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Quotes & Info
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| AMAT > SEC Filings for AMAT > Form 8-K on 27-Feb-2013 | All Recent SEC Filings |
27-Feb-2013
Change in Directors or Principal Officers
On February 25, 2013, Applied Materials, Inc. ("Applied" or the "Company") appointed Robert J. Halliday, age 58, as Senior Vice President, Chief Financial Officer ("CFO"). Mr. Halliday will report to Michael R. Splinter, Chairman and Chief Executive Officer of Applied. Mr. Halliday previously served as a group vice president and general manager in Applied's Silicon Systems Group segment following the completion of the Company's acquisition of Varian Semiconductor Equipment Associates, Inc. ("Varian") in November 2011. He was CFO of Varian from 2001 to November 2011.
Mr. Halliday's initial annual salary as Applied's CFO will be $500,000, and he will be eligible to earn an annual target bonus of 100% of his base salary under the Applied Incentive Plan ("AIP"). The actual bonus earned, if any, will be subject to the terms of the AIP and depend on the achievement of performance goals established by the Human Resources and Compensation Committee of Applied's Board of Directors.
Mr. Halliday was granted an award of 100,000 performance shares under Applied's Employee Stock Incentive Plan. Vesting of these performance shares depends on the achievement of operating profit margin performance goals, plus additional time-based vesting of approximately four years that requires Mr. Halliday to remain an employee through the applicable vesting date. Up to an additional 50,000 shares may be earned if Applied's total shareholder return for the two-year period ending on the last day of fiscal year 2014 meets or exceeds certain levels. If earned, any such additional shares would vest on the same schedule as the shares earned through annual, adjusted relative operating profit margin performance.
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