UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 7, 2009
Applied Materials, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-06920 | 94-1655526 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 3050 Bowers Avenue | ||
| P.O. Box 58039 | ||
| Santa Clara, CA | 95052-8039 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (408) 727-5555
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Reductions in Named Executive Officer Salaries and Forgoing of Bonuses
Reduction in Base Salaries
Effective February 9, 2009, the annual base salaries for each of the named executive officers (NEOs) of Applied Materials, Inc. (Applied) have been reduced by ten percent (10%) in order to reduce costs due to deteriorating global economic and industry conditions. This ten percent (10%) reduction is in addition to a ten percent (10%) reduction of the NEOs’ annual base salaries that was previously implemented to reduce costs. This brings the total reduction to twenty percent (20%) below the annual base salary in effect for each NEO at this time last year. The adjusted annual base salaries for the NEOs as of February 9, 2009, are as follows:
| Named Executive Officer |
Reduced Base Salary | ||
| Michael R. Splinter, President and Chief Executive Officer |
$ | 784,000 | |
| Franz Janker, Executive Vice President, Sales and Marketing |
$ | 475,200 | |
| Mark R. Pinto, Senior Vice President, Chief Technology Officer and General Manager Energy and Environmental Solutions |
$ | 440,000 | |
| Thomas St. Dennis, Senior Vice President, General Manager Silicon Systems Group |
$ | 411,280 | |
| George S. Davis, Senior Vice President, Chief Financial Officer |
$ | 410,400 | |
| Manfred Kerschbaum, Senior Vice President, General Manager Applied Global Services |
$ | 403,520 | |
NEOs to Forgo FY2009 Bonus
In support of Applied’s cost-reduction activities, each of the NEOs will forgo his annual incentive bonus for fiscal 2009, even if the performance goals related to the bonus are fully achieved and a bonus would otherwise be payable, unless business conditions and financial results improve significantly.
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: February 12, 2009 | ||||||
| By: | /s/ JOSEPH J. SWEENEY | |||||
| Joseph J. Sweeney Senior Vice President General Counsel and Corporate Secretary | ||||||