Who is Marilyn Matz and what is her role at Teradyne?

Marilyn Matz has been elected as a new director to Teradyne's Board of Directors, effective July 3, 2017. She will also serve on the Compensation Committee and the Nominating and Corporate Governance Committee.

What does it mean that Ms. Matz is considered 'independent'?

Ms. Matz is considered independent if she meets the definitions of independence set by the Securities Exchange Commission (SEC), the New York Stock Exchange (NYSE), and Teradyne's own specific standards. This means she does not have any material relationships with Teradyne that could interfere with her independent judgment as a director.

How will Ms. Matz be compensated for her role as a director?

Ms. Matz will receive an annual compensation of $70,000. Additionally, she will receive a grant of restricted stock units with a fair market value of $148,225, prorated to reflect her service period, which vests fully by May 2018 or the 2018 Annual Meeting.

Why is the equity grant prorated and when will it vest?

The equity grant is prorated daily to reflect the period from Ms. Matz's appointment date to the expected date of the 2018 Annual Meeting of Shareholders. This ensures she receives compensation commensurate with her service. The grant vests in full on the earlier of the date the 2018 Annual Meeting of Shareholders is held or the last Thursday in May 2018.

TER 8-K: Leadership Changes

Summary

Teradyne, Inc. (TER) announced on June 19, 2017, a key change in its Board of Directors. The company elected Marilyn Matz as a new director, effective July 3, 2017. This appointment is significant as Ms. Matz brings independent expertise to the Board, having been determined to meet the stringent independence requirements set by the SEC, NYSE, and Teradyne's own standards. Ms. Matz's appointment also includes her joining two key committees: the Compensation Committee and the Nominating and Corporate Governance Committee. This suggests a focus on strengthening oversight in areas critical to executive remuneration, board composition, and shareholder interests. Her compensation structure, including an annual retainer and a significant equity grant, indicates the company's intent to align her interests with those of long-term shareholders.

Key Highlights

1Marilyn Matz appointed as a new director to Teradyne's Board of Directors, effective July 3, 2017.
2Ms. Matz has been determined to be independent, meeting SEC, NYSE, and company standards.
3Ms. Matz will serve on the Compensation Committee and the Nominating and Corporate Governance Committee.
4The annual compensation for Ms. Matz as a director will be $70,000.
5Ms. Matz will receive a restricted stock unit grant valued at $148,225, prorated from her appointment date to the 2018 Annual Meeting.
6The restricted stock unit grant vests fully on the earlier of the 2018 Annual Meeting date or the last Thursday in May 2018.

TERADYNE, INC 8-K Report, Executive Changes (Jun 19, 2017)

Summary

Key Highlights

Frequently Asked Questions