Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 1, 2021, on the recommendation of the nominating and corporate
governance committee of the Board of Directors (the "Board") of SiTime
Corporation (the "Company"), the Board elected Christine A. Heckart as a
Class II director for a term expiring at the 2021 Annual Meeting of
Stockholders. There was no arrangement or understanding between Ms. Heckart and
any other persons pursuant to which she was selected as a director. Ms. Heckart
was also appointed to the nominating and corporate governance committee of the
Board.
Christine A. Heckart, age 55, served as the Chief Executive Officer of Scaylr,
Inc., a cloud-based data analytics platform company, from January 2019 until its
acquisition by SentinelOne in February 2021, at which time she began overseeing
the Data Analytics business unit of SentinelOne. From December 2017 until August
2018, Ms. Heckart was Senior Vice President of Business Unit and Product
Marketing of Cisco Systems, Inc., an internet technology company, where she was
responsible for all product marketing for Cisco's portfolio. Prior to joining
Cisco, she was the Senior Vice President and Chief Marketing Officer of Brocade
Communications Systems, Inc., a networking solution company, from March 2014
until its acquisition by Broadcom Corporation in November 2016, where she was
responsible for global marketing. From July 2012 until May 2013, she was the
Chief Marketing Officer, and then the Executive Vice President, Strategy,
Marketing, People and Systems at ServiceSource International Inc., a service
revenue management company. From February 2010 to May 2012, she was the Chief
Marketing Officer at NetApp, Inc., a data storage and management solutions
provider. Ms. Heckart served as General Manager for the TV, video and music
business of Microsoft Corporation, a developer of software, services, and
hardware, from 2005 to 2010; and led global marketing at Juniper Networks, Inc.,
a provider of network infrastructure solutions, from 2002 to 2005. Ms. Heckart
has served as a member of the board of directors of Contentful, a private
content management platform and digital publishing company, since February
2021. She served as a member of the board of directors of 6Sense, a
privately-held business-to-business predictive intelligence engine company, from
November 2015 until its acquisition by Insight Partners in 2020. Ms. Heckart
served as a member of the board of directors of Lam Research Corporation, a
supplier of wafer fabrication equipment and services, from May 2011 until August
2019. Ms. Heckart earned a B.A. degree in economics from the University of
Colorado at Boulder.
Ms. Heckart will participate in the Company's independent director compensation
policy (the "Policy"). Pursuant to the Policy, Ms. Heckart will be eligible to
receive $40,000 per year for service as a Board member plus $5,000 per year for
service on the nominating and corporate governance committee. In addition, all
non-employee directors are reimbursed for reasonable expenses incurred in
connection with their attendance at Board or committee meetings. Ms. Heckart is
eligible to receive an automatic grant of restricted stock unit awards under the
Policy and the Company's 2019 Stock Incentive Plan (the "2019 Plan"). Pursuant
to the terms of the Policy and the 2019 Plan, Ms. Heckart shall receive a
one-time initial restricted stock unit award for 2,493 shares of the Company's
common stock (the "Initial Grant"). One third of the Initial Grant will vest on
each of May 20, 2022, May 20, 2023, and May 20, 2024, so long as Ms. Heckart
continues to serve as a director through the applicable vest date. The vesting
of the Initial Grant will accelerate in connection with a change in control as
that term is defined in the 2019 Plan, subject to the non-employee director's
continuous service as a director on the effective date of the change in control.
In connection with her election to the Board, the Company and Ms. Heckart
entered into a letter agreement (the "Letter Agreement"). A copy of the Letter
Agreement is attached hereto as Exhibit 10.1 and the description of the material
terms of the Letter Agreement is qualified in its entirety by reference to such
exhibit. In addition, Ms. Heckart entered into the Company's standard form of
indemnity agreement.
On April 5, 2021, the Company issued a press release announcing the appointment
of Ms. Heckart. A copy of the press release is attached hereto as Exhibit 99.1.
--------------------------------------------------------------------------------
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
10.1 Letter Agreement, dated April 1, 2021, between the Company and
Christine Heckart.
99.1 Press release, dated April 5, 2021, relating to the appointment of
Christine Heckart to the Board of Directors.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses