Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
BRKS > SEC Filings for BRKS > Form 8-K on 13-Nov-2013All Recent SEC Filings

Show all filings for BROOKS AUTOMATION INC

Form 8-K for BROOKS AUTOMATION INC


13-Nov-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.

(e) On November 6, 2013, the Board of Directors (the "Board") of Brooks Automation, Inc. (the "Company") approved (i) increases in base salary for certain named executive officers of the Company, (ii) cash bonus payments to named executive officers for the fiscal year ended September 30, 2013, and (iii) the establishment of the Company's executive equity incentive plan for the fiscal year ending September 30, 2014 (the "FY 14 EEIP"), in which the executive officers and additional key management personnel participate. The Board approved base salary increases, effective January 1, 2014, and cash bonus payments for the fiscal year ended September 30, 2013 for the named executive officers shown below in the amounts shown opposite his name. The cash bonus payments were determined at the discretion of the Human Resources and Compensation Committee and the Board based on the assessment of each executive's achievement of individual performance objectives established pursuant to the Company's performance-based variable compensation plan for the fiscal year ended September 30, 2013, except that the entire bonus payment set forth below for Thomas R. Leitzke was based on the achievement of business unit financial metrics.

                                                                 New Base
                                                                  Salary
                                                                (effective
                                                Current Base    January 1,
Named Executive Officer          Title             Salary          2014)       FY13 Cash Bonus
                            Chief Executive
  Stephen S. Schwartz           Officer           $575,000       $625,000         $125,000
                          President and Chief
    Mark D. Morelli        Operating Officer      $425,000       $500,000         $106,250
                              Senior Vice
                           President, Global
   Thomas R.Leitzke*          Operations            N/A             N/A            $16,800

*Mr. Leitzke's employment with the Company terminated on September 30, 2013. Under the FY 14 EEIP, participants may be granted an award of restricted stock units ("RSUs"), of which 25% vest based on the passage of time with a continuous service requirement and 75% will be earned based on the achievement of performance criteria which has been established by the Human Resources and Compensation Committee and the Board with additional time-based vesting after the performance determinations have been made. The portion of the award subject to time-based vesting will vest in one-third increments beginning one year after the date of grant and annually thereafter. The number of RSUs to be earned based on performance will be determined based upon achievement of Company financial performance metrics for gross margins and free cash flows during the fiscal year ending on September 30, 2014 as determined by the Human Resources and Compensation Committee and the Board. Once the performance determinations have been made, the performance-based portion of the award that has been earned will be subject to additional time-based vesting, with 50% vesting on the second anniversary of the grant date and 50% vesting on the third anniversary of the grant date. Each financial metric is weighted and contains a minimum achievement threshold, which if not met would result in no vesting as to that metric's weighted percentage of RSUs. If the Company's performance exceeds the target threshold for either metric, the participants could achieve up to 200% of the number of performance-based RSUs.


  Add BRKS to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for BRKS - All Recent SEC Filings
Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.