Summary
Lam Research Corporation (LRCX) filed an 8-K on December 3, 2018, reporting an amendment to the employment agreement for its Executive Vice President and Chief Financial Officer, Douglas R. Bettinger. This amendment details Mr. Bettinger's compensation for calendar year 2019, including his base salary, target annual incentive, and target long-term incentive awards. Crucially, the filing also discloses a significant one-time restricted stock unit (RSU) award of $8,000,000 granted to Mr. Bettinger on November 30, 2018. This RSU award is structured with a four-year vesting schedule, providing incentive for continued service and alignment with shareholder interests over the medium term. Investors should note this information as it relates to executive compensation and retention.
Key Highlights
- 1Amendment to CFO Douglas R. Bettinger's employment agreement executed on November 30, 2018.
- 2Details 2019 compensation for the CFO, including $640,000 base salary.
- 3CFO's target annual incentive program award opportunity is 100% of base salary for 2019.
- 4CFO's target long-term incentive program award opportunity is $3,000,000 for 2019.
- 5A one-time restricted stock unit (RSU) award of $8,000,000 was granted to the CFO on November 30, 2018.
- 6The $8,000,000 RSU award vests over a four-year period, with 25% vesting after one year and the remainder vesting monthly over the subsequent 36 months.