UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) As previously disclosed, on June 9, 2020, Steve G. Ghanayem, Senior Vice President, New Markets and Alliances Group of Applied Materials, Inc. (“Applied” or the “Company”), notified Applied that he will be leaving the Company in January 2021 to pursue other opportunities. On July 3, 2020, the Company and Mr. Ghanayem entered into a separation agreement and release (the “Agreement”) in connection with Mr. Ghanayem’s departure from the Company.
Subject to certain conditions set forth in the Agreement, including the execution of a general release of claims, Mr. Ghanayem will be entitled to receive cash severance payments of (a) $375,000 within forty-five days following his departure date, (b) $375,000 on the seven-month anniversary of his departure date (the “Seven-Month Payment”) and (c) $2,000,000 on the one-year anniversary of his departure date (the “One-Year Payment”). His right to receive the cash severance payments, and with respect to the Seven-Month Payment and One-Year Payment to retain such payments, will end if he engages in a disqualifying activity (as defined in the Agreement) on or prior to the one-year anniversary of his departure date, or otherwise breaches certain confidentiality, non-disparagement or other obligations under the Agreement. The Agreement also provides for payment of an additional amount equal to approximately 18 months of the monthly premium cost under COBRA for Mr. Ghanayem and his dependents. Mr. Ghanayem’s equity awards will continue to vest during his employment but all equity awards with a vesting date later than December 19, 2020 will be forfeited.
The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
Exhibit No. |
Description | |||
10.1 |
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104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Applied Materials, Inc. (Registrant) | ||||||
Dated: July 9, 2020 |
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By: |
/s/ Teri A. Little | |||||
Teri A. Little Senior Vice President, Chief Legal Officer and Corporate Secretary |