Semtech : Management Change/Compensation - Form 8-K
November 14, 2023 at 07:59 pm EST
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Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed on Current Reports on Forms 8-Kfiled by Semtech Corporation, a Delaware corporation ("Semtech" or the "Company"), on September 8, 2023 and September 20, 2023, Semtech appointed Mark Lin to serve as the Company's Executive Vice President and Chief Financial Officer effective October 2, 2023 (the "Transition Date"). Emeka Chukwu, the Company's former Executive Vice President and Chief Financial Officer, ceased serving as the Company's Executive Vice President and Chief Financial Officer on the Transition Date. Mr. Chukwu's employment with the Company will end on November 10, 2023.
On November 9, 2023, the Compensation Committee of Semtech's Board of Directors approved severance benefits for Mr. Chukwu consisting of cash payments totaling $430,000, Company-paid healthcare continuation coverage under COBRA for twelve months, and continued vesting of Mr. Chukwu's outstanding restricted stock units granted by the Company that are subject to time/service-based (and not performance-based) vesting conditions and scheduled to vest on or before March 31, 2025 ("RSUs"), provided that Mr. Chukwu enters into a separation agreement with the Company that includes a consulting period through March 31, 2025 (with no additional compensation for Mr. Chukwu's consulting services other than continued vesting of his RSUs) and a general release of claims in favor of the Company.
Semtech Corporation published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 November 2023 00:57:24 UTC.
Semtech Corporation is a high-performance semiconductor, Internet of Things (IoT) systems and cloud connectivity service provider. The Company's segments include Signal Integrity, Analog Mixed Signal and Wireless, IoT Systems, and IoT Connected Services. Signal Integrity segment designs, develops, manufactures and markets a portfolio of optical and copper data communications and video transport products. Analog Mixed Signal and Wireless segment designs, develops, manufactures and markets high-performance protection devices, which are referred to as transient voltage suppressors and specialized sensing products. IoT Systems segment designs, develops, operates and markets a product portfolio of IoT solutions that enable businesses to connect and manage their devices, collect and analyze data, and improve decision-making. IoT Connected segment provides services that include wireless connectivity and cloud-based services for customers to deploy, connect, and operate their end applications.
SEMTECH CORPORATION 
