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NANO > SEC Filings for NANO > Form 8-K on 18-Mar-2013All Recent SEC Filings

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Form 8-K for NANOMETRICS INC


18-Mar-2013

Change in Directors or Principal Officers


Item 5.02 - Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 12, 2013, the Compensation Committee (the "Committee") of the Nanometrics Board of Directors established performance metrics for fiscal year 2013 under its Executive Performance Bonus Plan. The fiscal year 2013 performance metrics are based upon achieving certain targets related to
(1) market share within key customer accounts, (2) increased penetration into the foundry market and (3) revenue growth for emerging product lines.

The target bonus for each executive officer is expressed as a percentage of 2013 base salary as follows:

                                                      Target Bonus Opportunity
  Executive Officer                                      (% of base salary)
  Timothy J. Stultz, Ph.D., Chief Executive Officer                         100 %
  Bruce A. Crawford, Chief Operating Officer                                 70 %
  Ronald W. Kisling, Chief Financial Officer                                 55 %
  Nancy E. Egan, General Counsel                                             40 %

Each participant may receive between 0% and 200% of the targeted amount, depending on performance against established targets in the three performance metrics, with each given approximately equal weight. In addition, if Nanometrics fails to meet certain thresholds for adjusted operating income, the actual bonus payable will be capped at either 100% or 150%, depending on actual adjusted operating income. "Adjusted operating income" is defined as GAAP operating income / (loss) plus stock compensation expense, depreciation, amortization, amortization of intangible assets, and any unusual charges, such as restructuring, impairment, litigation or acquisitions expenses.


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