On November 27, 2017, Kulicke & Soffa Industries, Inc. (the “Company”) announced that Jonathan H. Chou has stepped down as Executive Vice President, Chief Financial Officer and Principal Accounting Officer of the Company, effective immediately. Mr. Chou will remain with the Company until February 28, 2018, after which he will receive 18 months base salary and the other benefits applicable to a separation from service other than for “cause” to the Company’s Executive Severance Pay Plan. In addition, in accordance with the grant of 100,000 restricted share units (“RSUs”) to Mr. Chou on October 6, 2015, all of the remaining unvested RSUs (68,889 shares) from such grant will vest as per the terms of the grant award agreement.

Lester A. Wong has assumed the role of interim Chief Financial Officer and interim Principal Accounting Officer. Mr. Wong has been with the Company since 2011 and will continue to serve in his current role as the Company’s Senior Vice President, Legal Affairs and General Counsel. The Company is conducting a search for a permanent successor among internal and external candidates.

In connection with Mr. Wong’s appointment, he will be given a monthly stipend of S$10,000 (ten thousand Singapore dollars) in addition to his regular salary for the duration of the appointment. Additionally, on November 27, 2017, Mr. Wong will receive an equity award of S$300,000, consisting of fifty percent restricted share units (RSUs) and fifty percent performance share units (PSUs). Twenty-five percent of the PSUs will be measured using an organic growth metric, and the remainder will be measured using a relative Total Shareholder Return metric. The RSUs will vest over thirty-six months, with one-third vesting on each anniversary of the grant date. The PSUs will cliff vest thirty-six months from the grant date, with a payout between zero percent and two hundred percent of the number of PSUs granted based on the achievement of the specified metrics.

A copy of the Company’s press release announcing Mr. Chou’s departure and Mr. Wong’s appointment is attached hereto as Exhibit 99.1.

KULICKE & SOFFA INDUSTRIES INC Exhibit
EX-99.1 2 ex9918-knovember272017.htm EXHIBIT 99.1 Exhibit Exhibit 99.1K&S Corporate HeadquartersKulicke & Soffa Pte Ltd23A Serangoon North Ave 5#01-01,…
To view the full exhibit click here

About KULICKE AND SOFFA INDUSTRIES, INC. (NASDAQ:KLIC)

Kulicke and Soffa Industries, Inc. designs, manufactures and sells capital equipment and expendable tools, as well as services, maintains, repairs and upgrades equipment, all used to assemble semiconductor devices. The Company supplies a range of bonding equipment. The Company operates through two segments: Equipment and Expendable Tools. The Equipment segment manufactures and sells a line of ball bonders, wedge bonders, advanced packaging and surface mount technology solutions. The Expendable Tools segment manufactures and sells expendable tools for a range of semiconductor packaging applications. It offers capital equipment and expendable tools used to assemble semiconductor devices, including integrated circuits, high and low powered discrete devices, light-emitting diodes and power modules. Its customers primarily consist of semiconductor device manufacturers, outsourced semiconductor assembly and test providers, other electronics manufacturers and automotive electronics suppliers.