Summary
Lam Research Corporation (LRCX) filed an 8-K/A amendment on December 10, 2018, to correct a specific detail within a previously filed report regarding executive compensation. The amendment clarifies the formula used to determine the number of shares covered by stock options granted to certain officers. This correction ensures the accurate calculation of equity awards, which is crucial for understanding the total compensation package and potential dilution for shareholders.
Key Highlights
- 1Amendment corrects a formula for calculating stock option grants for certain officers.
- 2The correction relates to the number of shares determined by the nominal value of an equity award.
- 3Options will expire seven years from the grant date.
- 4The calculation involves dividing 50% of the nominal value by the average closing stock price over 30 trading days prior to the grant date.
- 5The result is then multiplied by approximately 4.2 and rounded down to the nearest whole share.
- 6The corrected formula yields 71,430 shares for the specific award mentioned.