8-KLeadership Changes

KLA CORP 8-K Report, Executive Changes (Sep 18, 2008)

Filed September 18, 2008For Securities:KLAC

Summary

KLA-Tencor Corporation (KLAC) filed an 8-K on September 18, 2008, to report a change in its Board of Directors. Lida Urbanek, a director since April 1997, has informed the company of her decision not to seek re-election at the upcoming Annual Meeting of Stockholders on November 13, 2008. This departure is not due to any disagreement with management or the company's operations, policies, or practices. Ms. Urbanek will continue to serve on the Board until the Annual Meeting.

Key Highlights

  • 1Director Lida Urbanek will not stand for re-election at the November 13, 2008 Annual Meeting.
  • 2Ms. Urbanek has served on the KLA-Tencor Board since April 1997, and previously on Tencor Instruments' Board from August 1991.
  • 3Her decision not to seek re-election is not attributed to any disagreement with management.
  • 4Upon her resignation, Ms. Urbanek is entitled to immediate delivery of vested restricted stock units.
  • 5She will also receive prorated vesting of her unvested restricted stock units, reflecting her service through the resignation date.
  • 6The company expressed gratitude for Ms. Urbanek's 17 years of service.

Frequently Asked Questions

Lida Urbanek is a long-serving member of KLA-Tencor's Board of Directors, having been a director since April 1997. She has decided not to stand for re-election at the upcoming Annual Meeting of Stockholders on November 13, 2008. The company stated that her decision is not a result of any disagreement with management or company operations.

According to a February 2008 policy, Ms. Urbanek will receive accelerated vesting for her restricted stock units. Vested units that were subject to delayed delivery will become immediately deliverable upon her resignation. Additionally, unvested units will have their vesting accelerated on a prorated basis, reflecting her service up to the effective date of her resignation.

Yes, Ms. Urbanek has indicated her intention to continue to serve as a director on the KLA-Tencor Board until the Annual Meeting of Stockholders scheduled for November 13, 2008.