Amtech Systems, Inc. (NASDAQ:ASYS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Chief Executive Officer Steps Down
Amtech Systems, Inc. (the “Company”) and Fokko Pentinga, the Chief Executive Officer and President of the Company, agreed on a transition of leadership of the Company, to which Mr. Pentinga will step down as the Chief Executive Officer, President and a director of the Company effective as of December 6, 2018 (the “Effective Date”). In connection with his impending departure, Mr. Pentinga and the Company have entered into a Separation Agreement and General Release of all Claims, dated November 28, 2018 (the “Separation Agreement”). to the Separation Agreement, Mr. Pentinga will receive the following benefits:
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a severance payment of $864,000 in gross, less all customary and appropriate income and employment taxes; |
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a payment of $458,500 for all other amounts due him; |
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all of his time-based stock options, consisting of 226,667 options (the “Options”),became fully vested and immediately exercisable. Mr. Pentinga has the right to exercise 122,500 of such Options with an exercise price of $7.01 or less until December 31, 2019.The remaining 104,167 of such Options are exercisable during the 90-day period following the Effective Date; and |
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certain other benefits as set forth in the Separation Agreement. |
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by the full text of the Separation Agreement, which will be filed as an Exhibit to the Company’s Annual Report on Form 10-K for its fiscal year ended September 30, 2018. The terms of the Separation Agreement are consistent with the treatment of Mr.Pentinga’s departure as a termination without cause under the terms of his Employment Agreement with the Company dated June 29, 2012, as amended from time to time (the “Employment Agreement”).
Mr. J.S. Whang, the Company’s Executive Chairman, has agreed to serve as Chief Executive Officer of the Company effective December 6, 2018.
About Amtech Systems, Inc. (NASDAQ:ASYS)
Amtech Systems, Inc. is engaged in the manufacture of capital equipment, including thermal processing, silicon wafer handling automation and related consumables used in fabricating solar cells, Light Emitting Diode (LED) and semiconductor devices. The Company operates through three business segments: solar, semiconductor and polishing. The solar segment supplies thermal processing systems, including diffusion; plasma-enhanced chemical vapor deposition (PECVD); atomic layer deposition (ALD), and related automation, parts and services to the solar/photovoltaic industry. The semiconductor segment supplies thermal processing equipment, including solder reflow equipment and related controls for use by the semiconductor manufacturers and in electronics assembly for automotive and other industries. The polishing supplies segment produces consumables and machinery for lapping (fine abrading) and polishing of materials, such as sapphire substrates and optical components.