PHOTRONICS INC. Reports Board and Executive Compensation Changes
Ticker: PLAB · Form: 8-K · Filed: Oct 4, 2024 · CIK: 810136
| Field | Detail |
|---|---|
| Company | Photronics Inc (PLAB) |
| Form Type | 8-K |
| Filed Date | Oct 4, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $516,086 |
| Sentiment | neutral |
Sentiment: neutral
Topics: corporate-governance, executive-compensation, board-of-directors
Related Tickers: PLAB
TL;DR
PHOTO board shakeup & exec pay changes filed. Keep an eye on strategy shifts.
AI Summary
On October 4, 2024, PHOTRONICS INC. filed an 8-K report detailing changes in its board of directors and executive compensation arrangements. The filing covers events up to September 30, 2024, and includes information on the departure of directors, election of new directors, and appointments of certain officers. Specific details regarding compensatory arrangements for these officers are also provided.
Why It Matters
Changes in a company's board of directors and executive compensation can signal shifts in strategy, governance, or financial priorities, impacting investor confidence and future performance.
Risk Assessment
Risk Level: low — This filing primarily concerns routine corporate governance and executive compensation matters, not significant financial distress or operational disruptions.
Key Players & Entities
- PHOTRONICS INC. (company) — Registrant
- October 4, 2024 (date) — Date of Report
- September 30, 2024 (date) — Earliest event reported
- Connecticut (jurisdiction) — State of Incorporation
- 001-39063 (identifier) — Commission File Number
- 06-0854886 (identifier) — I.R.S. Employer Identification Number
- 15 Secor Road, Brookfield, CT 06804 (address) — Principal Executive Offices
- 2037759000 (phone_number) — Business Phone
FAQ
What specific items are being reported under Item 5.02 of the 8-K filing?
Item 5.02 of the filing covers the Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; and Compensatory Arrangements of Certain Officers.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported in this filing occurred on September 30, 2024.
What is PHOTRONICS INC.'s state of incorporation?
PHOTRONICS INC. is incorporated in Connecticut.
What is the Commission File Number for PHOTRONICS INC.?
The Commission File Number for PHOTRONICS INC. is 001-39063.
What is the business address of PHOTRONICS INC.?
The business address of PHOTRONICS INC. is 15 Secor Road, Brookfield, CT 06804.
Filing Stats: 637 words · 3 min read · ~2 pages · Grade level 12 · Accepted 2024-10-04 11:55:24
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value per share PLAB NASDAQ Glo
- $516,086 — Ms. Burr will receive (i) a payment of $516,086 (equal to her base salary for a 12 mont
Filing Documents
- ef20036709_8k.htm (8-K) — 28KB
- ef20036709_ex10-1.htm (EX-10.1) — 89KB
- image00001.jpg (GRAPHIC) — 2KB
- 0001140361-24-042827.txt ( ) — 274KB
- plab-20240930.xsd (EX-101.SCH) — 4KB
- plab-20240930_lab.xml (EX-101.LAB) — 21KB
- plab-20240930_pre.xml (EX-101.PRE) — 16KB
- ef20036709_8k_htm.xml (XML) — 4KB
02
Item 5.02 Departure of Certain Officers Photronics, Inc. (the "Company") announces that Richelle Burr retired from her position as executive vice president, chief administrative officer, general counsel and secretary of the Company, effective September 30, 2024. The Company and Ms. Burr entered into a Separation, General Release, and Consulting Agreement (the "Separation Agreement"), pursuant to which Ms. Burr will receive (i) a payment of $516,086 (equal to her base salary for a 12 month period) payable in 26 equal installments in accordance with the Company's current pay practices starting on the effective date of the Separation Agreement, and (ii) continued vesting through January 15, 2025 of 48,750 currently outstanding shares of restricted stock. In addition, subject to Ms. Burr's election of COBRA health care continuation coverage, the Company will pay the monthly COBRA premium for up to 12 months. The Separation Agreement contains mutual general releases by Ms. Burr and the Company. Ms. Burr will also remain subject on a post-retirement basis to certain non-competition and non-solicitation and confidentiality provisions. The Separation Agreement also contains provisions whereby Ms. Burr may consult on behalf of the Company if requested by the Company. Consistent with applicable law, the Separation Agreement will become effective on the eighth day following Ms. Burr's execution of the Separation Agreement if she does not revoke her acceptance of the Separation Agreement within seven days of signing it. The following description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits (d) Exhibits 10.1 Separation Agreement SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. PHOTRONICS, INC. (Registrant) By: /s/ Eric Rivera Name: Eric Rivera Title: EVP, Chief Financial Officer Date: October 4, 2024