Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
CEO Transition Date
As previously disclosed on a Current Report on Form 8-K filed by Semtech
Corporation (the "Company") with the Securities and Exchange Commission on
May 30, 2023, the Company's Board of Directors (the "Board") appointed Paul H.
Pickle to serve as the Company's President and Chief Executive Officer effective
as of a date, after June 8, 2023 and not later than June 30, 2023, to be
mutually agreed between Mr. Pickle and the Chair of the Board (with Mr. Pickle's
first day of employment in such capacity, the "Transition Date"). On June 7,
2023, Mr. Pickle and the Chair of the Board agreed that the Transition Date will
be June 30, 2023. Mohan Maheswaran's retirement as the Company's President and
Chief Executive Officer, and as a member of the Board, will be effective
June 29, 2023.
Asaf Silberstein Retention Agreement
On June 8, 2023, the Company and Asaf Silberstein, the Company's Executive Vice
President and Chief Operating Officer, entered into a Retention Agreement (the
"Retention Agreement") that provides for severance benefits in the event that
Mr. Silberstein's employment with the Company terminates under certain
conditions described below.
The Retention Agreement generally provides that if, at any time prior to
December 8, 2024, Mr. Silberstein's employment with the Company is terminated by
the Company without Cause or by Mr. Silberstein for Good Reason (as such terms
are defined in the Retention Agreement), and in either case his termination is
not in connection with a change in control of the Company, Mr. Silberstein will
be entitled to receive the following separation benefits: (1) one times his
annual base salary paid out in installments over twelve months following his
separation date; (2) payment of any bonus due for a fiscal year that ended prior
to his separation date plus a pro-rata portion of his target bonus for the
fiscal year in which his employment ends (pro-rata based on the number of days
of employment during the year); (3) payment or reimbursement of
Mr. Silberstein's premiums to continue healthcare coverage under COBRA for up to
12 months; (4) as to each then-outstanding equity-based award granted by the
Company to Mr. Silberstein that vests based solely on continued service with the
Company and unless otherwise expressly provided in the applicable award
agreement, accelerated vesting of any portion of the award that was scheduled to
vest within one year after Mr. Silberstein's separation date; and (5) as to each
outstanding equity-based award granted by the Company to Mr. Silberstein that is
subject to performance-based vesting requirements and unless otherwise expressly
provided in the applicable award agreement, Mr. Silberstein will be deemed to
have satisfied any service-based requirement applicable to a performance period
that ends within one year after his separation date. Mr. Silberstein's receipt
of the separation benefits described above is conditioned on Mr. Silberstein
delivering a release of claims in favor of the Company.
Mr. Silberstein will also continue to be eligible for severance benefits under
the Company's Executive Change in Control Retention Plan (the "Change in Control
Plan") if there is an involuntary termination of his employment with the Company
during a Change in Control Window (which is generally defined under the Change
in Control Plan as the period of time that begins 90 days prior to the
consummation of a change in control transaction (or, if earlier, on the date a
definitive agreement is entered into to effect a change in control transaction)
and ends on the second anniversary of the consummation of the change in control
transaction). If Mr. Silberstein is entitled to benefits provided under the
Change in Control Plan and his separation date occurs prior to the applicable
change in control transaction, the cash severance provided under the Change in
Control Plan shall be reduced by the amount of any cash severance previously
paid to him pursuant to the Retention Agreement.
The foregoing description of the Retention Agreement is a summary, does not
purport to be complete and is qualified in its entirety by reference to the
Retention Agreement, which is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Item 5.07 Submission of Matters to Vote of Stockholders.
On June 8, 2023, the Company held its 2023 Annual Meeting of Stockholders (the
"Annual Meeting"). At the Annual Meeting, stockholders (a) elected the ten
nominees identified in the table below to the Board to serve until the Company's
2024 Annual Meeting of Stockholders and until their respective successors are
duly elected and
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qualified; (b) ratified the appointment of Deloitte & Touche LLP as the
Company's independent registered public accounting firm for fiscal year 2024;
(c) approved, on an advisory basis, the compensation paid to the Company's named
executive officers; and (d) approved, on an advisory basis, one year as the
frequency of executive compensation votes. Set forth below are the final voting
tallies for the Annual Meeting.
The total number of shares present in person or by proxy was 48,877,991 shares
or 76.42% of the total shares issued and outstanding as of the record date for
the Annual Meeting, thereby constituting a quorum for the purpose of the Annual
Meeting. Abstentions and broker non-votes were counted for purposes of
determining whether a quorum was present.
The following is a tabulation of the votes with respect to each of the
proposals:
Proposal Number 1
Election of Directors
Name Votes For Votes Withheld Broker Non-Votes
Martin S.J. Burvill 42,055,800 826,075 5,996,116
Rodolpho C. Cardenuto 42,084,282 797,593 5,996,116
Gregory M. Fischer 42,425,080 456,795 5,996,116
Saar Gillai 42,034,546 847,329 5,996,116
Rockell N. Hankin 40,294,556 2,587,319 5,996,116
Ye Jane Li 41,924,577 957,298 5,996,116
Paula LuPriore 42,124,799 757,076 5,996,116
Mohan R. Maheswaran 42,228,100 653,775 5,996,116
Sylvia Summers 41,853,993 1,027,882 5,996,116
Paul V. Walsh Jr. 42,419,186 462,689 5,996,116
Proposal Number 2
Ratification of Appointment of Independent Registered Public Accounting Firm
Votes For Votes Against Votes Abstained Broker Non-Votes
48,087,041 699,638 91,312 0
Proposal Number 3
Advisory (Non-Binding) Vote on Executive Compensation
Votes Votes
Votes For Against Abstained Broker Non-Votes
41,354,074 1,407,473 120,327 5,996,116
Proposal Number 4
Advisory (Non-Binding) Vote on Frequency of Executive Compensation Votes
1 Year 2 Years 3 Years Abstain
41,069,945 10,786 1,682,564 118,579
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Retention Agreement, dated June 8, 2023, between Asaf Silberstein
and Semtech Corporation
104 Cover Page Interactive Data File (embedded within the inline XBRL
document).
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