INTEVAC, INC. (NASDAQ:IVAC) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(a) Director Resignation
On February12, 2018, Matthew Drapkin informed the Board of Directors (the “Board”) of Intevac, Inc. (the “Company”) of his decision to resign from the Board effective immediately. His resignation was not due to any disagreements with the Company or any matter relating to its operations, policies or practices. Mr.Drapkin has been a valuable member of the Company’s Board since 2013.
(b) Appointment of Directors
On February14, 2018, the Board, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, appointed Messrs. Kevin D. Barber, senior vice president and general manager of the Mobile Division of Synaptics, and Mark P. Popovich, chief executive officer of 3D Glass Solutions to the Board, effective as of February14, 2018, and, effective upon the appointment of Messrs. Barber and Popovich to the Board, increased the size of the Board to six members. The Board appointed Mr.Barber to serve as a member of the Compensation Committee and Mr.Popovich to serve as a member of the Nominating and Corporate Governance Committee.
Messrs. Barber and Popovich are not a party to any arrangement or understanding to which Messrs. Barber and Popovich were selected as directors, nor are Messrs. Barber and Popovich a party to any transaction required to be disclosed to Item 404(a) of RegulationS-K.
Messrs. Barber and Popovich will each receive an option grant of 25,000 shares as well as a $45,000 annual cash retainer for directors in accordance with the Company’s standard non-employee director compensation guidelines. In addition, Mr.Barber will receive an annual cash payment of $5,000 for serving on the Compensation Committee, and Mr.Popovich will receive an annual cash payment of $2,500 for serving on the Nominating and Governance Committee.
A copy of the press release issued by the Company announcing the appointment of Messrs. Barber and Popovich to the Board is furnished herewith as Exhibit99.1.
| Item 5.02. | Financial Statements and Exhibits |
INTEVAC INC ExhibitEX-99.1 2 d505605dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 James Moniz Claire McAdams Chief Financial Officer Investor Relations (408) 986-9888 (530) 265-9899 Intevac Expands Its Board of Directors with Appointment of Two New Independent Directors Seasoned Industry Executives Kevin Barber and Mark Popovich to Join; Director Matt Drapkin Departs SANTA CLARA,…To view the full exhibit click here
About INTEVAC, INC. (NASDAQ:IVAC)
Intevac, Inc. (Intevac) is a provider of vacuum deposition equipment for a range of thin-film applications, and a provider of digital night-vision technologies and products to the defense industry. The Company’s segments include Thin-film Equipment and Photonics. Intevac is engaged in the design and development of thin-film processing systems. Its platforms are designed for high-volume manufacturing of substrates with thin-film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets it serves. It is engaged in developing digital sensors, cameras and systems that serve the defense industry. It provides integrated digital night vision imaging systems for the United States military. Its Thin Film Equipment products include 200 Lean Etch and Deposition System, AccuLuber Disk Lubrication System, INTEVAC MATRIX Implant System and others. Its Photonic products include Rifle Sight, Helicopter Pilotage, Fixed Wing Aircraft Pilotage and others.