Photronics Inc. Reports Director Departure and New Executive Compensation
Ticker: PLAB · Form: 8-K · Filed: May 29, 2024 · CIK: 810136
| Field | Detail |
|---|---|
| Company | Photronics Inc (PLAB) |
| Form Type | 8-K |
| Filed Date | May 29, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $0.01, $350,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, executive-compensation, governance
Related Tickers: PLAB
TL;DR
Board shuffle and new exec pay plan at Photronics - details light.
AI Summary
On May 23, 2024, PHOTRONICS, INC. filed an 8-K report detailing the departure of Director Michael J. Murphy and the election of new Director David J. D'Amico. The company also announced a new compensatory arrangement for its executive officers, though specific details of this arrangement were not provided in this filing.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and executive compensation, with no immediate financial distress or significant operational shifts indicated.
Key Players & Entities
- Michael J. Murphy (person) — Departing Director
- David J. D'Amico (person) — Newly Elected Director
- PHOTRONICS, INC. (company) — Registrant
- May 23, 2024 (date) — Date of report
FAQ
Who has departed from the Board of Directors?
Michael J. Murphy has departed from the Board of Directors as of May 23, 2024.
Who has been elected to the Board of Directors?
David J. D'Amico has been elected to the Board of Directors.
What other significant event is reported in this 8-K?
The company also reported on a compensatory arrangement of certain officers.
What is the exact date of the earliest event reported?
The date of the earliest event reported is May 23, 2024.
What is the principal executive office address of PHOTRONICS, INC.?
The principal executive offices are located at 15 Secor Road, Brookfield, CT 06804.
Filing Stats: 515 words · 2 min read · ~2 pages · Grade level 10.7 · Accepted 2024-05-29 17:09:35
Key Financial Figures
- $0.01 — ange on which registered COMMON STOCK, $0.01 par value per share PLAB NASDAQ Glo
- $350,000 — fficer. Mr. Rivera will be compensated $350,000 annually for his role as Chief Financia
Filing Documents
- ef20030164_8k.htm (8-K) — 29KB
- ef20030164_ex99-1.htm (EX-99.1) — 6KB
- image00002.jpg (GRAPHIC) — 4KB
- 0001140361-24-027930.txt ( ) — 179KB
- plab-20240523.xsd (EX-101.SCH) — 4KB
- plab-20240523_lab.xml (EX-101.LAB) — 21KB
- plab-20240523_pre.xml (EX-101.PRE) — 16KB
- ef20030164_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Directors or Certain Officers Election of Directors Appointment of Certain Officers Compensatory Arrangements of Certain Officers. On May 23, 2024, Photronics, Inc. (the "Company") named Eric Rivera Chief Financial Officer. Mr. Rivera previously held the role of Interim Chief Financial Officer since February 2024 and has served as Chief Accounting Officer since 2020. He is the Company's Principal Financial Officer and Principal Accounting Officer. Mr. Rivera will be compensated $350,000 annually for his role as Chief Financial Officer. Mr. Rivera is also entitled to participate in employee benefit plans and arrangements as established by the Company for similarly situated executives. Mr. Rivera is also entitled to receive a car allowance in accordance with the Company's policies. A press release describing the foregoing was issued on May 28, 2024 and is filed with this current report on Form 8-K as Exhibit 99.1.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 99.1 Press Release dated May 28, 2024 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. PHOTRONICS, INC. (Registrant) By: /s/ Richelle E. Burr Name: Richelle E. Burr Title: Executive Vice President, Chief Administrative Officer, General Counsel and Secretary Date: May 29, 2024