Mark Lin Joins Semtech as Executive Vice President and Chief Financial Officer
04 Octubre 2023 - 3:15PM
Business Wire
Semtech Corporation (Nasdaq: SMTC), a high-performance
semiconductor, IoT systems, and cloud connectivity service
provider, announced that Mark Lin joined the company as its
executive vice president and chief financial officer on October 2,
2023 (the “Transition Date”).
In accordance with the terms of his employment agreement,
Semtech granted Mr. Lin a stock unit award covering 75,939 shares
of Semtech common stock. Of the stock units awarded, 37,969 are
time-based vesting stock units (“RSUs”) scheduled to vest, subject
to Mr. Lin’s continued service, over a three-year period (with
one-third of the RSUs scheduled to vest on the first anniversary of
the Transition Date and the balance scheduled to vest in quarterly
installments thereafter over the following two years). Of the stock
units awarded, 37,970 are a “target” number of performance-based
vesting stock units. Half of the “target” number of
performance-based vesting stock units are subject to vesting based
on the attainment of certain Semtech financial measures (“Financial
Measure PSUs”) and the other half of the “target” number of
performance-based vesting stock units are subject to vesting based
on Semtech’s relative total shareholder return (“Relative TSR
PSUs”). Between 0% and 200% of the “target” number of stock units
subject to the performance-based vesting award may become eligible
to vest based on actual performance during the applicable
three-year performance period consisting of fiscal years 2024, 2025
and 2026. Stock units that vest will be paid in an equal number of
shares of Semtech common stock. The RSUs and Relative TSR PSUs will
be awarded on the Transition Date. The Financial Measure PSUs will
be awarded following the Transition Date when the applicable
performance goals have been determined by the Board (or a committee
thereof). All of the stock units awarded to Mr. Lin are structured
to satisfy the “inducement grant” exception under applicable
listing rules and, accordingly, they were not granted under
Semtech’s 2017 Long-Term Equity Incentive Plan.
About Semtech
Semtech Corporation (Nasdaq: SMTC) is a high-performance
semiconductor, IoT systems, and cloud connectivity service provider
dedicated to delivering high-quality technology solutions that
enable a smarter, more connected, and sustainable planet. Our
global teams are committed to empowering solution architects and
application developers to develop breakthrough products for the
infrastructure, industrial and consumer markets. To learn more
about Semtech technology, visit us at Semtech.com or follow us on
LinkedIn or X.
Forward-Looking and Cautionary Statements
All statements contained herein that are not statements of
historical fact, including statements that use the words “will” or
other similar words or expressions, that describe Semtech
Corporation’s future plans, objectives or goals are
“forward-looking statements” and are made pursuant to the
Safe-Harbor provisions of the Private Securities Litigation Reform
Act of 1995, as amended. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause the actual results of Semtech Corporation to be materially
different from the historical results and/or from any future
results or outcomes expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: the
Company's ability to comply with the covenants under the agreements
governing its indebtedness; the Company's ability to forecast and
achieve anticipated net sales and earnings estimates in light of
periodic economic uncertainty; the inherent risks, costs and
uncertainties associated with integrating Sierra Wireless, Inc.
successfully and risks of not achieving all or any of the
anticipated benefits or the risk that the anticipated benefits may
not be fully realized or take longer to realize than expected; the
uncertainty surrounding the impact and duration of supply chain
constraints and any associated disruptions; export restrictions and
laws affecting the Company's trade and investments and tariffs or
the occurrence of trade wars; worldwide economic and political
disruptions, including as a result of inflation and the current
conflict between Russia and Ukraine; tightening credit conditions
related to the United States banking system concerns; competitive
changes in the marketplace including, but not limited to, the pace
of growth or adoption rates of applicable products or technologies;
downturns in the business cycle; decreased average selling prices
of the Company’s products; the Company’s reliance on a limited
number of suppliers and subcontractors for components and
materials; changes in projected or anticipated end-user markets;
future responses to and effects of public health crises; and the
additional risk factors set forth in Semtech Corporation’s Annual
Report on Form 10-K filed with the Securities and Exchange
Commission (www.sec.gov) on March 30, 2023 as such risk factors may
be updated, amended or superseded from time to time by subsequent
reports that Semtech Corporation files with the Securities and
Exchange Commission. Semtech Corporation assumes no obligation to
update any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release, except
as required by law.
Semtech and the Semtech logo are registered trademarks or
service marks of Semtech Corporation or its subsidiaries.
SMTC-F
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Sara Kesten Semtech Corporation (805) 480 2004
webir@semtech.com
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