Summary
Lam Research Corp (LRCX) filed an 8-K on August 13, 2019, to disclose an amendment to the employment agreement of its President and CEO, Timothy M. Archer. This amendment, effective August 8, 2019, formalizes and updates key terms of his compensation and responsibilities following his promotion to CEO on December 5, 2018. Key aspects of the amendment include confirming his base salary of $1,000,000, outlining his duties and oversight by the Board of Directors, and aligning severance benefits with those of the prior CEO. The amendment also specifies a market-based performance restricted stock unit severance benefit formula and period, consistent with the original intentions. This filing provides clarity on executive compensation and governance for the company's top leadership.
Key Highlights
- 1Amendment to CEO Timothy M. Archer's employment agreement executed on August 8, 2019.
- 2Confirms CEO's base salary of $1,000,000.
- 3Details CEO's responsibilities and oversight by the Board of Directors.
- 4Aligns severance benefits for the CEO with those of the previous CEO.
- 5Specifies a market-based performance restricted stock unit severance benefit formula and period.
- 6The amendment reflects changes related to Mr. Archer's promotion to CEO in December 2018.