Nanometrics Incorporated (NASDAQ:NANO) 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
On January 8, 2018, Nanometrics Incorporated and S. Mark Borowicz, Nanometrics’ Executive Vice President, Business Operations, agreed that Dr. Borowicz would cease to be an officer and employee of Nanometrics effective January 9, 2018.In connection with this determination, on January 8, 2018, Nanometrics and Dr. Borowicz entered into a severance and separation agreement to which Dr. Borowicz will receive:a severance payment of $155,000.00; COBRA premiums payable by the Company for Dr. Borowicz and his covered dependents until July 31, 2018; and a target bonus, under Nanometrics’ 2017 Executive Performance Bonus Plan (the “Plan”), of $186,000.00 (subject to increase in the event the Compensation Committee determines he is entitled to an amount higher than the executive bonus based on the criteria set forth in the Plan).In addition, the agreement provides that vesting of restricted stock units and performance shares held by Dr. Borowicz will cease as of the February 28, 2018, and that Nanometrics and Dr. Borowicz will enter into an independent contractor agreement.
On January 9, 2018, Nanometrics and Dr. Borowicz entered into the independent contractor agreement with a term ending on February 28, 2018, to which Dr. Borowicz will render to Nanometrics transition services for operations and engineering, as required, and be paid compensation of $6,000 every two weeks during the term of the consulting period.
About Nanometrics Incorporated (NASDAQ:NANO)
Nanometrics Incorporated (Nanometrics) provides process control metrology and inspection systems used in the fabrication of integrated circuits, high-brightness light emitting diodes (HB-LEDs), discrete components and data storage devices. The Company operates in the segment of sale, design, manufacture, marketing and support of thin film and optical critical dimension systems. The Company’s automated and integrated systems address process control applications, including critical dimension and film thickness measurement, device topography, defect inspection, and analysis of various other film properties, such as optical, electrical and material characteristics. The Company’s process control solutions are deployed throughout the fabrication process, from front-end-of-line substrate manufacturing, to high-volume production of semiconductors and other devices, to advanced wafer-scale packaging applications.
