Applied Materials (NASDAQ: AMAT) adds Qualcomm CFO Akash Palkhiwala to its board
Rhea-AI Filing Summary
APPLIED MATERIALS INC /DE (AMAT) reported that its Board of Directors elected Akash Palkhiwala to the Board and to the Audit Committee, effective August 27, 2026. He currently serves as Chief Financial Officer and Chief Operating Officer of Qualcomm Incorporated and has held senior finance roles there since 2001.
As a non-employee director, Mr. Palkhiwala will receive an annual cash retainer of $100,000, plus an additional $25,000 annual retainer for Audit Committee service, each prorated for his actual service during the fiscal year. He will also receive an automatic grant of restricted stock units with a grant-date value of $250,000, calculated by dividing that amount by the market value of Applied’s common stock on his appointment date and prorated through the 2027 Annual Meeting of Shareholders. These RSUs are scheduled to vest in full on March 1, 2027, subject to his continued service on the Board. Applied states there are no arrangements or related-party transactions associated with his election and that he will enter into the company’s standard directors’ indemnification agreement.
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8-K Event Classification
3 items: 5.02, 7.01, 9.01
3 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Annual Board Retainer: $100,000
Annual Audit Committee Retainer: $25,000
Restricted Stock Unit Grant Value: $250,000
+2 more
5 metrics
Annual Board Retainer
$100,000
Standard annual cash retainer for non-employee directors, prorated for service during the fiscal year
Annual Audit Committee Retainer
$25,000
Additional annual cash retainer for Audit Committee service, prorated for service during the fiscal year
Restricted Stock Unit Grant Value
$250,000
Grant value for RSUs awarded upon appointment, divided by market value on appointment date and prorated through the 2027 Annual Meeting
RSU Vesting Date
March 1, 2027
RSUs are scheduled to vest in full on this date, subject to continued service as director
Election Effective Date
August 27, 2026
Date Akash Palkhiwala was elected to the Board and Audit Committee
Key Terms
restricted stock units, Audit Committee, indemnification agreement, Regulation FD Disclosure, +1 more
5 terms
restricted stock units financial
"an automatic grant of a number of restricted stock units equal to $250,000"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
Audit Committee financial
"elected Akash Palkhiwala to the Board and the Board’s Audit Committee"
A company's audit committee is a small group of board members who act like independent inspectors for the firm's finances, overseeing how financial reports are prepared, monitoring internal controls, and managing the relationship with external auditors. Investors care because a strong audit committee reduces the risk of accounting errors, fraud, or misleading statements, making financial statements more trustworthy and helping protect shareholder value.
indemnification agreement regulatory
"standard form of directors’ indemnification agreement with Applied"
An indemnification agreement is a contract in which one party promises to cover losses, costs, or legal claims that another party might face, acting like a tailored safety net or private insurance policy. For investors, it matters because such agreements shift potential financial risk away from a company or its officers and onto the indemnifier, which can affect a company’s future liabilities, cash flow and how risky the investment appears during deal-making or litigation.
Regulation FD Disclosure regulatory
"Item 7.01 Regulation FD Disclosure"
Regulation FD disclosure requires public companies to share important, market-moving information with everyone at the same time instead of tipping off analysts or large investors first. Think of it as making sure all players on a field hear the same announcement simultaneously; that fairness helps investors trust that stock prices reflect the same information and reduces the risk of sudden, unfair trading advantages or regulatory penalties for selective leaks.
Item 404(a) of Regulation S-K regulatory
"any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K"
FAQ
What board change did AMAT announce on August 27, 2026?
Applied Materials (AMAT) announced that Akash Palkhiwala was elected to its Board of Directors and appointed to the Audit Committee, effective August 27, 2026. He is currently the Chief Financial Officer and Chief Operating Officer of Qualcomm Incorporated.
What compensation will Akash Palkhiwala receive as an AMAT director?
Akash Palkhiwala will receive an annual cash retainer of $100,000 and an additional $25,000 annual retainer for Audit Committee service, both prorated for his period of service in the fiscal year, plus restricted stock units with a grant-date value of $250,000.
When do Akash Palkhiwala’s AMAT restricted stock units vest?
