Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e) On February 7, 2022, the Board of Directors of MKS Instruments, Inc. ("MKS"
or the "Company"), upon the recommendation of the Company's Compensation
Committee, approved the Management Incentive Plan (the "MIP") for calendar years
beginning with 2022. The MIP provides for the payment of cash awards to the
Company's executive management team and certain other designated employees of
the Company based upon the achievement of specified performance measures
established by the Compensation Committee. Following the end of each performance
period, the Compensation Committee will determine the extent to which the
performance measures have been met and the amount of the payment (if any) to be
made to each participant under the MIP.
The purpose of the MIP is to provide cash incentives to selected employees to
achieve the Company's objectives and to reward them for performance.
The MIP replaces the Company's Management and Key Employee Bonus Plan and the
Company's Annual Profit Improvement Bonus Plan, each of which remained in effect
for the performance period ended December 31, 2021. The foregoing summary of the
MIP is qualified in its entirety by reference to the full text of the MIP, a
copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
10.1* Management Incentive Plan
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Management contract or compensatory plan arrangement
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