AXT, INC. (NASDAQ:AXTI) 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.
On December 23, 2019, the Board of Directors (the “Board”) of AXT, Inc. (the “Company”) elected Christine Russell to the Board as a Class III Director. Ms. Christine Russell’s term on the Board began on December 23, 2019 and will expire at the Company’s annual meeting of stockholders in 2022. Ms. Russell will also serve on the audit, compensation and nominating and corporate governance committees of the Board. Ms. Russell was not selected as a director to any arrangement or understanding between her and any other person.
Ms. Russell will receive the standard compensation received by non-employee directors, including an annual restricted stock award and cash retainers for serving on the Board and committees of the Board, as described in the Company’s 2019 Proxy Statement filed with the Securities and Exchange Commission on April 12, 2019. Ms. Russell received an initial restricted stock award valued at $24,657, which is the prorated value of the annual restricted stock award value of $60,000. Such initial restricted stock award will vest as of the annual meeting of stockholders in 2020. There are no, nor have there been any, related person transactions between the Company and Ms. Russell reportable under Item 404(a) of Regulation S-K.
About AXT, INC. (NASDAQ:AXTI)
AXT, Inc. (AXT) is a developer and producer of compound and single element semiconductor substrates, also known as wafers. The dominant substrates used in producing semiconductor chips and other electronic circuits are made from silicon. The Company is engaged in the design, development, manufacture and distribution of compound semiconductor substrates and sale of materials. The Company provides alternative or specialty materials in the form of substrates or wafers, including compound and single element substrates. Its compound substrates combine indium with phosphorous (InP) or gallium with arsenic (GaAs). Its single element substrates are made from germanium (Ge). The Company uses its Vertical Gradient Freeze (VGF) technique for growing single crystal Indium Phosphide (InP), Gallium Arsenide (GaAs) and Germanium (Ge) ingots used to produce wafers for diverse electronic and optoelectronic device and circuit applications.