Summary
This 8-K filing from KLA-Tencor Corporation (KLAC) on September 24, 2004, primarily discloses a material definitive agreement concerning the grant of a significant stock option to its President and CEO, Ken Schroeder. The grant includes 325,800 shares at an exercise price of $41.79, aligning with the closing stock price on the grant date. This action signals the company's commitment to retaining and incentivizing key executive leadership.
Key Highlights
- 1KLA-Tencor Corporation (KLAC) granted its President and CEO, Ken Schroeder, stock options for 325,800 shares.
- 2The exercise price for these options is $41.79 per share, equal to the closing price on September 21, 2004.
- 3The stock options have a multi-tiered vesting schedule, with portions vesting over five years and specific tranches tied to future dates or retirement.
- 4Certain option tranches offer accelerated vesting upon Mr. Schroeder's retirement under specific conditions.
- 5Vesting of all options is contingent on Mr. Schroeder continuing to provide services to the company.
- 6These options have an expiration period of five years from termination of employment or ten years from the grant date.