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GTAT > SEC Filings for GTAT > Form 8-K on 19-Apr-2013All Recent SEC Filings

Show all filings for GT ADVANCED TECHNOLOGIES INC. | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

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

Annual Base Salary Increases

On April 15, 2013, the Compensation Committee (the "Compensation Committee") of the Board of Directors of GT Advanced Technologies Inc. (the "Company") approved increases in annual base salaries of certain of its Named Executive Officers. The increase in base salary for these officers was effective as of March 31, 2013. The following table reflects current base salaries as well as the increased base salaries for such executive officers:

                                                                         Base Salary (as
                                                       Current Base       of March 31,
Executive Officer                  Title                  Salary              2013)
Richard Gaynor            Vice President and Chief
                          Financial Officer           $      400,000    $         412,000
Jeffrey Ford              Vice President of
                          Business Development,
                          DSS Business                $      375,000    $         386,250
David Keck                Executive Vice
                          President, Worldwide
                          Sales and Services          $      375,000    $         386,250

The Compensation Committee did not take action with respect to base salary for Thomas Gutierrez, President and Chief Executive Officer, whose salary remains at $725,000.

Equity Ownership Requirements

On April 18, 2013, the Compensation Committee revised the policy on equity ownership which will apply to the Chief Executive Officer, Chief Accounting Officer, and all direct reports to the Chief Executive Officer (the "Officers"). Under the revised policy, Officers are required to retain ownership (while employed by the Company) of 25% of all shares of Company common stock received upon the vesting of any restricted stock unit grant or upon the exercise of any options (net of any exercise price or shares withheld for taxes) vesting after April 22, 2011 until the net value of vested shares held by such officer equals or exceeds the required multiple of such officer's base salary (the "Ownership Threshold"). Compliance with the Ownership Threshold shall be determined each year on the basis of the closing price on the last trading day of the first fiscal quarter. For Officers other than the Chief Executive Officer, the required multiple shall be two. For the Chief Executive Officer, the multiple shall be four.

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