregory B. Graves. The amendment primarily impacts the vesting of equity awards granted after January 1, 2014, by extending the qualifying retirement date until Mr. Graves reaches the age of 57. Investors should note the specific changes to equity vesting for future awards. The amendment also introduces a minimum vesting period of 12 months for equity awards granted after January 1, 2016. This modification to retirement and vesting terms for a key executive suggests potential long-term planning regarding executive compensation and retention.

Key Highlights

  • 1Amendment to Severance Protection Agreement for CFO Gregory B. Graves.
  • 2Effective date of the amendment is February 23, 2016.
  • 3Retirement equity vesting provisions for equity awards issued after January 1, 2014, have been modified.
  • 4Qualifying retirement date for equity vesting is extended until Mr. Graves turns 57.
  • 5A minimum vesting period of 12 months is introduced for equity awards granted after January 1, 2016.
  • 6The amendment aims to adjust executive retirement and equity vesting terms.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce an amendment to the Severance Protection Agreement for Entegris's CFO, Gregory B. Graves, specifically concerning the vesting of equity awards upon retirement.

For equity awards granted after January 1, 2014, the qualifying retirement date for vesting is extended until Mr. Graves reaches 57 years of age. Additionally, any equity awards granted after January 1, 2016, will have a minimum vesting period of 12 months from the award date.

The amendment to the Severance Protection Agreement became effective on February 23, 2016.

The full text of the Amendment No. 1 to the Severance Protection Agreement will be filed as an exhibit to the Company's Form 10-Q for the fiscal period ending April 2, 2016.