The restricted stock units granted to Akash Palkhiwala by Applied Materials vest in full on March 1, 2027, subject to his continued service as a director through that date. The number of units is based on a $250,000 value divided by the market price on his appointment date.
What legal protection will AMAT provide to Akash Palkhiwala as a director?
Akash Palkhiwala will enter into Applied Materials’ standard directors’ indemnification agreement, under which the company agrees to indemnify its directors to the fullest extent permitted by applicable law and, subject to certain conditions, to advance expenses in connection with covered proceedings.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): August 27, 2026
____________________________________________________________________
Applied Materials, Inc.
(Exact name of registrant as specified in its charter)
____________________________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
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)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging Growth Company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act). ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 27, 2026, the Board of Directors (the “Board”) of Applied Materials, Inc. (“Applied” or the “Company”) elected Akash Palkhiwala to the Board and the Board’s Audit Committee, effective immediately.
Mr. Palkhiwala will receive the standard compensation payable to non-employee directors of the Board, consisting of (1) an annual retainer of $100,000 (prorated based on his service during the fiscal year), (2) an additional annual retainer of $25,000 for his service on the Audit Committee (prorated based on his service during the fiscal year) and (3) an automatic grant of a number of restricted stock units equal to $250,000, divided by the market value of Applied common stock on the date of his appointment, and prorated based on the period beginning on the date of Mr. Palkhiwala’s appointment and ending on the scheduled date of the Company’s 2027 Annual Meeting of Shareholders. The restricted stock units are scheduled to vest in full on March 1, 2027, subject to Mr. Palkhiwala’s continued service as a director through that date.
Mr. Palkhiwala will enter into the Company’s standard form of directors’ indemnification agreement with Applied, pursuant to which the Company agrees to indemnify its directors to the fullest extent permitted by applicable law and subject to certain conditions to advance expenses in connection with proceedings as described in the indemnification agreement.
There are no arrangements or understandings between Mr. Palkhiwala and any other persons pursuant to which he was elected as a director. Mr. Palkhiwala has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure.
Applied’s press release, dated August 27, 2026, announcing the election of Mr. Palkhiwala to the Board is attached hereto as Exhibit 99.1.
The information in this Item 7.01 and Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section, and shall not be deemed to be incorporated by reference in any filing of Applied under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly incorporated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press Release issued by Applied Materials, Inc., dated August 27, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted as inline XBRL) | |||||||
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) | ||||||||||||||
| Date: | August 27, 2026 | By: | /s/ Teri A. Little | |||||||||||
| Teri A. Little | ||||||||||||||
| Senior Vice President, Chief Legal Officer and Corporate Secretary | ||||||||||||||
Exhibit 99.1
Applied Materials Appoints Akash Palkhiwala to Board of Directors
SANTA CLARA, Calif., Aug. 27, 2026 – Applied Materials, Inc. today announced the appointment of Akash Palkhiwala to serve on its board of directors. As Chief Financial Officer and Chief Operating Officer of Qualcomm Incorporated, Mr. Palkhiwala brings extensive financial and operational leadership experience in the computing and technology industry. Mr. Palkhiwala has also been appointed to the board’s Audit Committee.
“Akash is a terrific addition to our board of directors,” said Tom Iannotti, Chairman of the Board. “His track record of leadership in finance and decades of experience in the semiconductor industry will add to the strength of Applied Materials’ board and serve us well in our next phase of growth.”
Mr. Palkhiwala has served as Qualcomm’s CFO since 2019 and COO since 2024 and is responsible for the finance organization, global go-to-market teams, semiconductor operations and IT. He has also served in various finance leadership roles since joining Qualcomm in 2001. Previously, Mr. Palkhiwala was a private equity analyst at KeyBank.
Mr. Palkhiwala holds an undergraduate degree in mechanical engineering from L.D. College of Engineering in India and an MBA from the University of Maryland.
About Applied Materials
Applied Materials, Inc. (Nasdaq: AMAT) is the leader in materials engineering solutions that are at the foundation of virtually every new semiconductor and advanced display in the world. The technology we create is essential to advancing AI and accelerating the commercialization of next-generation chips. At Applied, we push the boundaries of science and engineering to deliver material innovation that changes the world. Learn more at www.appliedmaterials.com.
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