Summary
This 8-K filing from KLA-Tencor Corporation (now KLA Corp) on August 13, 2007, details the establishment of performance goals and bonus potentials for its executive officers for the 2008 fiscal year under the Company's Performance Bonus Plan. The plan is designed to comply with Section 162(m) of the Internal Revenue Code, with goals tied to profit from operations and revenue growth. Investors should note that the board has set specific threshold, target, and maximum bonus amounts for key executives, including Richard P. Wallace, John H. Kispert, and Jeffrey L. Hall. The actual bonus payout will depend on the company's performance against these goals and may be adjusted at the discretion of the Compensation Committee or Independent Directors. No bonus will be paid if the minimum performance threshold is not met.
Key Highlights
- 1KLA-Tencor Corporation (KLAC) established performance goals for the 2008 fiscal year for its Performance Bonus Plan.
- 2Performance goals are based on 'profit from operations' and 'revenue growth'.
- 3Bonus potentials are set at threshold, target, and maximum levels for executive officers.
- 4Specific maximum bonus potentials were disclosed for Richard P. Wallace ($2,275,000), John H. Kispert ($1,725,750), and Jeffrey L. Hall ($633,750).
- 5Actual bonus payouts are contingent on achieving performance goals and are subject to discretionary adjustments by the Compensation Committee or Independent Directors.
- 6A minimum performance threshold must be met for any bonus to be paid.
- 7Bonuses will be paid within ninety days after the close of the 2008 fiscal year.