DIODES INCORPORATED (NASDAQ:DIOD) 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.
Explanatory Note
On February 28, 2019, Diodes Incorporated (the “Company”) entered into a transition agreement (the “Agreement”) with Richard D. White, the Company’s Chief Financial Officer and Corporate Secretary. to the Agreement, effective at the close of business on February 28, 2019, Mr. White voluntarily resigned as Chief Financial Officer of the Company, but would continue to serve on a part-time basis as the Company’s Corporate Secretary and Special Assistant to the Chief Executive Officer.The initial term of the Agreement was for a period of one year, with automatic one-year renewals.As of the date of the Agreement Mr. White no longer serves as an executive officer of the Company, but continues to serve in officer and director positions of Company subsidiaries or affiliated companies which he presently occupies, but agreed he shall voluntarily and promptly resign from any or all of them at any time upon the Company’s request. A copy of the Transition Agreement was filed as Exhibit 10.1 to the Current Report filed on Form 8-K on March 6, 2019.
Included in the Agreement was a clause that would pay Mr. White $422,000 upon a “change in control.”This change-in-control payment would be made to Mr. White regardless if he continued his employment or not after the change in control.This is commonly referred to as a single-trigger payment.
Consistent with the Company’s commitment to best corporate governance practices related to executive compensation, the Company and Mr. White entered into an amended transition agreement (the “Amended Agreement”).In the Amended Agreement the change-in-control clause was revised so that Mr. White would receive the change-in-control payment upon the termination of his employment by the Company (other than for “cause”) within 12 months of a “change in control” (commonly referred to as a “double trigger”).The term of the Agreement was also changed to expire at the end of May 2020.
The foregoing summary does not purport to be a complete summary of the Amended Agreement and is qualified in its entirety by reference to the Amended Agreement, a copy of which is filed here with as Exhibit 10.1 and is incorporated by reference.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
DIODES INC /DEL/ Exhibit
EX-10.1 2 diod-ex101_31.htm EX-10.1 diod-ex101_31.htm Exhibit 10.1 March 28,…
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About DIODES INCORPORATED (NASDAQ:DIOD)
Diodes Incorporated is a global manufacturer and supplier of application-specific standard products within the discrete, logic, analog and mixed-signal semiconductor markets, serving the consumer electronics, computing, communications, industrial and automotive markets. The Company’s products include diodes; rectifiers; transistors; metal-oxide semiconductor field-effect transistors (MOSFETs); protection devices; amplifiers and comparators; Hall-effect and temperature sensors, and power management devices, including light emitting diode (LED) drivers, alternating current (AC)-direct current (DC) and DC-DC switching, linear voltage regulators and voltage references, along with special function devices, such as universal serial bus (USB) power switches, load switches, voltage supervisors and motor controllers. It also holds interests in Pericom Semiconductor Corporation, which designs, develops and markets integrated circuits (ICs) and frequency control products (FCPs).