FormFactor Inc. Announces 2024 Annual Meeting of Stockholders

TL;DR

<b>FormFactor, Inc. invites stockholders to its 2024 Annual Meeting on May 17, 2024, highlighting its stable performance amidst industry cycles and growth in AI-related markets.</b>

AI Summary

FORMFACTOR INC (FORM) filed a Proxy Statement (DEF 14A) with the SEC on April 1, 2024. FormFactor, Inc. will hold its 2024 Annual Meeting of Stockholders online via live webcast on May 17, 2024, at 3:00 p.m. Pacific Daylight Time. The company is a global leader in the semiconductor test and measurement market, serving applications from Lab to Fab. FormFactor's diversification strategy and its Probe Cards and Systems Segments enable competition across diverse demand pools at major semiconductor manufacturers. Despite a cyclical industry trough in 2023, the company's broad business spread resulted in relatively stable aggregate demand and consistent top-line results. Customer investments in generative AI-driven areas like high-bandwidth memory and co-packaged silicon photonics are offsetting declines in mobile handset and PC markets.

Why It Matters

For investors and stakeholders tracking FORMFACTOR INC, this filing contains several important signals. The virtual meeting format aims to increase accessibility and inclusivity for all stockholders, allowing online attendance and voting. The proxy statement provides crucial information for voting and details the company's performance, corporate governance, executive compensation, and sustainability efforts.

Risk Assessment

Risk Level: low — FORMFACTOR INC shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures indicating significant risk.

Analyst Insight

Stockholders should review the proxy statement for voting instructions and information on corporate governance, executive compensation, and the company's strategic positioning in the semiconductor market.

Key Numbers

• 2024 — Annual Meeting Year (2024 Annual Meeting of Stockholders)
• May 17 — Annual Meeting Date (Friday May 17, 2024)
• 3:00 p.m. — Annual Meeting Time (3:00 p.m., Pacific Daylight Time)

Key Players & Entities

• FormFactor, Inc. (company) — Registrant name
• May 17, 2024 (date) — Annual Meeting date
• 3:00 p.m., Pacific Daylight Time (time) — Annual Meeting time
• www.virtualshareholdermeeting.com/FORM2024 (url) — Annual Meeting attendance link
• 2023 (date) — Fiscal year for performance review

FAQ

Industry Context

FormFactor operates in the semiconductor test and measurement market, a sector characterized by cyclicality and significant investment in advanced technologies like generative AI.

Regulatory Implications

The filing is a Definitive Proxy Statement (DEF 14A) filed under the Securities Exchange Act of 1934, requiring disclosure of corporate governance, executive compensation, and matters for stockholder vote.

What Investors Should Do

1. Review the proxy statement for details on proposals to be voted on at the Annual Meeting.
2. Understand the company's financial and strategic performance as outlined in the statement, particularly regarding AI-driven growth areas.
3. Note the virtual format of the Annual Meeting and the procedures for online attendance and voting.

Key Dates

• 2024-05-17: 2024 Annual Meeting of Stockholders — Key date for stockholder participation and voting.

Year-Over-Year Comparison

This filing is a Definitive Proxy Statement (DEF 14A) for the 2024 Annual Meeting, providing information on corporate governance and executive compensation, similar to previous proxy filings.

Filing Documents

• ny20018943x1_def14a.htm (DEF 14A) — 1454KB
• logo_formfactor-footer.jpg (GRAPHIC) — 9KB
• logo_formfactor.jpg (GRAPHIC) — 28KB
• sig_vchand.jpg (GRAPHIC) — 15KB
• ny20018943x1_cov.jpg (GRAPHIC) — 203KB
• ny20018943x1_graphic1.jpg (GRAPHIC) — 77KB
• ny20018943x1_piechart2x1.jpg (GRAPHIC) — 168KB
• ny20018943x1_piechartx1.jpg (GRAPHIC) — 112KB
• sig_michaelslessor.jpg (GRAPHIC) — 14KB
• ny20018943x1_pvpcharts0x1.jpg (GRAPHIC) — 130KB
• ny20018943x1_pvpcharts0x2.jpg (GRAPHIC) — 104KB
• ny20018943x1_pc01.jpg (GRAPHIC) — 559KB
• ny20018943x1_pc02.jpg (GRAPHIC) — 549KB
• ny20018943x1_pvpcharts05.jpg (GRAPHIC) — 112KB
• 0001140361-24-016895.txt (&nbsp;) — 7897KB
• form-20240517.xsd (EX-101.SCH) — 5KB
• form-20240517_def.xml (EX-101.DEF) — 6KB
• form-20240517_lab.xml (EX-101.LAB) — 11KB
• form-20240517_pre.xml (EX-101.PRE) — 5KB
• ny20018943x1_def14a_htm.xml (XML) — 361KB

Executive Compensation and Related Information

Executive Compensation and Related Information 43 Executive Officers 43 Summary Compensation 43 2024 Proxy Statement i TABLE OF CONTENTS Page Grants of Plan-Based Awards in Fiscal Year 2023 44 Outstanding Equity Awards at Fiscal Year Ended December 30, 2023 45 Option Exercises and Stock Vested at Fiscal Year Ended December 30, 2023 46 Change of Control, Severance, Separation and Indemnification Agreements 46 PEO Pay Ratio 49 Pay Versus Performance 51 AUDIT MATTERS 55 Proposal No. 3 Ratification of Selection of Independent Registered Public Accounting Firm for Fiscal Year 2024 55 Principal Auditor Fees and Services 55 Pre-Approval of Audit and Non-Audit Services of Auditor 56 Report of the Audit Committee 57 ADDITIONAL INFORMATION 58

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 58 Beneficial Ownership of Our Securities 58 Certain Relationships and Related Person Transactions 60 Proposals for the 2025 Annual Meeting of Stockholders 61 Delinquent Section 16(a) Reports 62 Other Business 63 The information in the Report of the Audit Committee and the Compensation Committee Report contained in this Proxy Statement shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except to the extent that we specifically and expressly incorporate this information by reference into such filings. In addition, this information shall not otherwise be deemed to be "soliciting material" or to be filed under those Acts. Please note that information on FormFactor's website is provided for convenience only and is not incorporated by reference into this Proxy Statement. ii 2024 Proxy Statement TABLE OF CONTENTS ABOUT FORMFACTOR FormFactor, Inc., headquartered in Livermore, California, is a leading provider of essential test and measurement technologies along the full semiconductor product lifecycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our products provide electrical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development to high-volume production. Customers use our products and services to accelerate profitability by optimizing device performance, reducing scrap, and improving yields. SUMMARY OF PROPOSALS Below is a summary of the matters to be voted upon at our 2024 Annual Meeting of Stockholder

View Full Filing

View this DEF 14A filing on SEC EDGAR