Summary
KLA-Tencor Corporation (now KLA Corp.) filed an 8-K on May 7, 2015, primarily to announce two key updates for its investors. First, the company's Board of Directors approved an amendment and restatement of its By-Laws, which includes a significant change: the adoption of a forum selection provision. This provision designates the Court of Chancery of the State of Delaware as the exclusive venue for certain stockholder lawsuits, aiming to streamline and centralize litigation related to corporate governance and fiduciary duties. Second, and of more direct financial interest, the Board declared a quarterly cash dividend of $0.50 per share. This dividend underscores the company's commitment to returning capital to its shareholders and provides a tangible return for investors. The dividend is payable on June 1, 2015, to shareholders of record as of May 18, 2015.
Key Highlights
- 1KLA-Tencor's Board of Directors amended and restated the company's By-Laws.
- 2A new forum selection provision was added, designating the Delaware Court of Chancery as the exclusive venue for certain stockholder actions.
- 3This provision applies to derivative actions, breach of fiduciary duty claims, and claims arising under Delaware law or the company's governing documents.
- 4The Board declared a cash dividend of $0.50 per share.
- 5The dividend payment date is June 1, 2015.
- 6The record date for the dividend is May 18, 2015.
- 7The filing includes the Amended and Restated By-Laws and a press release announcing the dividend as exhibits.