This excerpt taken from the VECO 10-Q filed Oct 31, 2007.
Note 9Subsequent Events
During the fourth quarter of 2007, the Companys Board of Directors approved a cost reduction plan that included a reduction in staff (employees, consultants and temporary workers), a reduction of discretionary expenses, realignment of the Companys sales organization to more closely match current market and regional opportunities, and consolidation of certain engineering groups. As a result, during the fourth quarter of 2007, the Company expects to reduce its employment level by approximately 100 employees and will recognize a restructuring charge of $5.0 million, comprised predominantly of severance costs for the related employees.
This excerpt taken from the VECO 10-Q filed May 3, 2005.
Note 7Subsequent Events
On April 12, 2005, the Compensation Committee (the Committee) of the Companys Board of Directors approved the acceleration of vesting of unvested, out-of-the-money stock options granted prior to September 1, 2004 under Veecos stock option plans. An option was considered out-of-the-money if the option exercise price was greater than the closing price of Veecos common stock on the NASDAQ National Market on April 11, 2005 ($15.26), the last trading day before the Committee approved the acceleration. As a result of this action, options to purchase approximately 2,549,000 shares of Veecos common stock became immediately exercisable, including options held by Veecos executive officers to purchase approximately 852,000 shares. The weighted average exercise price of the options accelerated was $21.25.
The purpose of the accelerated vesting is to eliminate future compensation expense that Veeco would otherwise recognize in its statement of operations with respect to these accelerated options upon the adoption by Veeco of SFAS 123(R). In addition, because many of these options have exercise prices significantly in excess of current market values, they were not providing an effective means of employee retention and incentive compensation. The future compensation expense that will be avoided, based on Veecos implementation date for SFAS 123R of January 1, 2006, is approximately $8.4 million in 2006 and $3.9 million in 2007.
This excerpt taken from the VECO 10-Q filed Apr 1, 2005.
Note 6Subsequent Events
On October 5, 2004, the Company acquired substantially all of the assets and assumed certain liabilities of Manufacturing Technology Inc., (MTI) for $9.5 million in cash. The MTI business includes the assets necessary for engineering, design and manufacturing of slicing and dicing systems ranging from R&D to high-volume production systems, and MTIs intellectual property. Additionally, the Company entered into a lease with the former owner of MTI, to lease MTIs 125,000 square foot manufacturing facility in Ventura, California. The lease period is for an initial term of 5 years with an option to renew for an additional five years. At the time of the acquisition, approximately 70 MTI employees became employees of Veeco. The acquisition will be accounted for under the purchase method of accounting. The purchase price allocation for this transaction has not yet been completed. Further information regarding this transaction will be included in the Companys Annual Report on Form 10-K for the year ending December 31, 2004.