8-KMaterial AgreementsExhibits & Filings

KLA CORP 8-K Report, Material Agreement (Oct 30, 2006)

Filed October 30, 2006For Securities:KLAC

Summary

KLA Corp (KLAC) filed an 8-K report on October 30, 2006, to disclose a material definitive agreement related to the retirement of Kenneth Levy, a former executive, from the company. The filing includes a Separation Agreement and General Release, along with an Amendment No. 1 to this agreement, both executed on October 16, 2006. These documents outline the terms of Mr. Levy's departure from the company, which officially occurred on October 16, 2006. The primary focus of this 8-K is the formalization of the separation terms, which investors should note as it pertains to executive transitions. While the specific financial details of the separation package are not fully elaborated in this filing, the existence of these agreements indicates a concluded arrangement for Mr. Levy's exit. The report also includes the signature of Jeffrey Hall, Chief Financial Officer, confirming the company's compliance with reporting requirements.

Key Highlights

  • 1KLA Corp (KLAC) filed an 8-K on October 30, 2006, reporting a material definitive agreement.
  • 2The agreement concerns the retirement of Kenneth Levy, effective October 16, 2006.
  • 3Filed exhibits include a Separation Agreement and General Release (Exhibit 99.1) and Amendment No. 1 to the Separation Agreement (Exhibit 99.2) with Kenneth Levy.
  • 4These agreements were entered into on October 16, 2006, and the primary separation agreement was rendered irrevocable on October 25, 2006.
  • 5The filing falls under Item 1.01 (Entry into a Material Definitive Agreement) and Item 9.01 (Financial Statements and Exhibits) of the 8-K.
  • 6Jeffrey Hall, Chief Financial Officer, signed the report, indicating executive oversight of the disclosure.

Frequently Asked Questions

The main purpose of this 8-K filing is to report KLA Corp's entry into a material definitive agreement, specifically the Separation Agreement and General Release, along with its amendment, concerning the retirement of Kenneth Levy from the company.

Kenneth Levy was an executive at KLA Corp whose retirement from the company was formalized through the separation agreements detailed in this filing. His departure was effective October 16, 2006.

This 8-K filing primarily announces the entry into the separation agreements and references the exhibits containing these agreements. While the agreements themselves govern the terms, the specific financial details of Mr. Levy's separation package are not explicitly itemized within the summary text of the 8-K but are contained within the referenced exhibits (Exhibit 99.1 and 99.2).

The phrase 'contractually rendered irrevocable' on October 25, 2006, for Exhibit 99.1 means that the terms of the Separation Agreement and General Release between KLA Corp and Kenneth Levy became legally binding and could no longer be canceled or undone by either party after that date, as stipulated by the contract.