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BRKS > SEC Filings for BRKS > Form 8-K on 9-Dec-2013All Recent SEC Filings

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Form 8-K for BROOKS AUTOMATION INC


9-Dec-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 December 3, 2013, the Board of Directors (the "Board") of Brooks Automation, Inc. (the "Company") voted to establish the Company's Performance Based Variable Compensation Plan for the fiscal year ending September 30, 2014 (the "FY 14 PBVC Plan"). Executive officers, including named executive officers, and additional key management personnel participate in the FY 14 PBVC Plan. Each fiscal year, the Human Resources and Compensation Committee (the "HRC Committee") of the Board of Directors and the full Board establish performance based variable compensation opportunities for the CEO and review and approve those submitted by the CEO for the named executive officers against the financial targets, goals and objectives established to measure performance. They use tailored corporate financial performance measures and individual objectives for named executive officers and senior executives to focus performance and accountability around those measures and objectives. This assures a high level of accountability in assessing performance and approving awards. Under the FY 14 PBVC Plan, participants are eligible for a cash bonus based on the achievement against corporate financial targets for total revenue, total operating income and return on invested capital (ROIC) for the Company's Product Solutions and Global Services business segments, in each case for the fiscal year ending September 30, 2014, as well as non-financial individual performance goals for each senior executive (including the CEO) based on an assessment of each executive's accomplishments at the conclusion of the fiscal year. In addition, participants affiliated with a specific business segment are also measured on the financial performance of that business segment. Any payouts to executive officers under the FY 14 PBVC Plan will be predicated upon the Company first realizing a threshold level of revenue and operating income at predetermined targets.


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