secwatch.observer — SEC 8-K summary
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Issuer:     ONTO INNOVATION INC. (ONTO)
CIK:        0000704532
Form:       8-K
Filed at:   2023-09-15T23:59:59+00:00
Accession:  0000950170-23-048406
Event type: other_material
Sentiment:  neutral
Materiality: 0.15
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Onto Innovation enters new employment agreement with CEO Michael P. Plisinski
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- CEO to receive $700K base salary, 110% target bonus, and annual equity grants (time- and performance-based RSUs).
- Three-year term auto-renewing; severance equals 2x base salary over 24 months on termination without cause.
- Upon change-in-control termination, severance includes 2x base + 2x target bonus, full equity acceleration.
- Non-compete for 12 months (24 months if breach of fiduciary duty); 24-month non-solicitation.
- Agreement effective Sep 15, 2023, replacing November 2015 employment agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/704532/000095017023048406/0000950170-23-048406-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/704532/000095017023048406/onto-20230915.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-048406

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer