Summary
KLA Corporation (KLAC) filed an 8-K on October 19, 2004, to report the entry into a material definitive agreement concerning executive compensation. Specifically, following the approval of the Omnibus Stock Plan at the Annual Meeting of Stockholders, the Compensation Committee granted Ken Schroeder, the President, Chief Executive Officer, and Director, 100,000 shares of restricted stock. This grant represents a significant incentive for key leadership, with the restricted stock set to become exercisable on either July 1, 2007, or one year after Mr. Schroeder's retirement as CEO, whichever date is later. The vesting is contingent upon Mr. Schroeder continuing to provide services to the Company through the vesting date, aligning his long-term interests with those of the shareholders. Investors should note this as a component of executive compensation strategy designed to retain and motivate senior management.
Key Highlights
- 1KLA Corporation (KLAC) granted 100,000 shares of restricted stock to CEO Ken Schroeder.
- 2The stock grant is a result of the approval of the Omnibus Stock Plan at the Annual Meeting of Stockholders.
- 3The restricted stock will become exercisable on the later of July 1, 2007, or one year after Mr. Schroeder's retirement as CEO.
- 4Vesting of the restricted stock is conditional upon Mr. Schroeder continuing to provide services to the Company through the vesting date.
- 5This grant is a material definitive agreement related to executive compensation.
- 6The filing was made on October 19, 2004, with an event date of October 18, 2004.