SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or Section 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 9, 2023
(Exact name of registrant as specified in its charter)
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|Common Stock, par value $0.01 per share||SMTC||The Nasdaq Global Select Market|
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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-K filed 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.
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.
|Date: November 14, 2023||By:|
|Title:||Executive Vice President and Chief Financial Officer|