AMKOR TECHNOLOGY, INC. (NASDAQ:AMKR) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
February 27, 2017 (the Agreement) with Stephen D. Kelley, the
Companys Chief Executive Officer, replacing his letter agreement
dated April 30, 2013. The Agreement has no specified term, and
Mr. Kelleys employment with the Company will be on an at-will
basis. The material terms of the Agreement are summarized below.
Kelleys annual base salary is increased from $700,000 to
$825,000. Effective January 1, 2018, his base salary will be
increased to $860,000 and effective January 1, 2019, his base
salary will be increased to $895,000. Thereafter, his base salary
will be subject to review by the Board of Directors. Under the
Companys Executive Incentive Bonus Plan, Mr. Kelley will be
eligible for a cash bonus with a target amount equal to 135% of
his base salary.
receive the following equity awards under the Companys Amended
and Restated 2007 Equity Incentive Plan: (i) a one-time grant of
200,000 time-based restricted shares of Company common stock, and
(ii) an option to purchase an additional 450,000 shares of
Company common stock at a purchase price per share equal to the
fair market value of such shares on the grant date. The option
and restricted stock awards will vest in equal quarterly
installments and will be fully vested on the fourth anniversary
of the grant date. In addition, each award will vest in full upon
his death or the termination of his employment by the Company due
to his disability. In the event of a Change in Control (as
defined in the Plan), each award will be treated as the plan
administrator determines in accordance with the Plan. If the
successor or acquiring company does not assume or provide a
substitute for the awards, the awards will fully vest in
connection with such Change in Control.
Company, Mr. Kelley will be eligible for a service bonus of
$8,500,000 (the Total Service Bonus) payable in annual
installments of $2,125,000 (the Annual Service Bonus) in arrears
for service for the prior year.>The first Annual Service Bonus
will be due in January 2018 and pro-rated based upon his service
from February 27, 2017 until December 31, 2017. Each of the
second, third and fourth Annual Service Bonus will be due in
January of 2019, 2020 and 2021 respectively. A final pro-rated
Annual Service Bonus will be due in March of 2021 based upon his
service from January 1, 2021 until February 26, 2021. In the
event of death or disability, the current year Annual Service
Bonus will be fully paid, but the remaining unpaid portion of the
Total Service Bonus will be forfeited.>In the event of his
termination for Cause or without Good Reason (as such terms are
defined in the Agreement), the remaining unpaid portion of the
Total Service Bonus will be forfeited. If his employment is
terminated by the Company without Cause and other than due to his
death or disability or by him for Good Reason, in each case in
connection with or after a Change in Control, he will be paid a
lump sum amount equal to the remaining unpaid portion of the
Total Service Bonus within 30 days following termination of his
employment.
the Company without Cause or by Mr. Kelley for Good Reason, he
will be entitled to continuation of his then-current base salary
for an 18 month period; a pro-rata bonus for the year of
termination determined based on the actual bonus, if any, he
would have been paid for such year absent such termination;
payment of health insurance premiums for up to 18 months; payment
of outplacement services for up to six months; and payment of
salary, unused vacation time and vested benefits earned prior to
termination.
the Companys employee benefit plans and programs on the same
terms and conditions as apply to the Companys executive officers
generally, as in effect from time to time.
entirety by reference to the full text of the Agreement, which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is
incorporated by reference herein.
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Exhibit
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Description
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10.1
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Employment Letter Agreement, dated February 27, 2017,
between Amkor Technology, Inc. and Stephen D. Kelley. |
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About AMKOR TECHNOLOGY, INC. (NASDAQ:AMKR)
Amkor Technology, Inc. is a provider of outsourced semiconductor packaging and test services. The Company’s packaging and test services are designed to meet application and chip specific requirements, including the type of interconnect technology employed, size, thickness and electrical, and mechanical and thermal performance. It provides packaging and test services, including semiconductor wafer bump, wafer probe, wafer backgrind, package design, packaging, test and drop shipment services. The Company provides its services to integrated device manufacturers (IDMs), fabless semiconductor companies and contract foundries. IDMs design, manufacture, package and test semiconductors in their own facilities. Fabless semiconductor companies focuses on the semiconductor design process and manufacturing process. Its packages employ wirebond, flip chip, copper clip and other interconnect technologies. It uses leadframe and substrate package carriers, and performs a range of test services. AMKOR TECHNOLOGY, INC. (NASDAQ:AMKR) Recent Trading Information
AMKOR TECHNOLOGY, INC. (NASDAQ:AMKR) closed its last trading session up +0.05 at 10.30 with 1,673,184 shares trading hands.