TERADYNE, INC. (NYSE:TER) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02(d). Departure of Directors or Certain Offices; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 19, 2017, the Board of Directors (the Board) of Teradyne, Inc. (Teradyne) elected Marilyn Matz as a director of Teradyne effective July 3, 2017 and appointed her to the Boards Compensation and Nominating and Corporate Governance Committees.
The Board has determined that Ms. Matz is independent. To be considered independent by the Board, a director must satisfy the definitions to the Securities Exchange Commission and New York Stock Exchange rules, meet the standards regarding director independence adopted by Teradyne, and, in the Boards judgment, not have a material relationship with Teradyne. Teradynes standards for determining independence are available on Teradynes web site at www.teradyne.com under the Corporate Governance section of the Investors link.
Ms. Matz will receive compensation at the rate of $70,000 per year.
On July 3, 2017, Ms. Matz will receive a grant of restricted stock units to Teradynes 2006 Equity and Cash Compensation Incentive Plan in an amount of shares having a fair market value equal to $148,225 based on the Boards annual equity compensation of $175,000 prorated daily to reflect the period from her date of appointment to the expected date of the 2018 Annual Meeting of Shareholders. This grant vests in full on the earlier of the date the 2018 Annual Meeting of Shareholders is held or the last Thursday in May 2018.
About TERADYNE, INC. (NYSE:TER)
Teradyne, Inc. supplies automation equipment for test and industrial applications. The Company designs, develops, manufactures and sells automatic test systems used to test semiconductors, wireless products, data storage and complex electronics systems in the consumer electronics, wireless, automotive, industrial, computing, communications and aerospace and defense industries. Its segments include Semiconductor Test, which includes operations related to the design, manufacturing and marketing of semiconductor test products and services; System Test, which includes operations related to the design, manufacturing and marketing of products and services for defense/aerospace instrumentation test, storage test and circuit-board test; Wireless Test, which includes operations related to the design, manufacturing and marketing of wireless test products and services, and Industrial Automation, which includes operations related to the design, manufacturing and marketing of collaborative robots.