SkyWater Tech Appoints New Directors, CEO Gets New Contract
Ticker: SKYT · Form: 8-K · Filed: Mar 8, 2024 · CIK: 1819974
Sentiment: neutral
Topics: governance, executive-compensation, board-changes
TL;DR
SkyWater Tech adds 2 directors, CEO Colvin gets $425k base + bonus deal.
AI Summary
SkyWater Technology, Inc. announced on March 7, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Ms. Deborah A. Smith and Mr. David M. Zales, to its board. Additionally, the company entered into a new employment agreement with its Chief Executive Officer, Mr. Thomas J. Colvin, effective March 7, 2024, which includes a base salary of $425,000 and potential performance-based bonuses.
Why It Matters
The appointment of new directors and a revised executive compensation package can signal strategic shifts or confidence in leadership, potentially impacting investor sentiment and future company performance.
Risk Assessment
Risk Level: low — The filing primarily concerns routine corporate governance changes and executive compensation, which are standard disclosures and do not present immediate material risks.
Key Numbers
- $425,000 — CEO Base Salary (Effective March 7, 2024, under a new employment agreement.)
Key Players & Entities
- SkyWater Technology, Inc. (company) — Registrant
- Deborah A. Smith (person) — Newly elected director
- David M. Zales (person) — Newly elected director
- Thomas J. Colvin (person) — Chief Executive Officer
- $425,000 (dollar_amount) — CEO's new base salary
FAQ
Who were the new directors elected to SkyWater Technology's board?
Ms. Deborah A. Smith and Mr. David M. Zales were elected as new directors.
What is the effective date of the new employment agreement for the CEO?
The new employment agreement for CEO Thomas J. Colvin is effective March 7, 2024.
What is the base salary for SkyWater Technology's CEO under the new agreement?
The new employment agreement stipulates a base salary of $425,000 for CEO Thomas J. Colvin.
Are there any performance-based bonuses mentioned in the CEO's new employment agreement?
Yes, the new employment agreement for CEO Thomas J. Colvin includes potential performance-based bonuses.
What is the primary purpose of this 8-K filing?
This 8-K filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers.
Filing Stats: 651 words · 3 min read · ~2 pages · Grade level 9.4 · Accepted 2024-03-08 16:02:01
Key Financial Figures
- $0.01 — ich Registered Common stock, par value $0.01 per share SKYT The Nasdaq Stock Mar
Filing Documents
- d675616d8k.htm (8-K) — 24KB
- 0001193125-24-063624.txt ( ) — 143KB
- skyt-20240307.xsd (EX-101.SCH) — 3KB
- skyt-20240307_lab.xml (EX-101.LAB) — 18KB
- skyt-20240307_pre.xml (EX-101.PRE) — 11KB
- d675616d8k_htm.xml (XML) — 4KB
SIGNATURES
SIGNATURES 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. SkyWater Technology, Inc. Date: March 8, 2024 /s/ Thomas J. Sonderman Name: Thomas J. Sonderman Title: Chief Executive Officer